KeyCorp (NYSE:KEY) Short Interest Up 5.3% in March

KeyCorp (NYSE:KEY) was the target of a large increase in short interest during the month of March. As of March 31st, there was short interest totalling 28,000,000 shares, an increase of 5.3% from the March 15th total of 26,590,000 shares. Approximately 3.0% of the company’s stock are sold short. Based on an average trading volume of 16,170,000 shares, the days-to-cover ratio is currently 1.7 days.

Analysts Set New Price Targets

A number of research firms have weighed in on KEY. Stephens raised KeyCorp from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, December 20th. Evercore ISI increased their price objective on KeyCorp from $17.00 to $18.00 and gave the stock an “outperform” rating in a research report on Thursday, March 28th. Wells Fargo & Company increased their price objective on KeyCorp from $16.00 to $18.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. JPMorgan Chase & Co. increased their price objective on KeyCorp from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Thursday, April 4th. Finally, Jefferies Financial Group increased their price objective on KeyCorp from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $15.53.

Insider Activity

In related news, insider Angela G. Mago sold 3,405 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $14.24, for a total value of $48,487.20. Following the completion of the sale, the insider now directly owns 214,630 shares of the company’s stock, valued at approximately $3,056,331.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Angela G. Mago sold 3,405 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $14.24, for a total value of $48,487.20. Following the completion of the sale, the insider now directly owns 214,630 shares of the company’s stock, valued at approximately $3,056,331.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Kenneth C. Gavrity sold 2,376 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $14.03, for a total value of $33,335.28. Following the completion of the sale, the insider now directly owns 98,120 shares of the company’s stock, valued at $1,376,623.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,442 shares of company stock worth $303,914. 0.67% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Meiji Yasuda Asset Management Co Ltd. lifted its stake in shares of KeyCorp by 2.1% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 26,413 shares of the financial services provider’s stock worth $460,000 after purchasing an additional 540 shares in the last quarter. Steward Partners Investment Advisory LLC increased its position in shares of KeyCorp by 2.5% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 24,363 shares of the financial services provider’s stock worth $424,000 after acquiring an additional 584 shares during the last quarter. BOKF NA increased its position in shares of KeyCorp by 3.4% during the fourth quarter. BOKF NA now owns 20,170 shares of the financial services provider’s stock worth $351,000 after acquiring an additional 665 shares during the last quarter. Cetera Investment Advisers increased its position in shares of KeyCorp by 4.1% during the first quarter. Cetera Investment Advisers now owns 18,427 shares of the financial services provider’s stock worth $412,000 after acquiring an additional 720 shares during the last quarter. Finally, Cornerstone Wealth Management LLC increased its position in shares of KeyCorp by 6.3% during the fourth quarter. Cornerstone Wealth Management LLC now owns 12,337 shares of the financial services provider’s stock worth $178,000 after acquiring an additional 732 shares during the last quarter. Institutional investors and hedge funds own 79.69% of the company’s stock.

KeyCorp Trading Down 1.5 %

Shares of NYSE:KEY traded down $0.21 during midday trading on Wednesday, reaching $14.22. The company’s stock had a trading volume of 13,134,308 shares, compared to its average volume of 10,007,049. The firm has a market cap of $13.19 billion, a price-to-earnings ratio of 15.97 and a beta of 1.29. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 1.61. KeyCorp has a 1 year low of $8.53 and a 1 year high of $15.86. The business has a 50 day moving average price of $14.65 and a 200 day moving average price of $13.34.

KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Thursday, January 18th. The financial services provider reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.02. The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.53 billion. KeyCorp had a return on equity of 10.63% and a net margin of 8.61%. During the same quarter in the previous year, the business earned $0.38 earnings per share. Research analysts forecast that KeyCorp will post 1.17 EPS for the current year.

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.