KeyCorp (NYSE:KEY) Trading Up 5.2%

KeyCorp (NYSE:KEY) was up 5.2% during trading on Monday . The stock traded as high as $17.76 and last traded at $17.67, approximately 16,310,628 shares changed hands during trading. An increase of 49% from the average daily volume of 10,948,482 shares. The stock had previously closed at $16.80.

A number of equities analysts have recently weighed in on the stock. Wood & Company reaffirmed an “average” rating and set a $38.00 price target on shares of KeyCorp in a research note on Thursday, May 16th. Zacks Investment Research cut shares of KeyCorp from a “hold” rating to a “sell” rating and set a $20.00 price objective for the company. in a research note on Monday, July 8th. Nomura set a $18.00 price objective on shares of KeyCorp and gave the stock a “hold” rating in a report on Friday, July 26th. Piper Jaffray Companies set a $19.00 price objective on shares of KeyCorp and gave the stock a “buy” rating in a report on Wednesday, September 4th. Finally, Robert W. Baird upgraded shares of KeyCorp from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $18.00 to $19.00 in a research report on Friday, June 21st. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and ten have assigned a buy rating to the company. KeyCorp has an average rating of “Hold” and a consensus price target of $23.78.

The company has a debt-to-equity ratio of 0.95, a current ratio of 0.91 and a quick ratio of 0.89. The stock has a market cap of $17.73 billion, a price-to-earnings ratio of 10.40, a price-to-earnings-growth ratio of 3.03 and a beta of 1.28. The firm’s 50-day moving average is $16.88 and its 200 day moving average is $16.96.

KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.44 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.44. KeyCorp had a net margin of 23.15% and a return on equity of 12.82%. The company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.62 billion. During the same quarter last year, the business earned $0.44 EPS. KeyCorp’s revenue for the quarter was down 2.2% on a year-over-year basis. On average, sell-side analysts forecast that KeyCorp will post 1.79 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Tuesday, August 27th will be issued a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a dividend yield of 4.11%. This is an increase from KeyCorp’s previous quarterly dividend of $0.17. The ex-dividend date is Monday, August 26th. KeyCorp’s dividend payout ratio is presently 42.77%.

In related news, insider Andrew J. Paine III sold 99,999 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $18.26, for a total value of $1,825,981.74. Following the transaction, the insider now directly owns 85,469 shares of the company’s stock, valued at approximately $1,560,663.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.08% of the company’s stock.

Hedge funds have recently bought and sold shares of the business. BlackRock Inc. raised its holdings in shares of KeyCorp by 15.6% in the 1st quarter. BlackRock Inc. now owns 80,357,523 shares of the financial services provider’s stock worth $1,265,630,000 after purchasing an additional 10,824,887 shares during the period. Nomura Holdings Inc. purchased a new stake in shares of KeyCorp during the 2nd quarter worth about $90,666,000. Nuveen Asset Management LLC grew its holdings in shares of KeyCorp by 314.4% during the 2nd quarter. Nuveen Asset Management LLC now owns 6,579,555 shares of the financial services provider’s stock worth $116,787,000 after purchasing an additional 4,991,821 shares during the period. FMR LLC grew its holdings in shares of KeyCorp by 21.1% during the 1st quarter. FMR LLC now owns 18,418,818 shares of the financial services provider’s stock worth $290,096,000 after purchasing an additional 3,204,467 shares during the period. Finally, Hamlin Capital Management LLC acquired a new stake in KeyCorp during the 2nd quarter worth approximately $52,674,000. 80.10% of the stock is owned by hedge funds and other institutional investors.

About KeyCorp (NYSE:KEY)

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking services in the United States. The company's Key Community Bank segment offers various deposit and investment products, personal finance services, residential mortgages, home equity loans, credit cards, and installment loans.

See Also: Hedge Funds

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