KeyCorp (NYSE:KEY) Reaches New 1-Year High – Here’s What Happened

KeyCorp (NYSE:KEY)’s share price reached a new 52-week high during trading on Friday . The stock traded as high as $19.73 and last traded at $19.4750, with a volume of 8428265 shares changing hands. The stock had previously closed at $19.11.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on KEY. Truist Financial decreased their target price on KeyCorp from $20.00 to $19.00 and set a “hold” rating for the company in a research report on Friday, October 17th. UBS Group raised their price target on shares of KeyCorp from $22.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Weiss Ratings reiterated a “hold (c+)” rating on shares of KeyCorp in a research note on Tuesday. TD Cowen increased their price objective on shares of KeyCorp from $20.00 to $21.00 and gave the company a “hold” rating in a research report on Friday, October 3rd. Finally, Keefe, Bruyette & Woods raised their target price on shares of KeyCorp from $20.50 to $21.00 and gave the stock an “outperform” rating in a report on Friday, October 10th. Eight investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, KeyCorp currently has a consensus rating of “Hold” and an average price target of $20.59.

KeyCorp Trading Up 2.0%

The firm has a market capitalization of $21.30 billion, a PE ratio of 24.06, a PEG ratio of 0.56 and a beta of 1.11. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62. The stock’s fifty day simple moving average is $17.90 and its 200 day simple moving average is $17.79.

KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Thursday, October 16th. The financial services provider reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.03. KeyCorp had a net margin of 10.08% and a return on equity of 10.14%. The business had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.87 billion. During the same quarter last year, the company posted ($0.47) EPS. The company’s revenue was up 172.7% compared to the same quarter last year. On average, sell-side analysts predict that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Tuesday, December 2nd will be issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Tuesday, December 2nd. KeyCorp’s payout ratio is currently 101.23%.

Insider Buying and Selling

In other news, insider Andrew J. Paine III sold 44,953 shares of the firm’s stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $19.29, for a total value of $867,143.37. Following the transaction, the insider owned 245,044 shares of the company’s stock, valued at $4,726,898.76. This trade represents a 15.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.52% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP raised its stake in KeyCorp by 90.2% during the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock worth $679,768,000 after acquiring an additional 17,245,128 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of KeyCorp by 40.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 50,954,013 shares of the financial services provider’s stock worth $814,756,000 after purchasing an additional 14,651,281 shares during the period. Capital World Investors increased its stake in shares of KeyCorp by 169.2% in the third quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider’s stock worth $388,546,000 after purchasing an additional 13,067,326 shares in the last quarter. Norges Bank bought a new stake in shares of KeyCorp during the 2nd quarter valued at $195,642,000. Finally, Vanguard Group Inc. raised its position in shares of KeyCorp by 7.2% during the 1st quarter. Vanguard Group Inc. now owns 125,345,385 shares of the financial services provider’s stock valued at $2,004,273,000 after purchasing an additional 8,412,625 shares during the period. 79.69% of the stock is currently owned by institutional investors.

About KeyCorp

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.