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

Shares of KeyCorp (NYSE:KEY) hit a new 52-week high on Tuesday . The stock traded as high as $22.39 and last traded at $22.27, with a volume of 763996 shares trading hands. The stock had previously closed at $22.00.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on KEY. Wells Fargo & Company set a $18.00 price target on shares of KeyCorp and gave the company an “underperform” rating in a report on Tuesday, January 6th. DA Davidson set a $25.00 target price on shares of KeyCorp in a report on Wednesday, January 21st. Truist Financial lifted their price target on shares of KeyCorp from $22.00 to $23.00 and gave the stock a “hold” rating in a research report on Monday, January 26th. Citigroup reiterated a “neutral” rating on shares of KeyCorp in a research report on Wednesday, December 31st. Finally, Evercore ISI lifted their target price on KeyCorp from $21.00 to $25.00 and gave the stock an “outperform” rating in a report on Tuesday, January 6th. Eleven investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $22.68.

KeyCorp Stock Up 1.4%

The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $24.39 billion, a PE ratio of 14.71, a price-to-earnings-growth ratio of 0.52 and a beta of 1.09. The business’s 50-day moving average price is $20.60 and its 200-day moving average price is $19.05.

KeyCorp (NYSE:KEY) last released its quarterly earnings data on Tuesday, January 20th. The financial services provider reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.02. The firm had revenue of $2.01 billion for the quarter, compared to analyst estimates of $1.95 billion. KeyCorp had a net margin of 15.97% and a return on equity of 10.28%. The company’s revenue for the quarter was up 131.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.30 EPS. As a group, equities research analysts predict that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Tuesday, March 3rd will be issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Tuesday, March 3rd. KeyCorp’s dividend payout ratio (DPR) is currently 53.95%.

Insider Transactions at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 62,850 shares of the business’s stock in a transaction that occurred on Thursday, January 29th. The shares were sold at an average price of $21.55, for a total value of $1,354,417.50. Following the completion of the sale, the insider directly owned 261,415 shares of the company’s stock, valued at $5,633,493.25. The trade was a 19.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Trina M. Evans sold 32,695 shares of the stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $21.74, for a total transaction of $710,789.30. Following the transaction, the director directly owned 58,719 shares in the company, valued at $1,276,551.06. The trade was a 35.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.52% of the company’s stock.

Hedge Funds Weigh In On KeyCorp

Several large investors have recently made changes to their positions in the business. Maseco LLP acquired a new stake in shares of KeyCorp in the fourth quarter worth $27,000. Activest Wealth Management grew its position in KeyCorp by 8,775.0% in the 2nd quarter. Activest Wealth Management now owns 1,420 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 1,404 shares during the last quarter. United Community Bank acquired a new stake in KeyCorp in the 3rd quarter worth $27,000. GoalVest Advisory LLC bought a new position in shares of KeyCorp during the 4th quarter worth about $30,000. Finally, True Wealth Design LLC raised its position in shares of KeyCorp by 1,263.5% during the fourth quarter. True Wealth Design LLC now owns 1,718 shares of the financial services provider’s stock valued at $35,000 after buying an additional 1,592 shares during the last quarter. Institutional investors and hedge funds own 79.69% of the company’s stock.

About KeyCorp

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank’s offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company’s product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.