KeyCorp (NYSE:KEY) Sets New 52-Week High – Here’s What Happened

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on KEY shares. Royal Bank Of Canada upped their price objective on shares of KeyCorp from $20.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Argus boosted their price target on KeyCorp from $21.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, January 22nd. The Goldman Sachs Group lifted their price target on shares of KeyCorp from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, January 21st. Jefferies Financial Group upped their target price on KeyCorp from $19.00 to $22.00 and gave the stock a “hold” rating in a research report on Wednesday, December 10th. Finally, JPMorgan Chase & Co. upped their price objective on shares of KeyCorp from $19.50 to $22.00 and gave the stock a “neutral” rating in a report on Tuesday, January 6th. Eleven analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $22.74.

KeyCorp Trading Up 0.0%

The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.82. The stock has a market capitalization of $24.76 billion, a PE ratio of 14.91, a PEG ratio of 0.54 and a beta of 1.10. The stock’s 50 day simple moving average is $20.76 and its two-hundred day simple moving average is $19.10.

KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Tuesday, January 20th. The financial services provider reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. KeyCorp had a return on equity of 10.28% and a net margin of 15.97%.The firm had revenue of $2.01 billion for the quarter, compared to analysts’ expectations of $1.95 billion. During the same quarter in the prior year, the firm earned $0.30 EPS. The business’s revenue for the quarter was up 131.8% compared to the same quarter last year. On average, sell-side analysts expect that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd will be issued a dividend of $0.205 per share. The ex-dividend date of this dividend is Tuesday, March 3rd. This represents a $0.82 dividend on an annualized basis and a yield of 3.6%. KeyCorp’s payout ratio is presently 53.95%.

Insider Buying and Selling at KeyCorp

In related news, Director Trina M. Evans sold 32,695 shares of KeyCorp stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $21.74, for a total value of $710,789.30. Following the transaction, the director owned 58,719 shares in the company, valued at $1,276,551.06. This trade represents a 35.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Angela G. Mago sold 62,850 shares of KeyCorp 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 sale, the insider directly owned 261,415 shares in the company, valued at approximately $5,633,493.25. The trade was a 19.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.52% of the stock is currently owned by insiders.

Institutional Investors Weigh In On KeyCorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Marshall Wace LLP raised its position in shares of KeyCorp by 2,258.4% during the 2nd quarter. Marshall Wace LLP now owns 2,572,980 shares of the financial services provider’s stock valued at $44,821,000 after purchasing an additional 2,463,880 shares during the period. Nordea Investment Management AB increased its stake in KeyCorp by 23.2% in the 2nd quarter. Nordea Investment Management AB now owns 107,565 shares of the financial services provider’s stock worth $1,867,000 after buying an additional 20,228 shares in the last quarter. Prudential Financial Inc. raised its holdings in KeyCorp by 9.9% during the second quarter. Prudential Financial Inc. now owns 575,108 shares of the financial services provider’s stock valued at $10,018,000 after acquiring an additional 51,705 shares during the period. Korea Investment CORP lifted its position in shares of KeyCorp by 175.5% in the second quarter. Korea Investment CORP now owns 447,252 shares of the financial services provider’s stock valued at $7,791,000 after acquiring an additional 284,928 shares in the last quarter. Finally, HoldCo Asset Management LP bought a new position in shares of KeyCorp in the second quarter worth about $86,995,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

KeyCorp Company Profile

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.