KeyCorp Sees Unusually High Options Volume (NYSE:KEY)
KeyCorp (NYSE:KEY) saw unusually large options trading on Friday. Traders bought 9,178 put options on the company. This is an increase of 709% compared to the typical daily volume of 1,135 put options.
KEY has been the topic of a number of research reports. UBS AG raised KeyCorp from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $19.00 to $22.00 in a research note on Monday, July 10th. BMO Capital Markets lifted their price objective on KeyCorp to $22.00 and gave the stock a “buy” rating in a research note on Friday, April 28th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of KeyCorp in a research note on Saturday, July 22nd. Zacks Investment Research raised KeyCorp from a “hold” rating to a “buy” rating and set a $20.00 price objective on the stock in a research note on Monday, April 24th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $22.00 price objective (up previously from $21.00) on shares of KeyCorp in a research note on Friday, July 7th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have given a buy rating to the company. KeyCorp presently has a consensus rating of “Hold” and an average target price of $19.78.
Shares of KeyCorp (KEY) opened at 18.40 on Monday. The firm has a 50-day moving average price of $18.63 and a 200-day moving average price of $18.26. KeyCorp has a 1-year low of $11.89 and a 1-year high of $19.53. The stock has a market capitalization of $20.11 billion, a PE ratio of 18.27 and a beta of 1.11.
KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.34. The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.53 billion. KeyCorp had a return on equity of 11.19% and a net margin of 25.03%. KeyCorp’s revenue for the quarter was up 52.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.27 EPS. On average, equities research analysts forecast that KeyCorp will post $1.36 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Tuesday, August 29th will be issued a dividend of $0.095 per share. This represents a $0.38 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date is Friday, August 25th. KeyCorp’s dividend payout ratio (DPR) is 38.78%.
KeyCorp announced that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that allows the company to buyback $800.00 million in shares. This buyback authorization allows the financial services provider to purchase up to 4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
In other news, Director Ruth Ann M. Gillis acquired 3,000 shares of KeyCorp stock in a transaction on Thursday, August 3rd. The shares were acquired at an average price of $18.00 per share, with a total value of $54,000.00. Following the purchase, the director now directly owns 10,551 shares in the company, valued at approximately $189,918. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Alexander M. Cutler acquired 5,000 shares of KeyCorp stock in a transaction on Tuesday, July 25th. The stock was purchased at an average cost of $18.55 per share, for a total transaction of $92,750.00. Following the purchase, the director now owns 55,000 shares in the company, valued at $1,020,250. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 14,000 shares of company stock worth $254,720. 0.65% of the stock is owned by insiders.
A number of hedge funds have recently made changes to their positions in KEY. Focused Wealth Management Inc increased its stake in KeyCorp by 613.0% in the first quarter. Focused Wealth Management Inc now owns 5,961 shares of the financial services provider’s stock valued at $106,000 after buying an additional 5,125 shares during the last quarter. Thompson Davis & CO. Inc. increased its stake in KeyCorp by 20.2% in the first quarter. Thompson Davis & CO. Inc. now owns 6,699 shares of the financial services provider’s stock valued at $119,000 after buying an additional 1,125 shares during the last quarter. Cypress Capital Management LLC WY increased its stake in KeyCorp by 177.9% in the second quarter. Cypress Capital Management LLC WY now owns 7,030 shares of the financial services provider’s stock valued at $132,000 after buying an additional 4,500 shares during the last quarter. CI Investments Inc. purchased a new stake in KeyCorp during the first quarter valued at $160,000. Finally, Equity Investment Corp Acquisition Inc purchased a new stake in KeyCorp during the first quarter valued at $179,000. 81.27% of the stock is owned by institutional investors.
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KeyCorp is a bank holding company. The Company is a bank-based financial services company. The Company operates through its subsidiary, KeyBank National Association (KeyBank), which is engaged in providing banking services. Through KeyBank and other subsidiaries, it provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, and investment banking products and services to individual, corporate and institutional clients.
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