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

KeyCorp (NYSE:KEY) reached a new 52-week high during trading on Thursday . The company traded as high as $23.43 and last traded at $23.4560, with a volume of 723056 shares traded. The stock had previously closed at $23.12.

Wall Street Analyst Weigh In

Several research firms have commented on KEY. The Goldman Sachs Group increased their target price on shares of KeyCorp from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, April 17th. Piper Sandler lifted their target price on shares of KeyCorp from $23.00 to $24.00 and gave the company an “overweight” rating in a research note on Friday, April 17th. Evercore reissued an “outperform” rating on shares of KeyCorp in a research note on Tuesday, April 21st. Robert W. Baird raised their target price on KeyCorp from $19.00 to $22.00 and gave the stock a “neutral” rating in a report on Friday, April 17th. Finally, Wall Street Zen cut KeyCorp from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Twelve analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.50.

KeyCorp Price Performance

The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $25.14 billion, a P/E ratio of 14.29, a P/E/G ratio of 0.73 and a beta of 1.03. The company has a 50 day moving average of $21.88 and a 200-day moving average of $21.26.

KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, April 16th. The financial services provider reported $0.44 EPS for the quarter, topping the consensus estimate of $0.41 by $0.03. The company had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $1.93 billion. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period last year, the firm earned $0.38 earnings per share. On average, sell-side analysts predict that KeyCorp will post 1.82 EPS for the current year.

KeyCorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Tuesday, June 2nd were paid a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend was Tuesday, June 2nd. KeyCorp’s dividend payout ratio is 50.31%.

KeyCorp declared that its Board of Directors has initiated a stock repurchase program on Wednesday, May 13th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 13% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Transactions at KeyCorp

In other news, insider Angela G. Mago sold 22,826 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $21.66, for a total transaction of $494,411.16. Following the completion of the transaction, the insider directly owned 281,564 shares of the company’s stock, valued at $6,098,676.24. This represents a 7.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.56% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On KeyCorp

A number of large investors have recently added to or reduced their stakes in KEY. DV Equities LLC purchased a new position in KeyCorp in the 4th quarter worth $27,000. Maseco LLP purchased a new stake in KeyCorp during the fourth quarter valued at about $27,000. GoalVest Advisory LLC bought a new position in shares of KeyCorp during the fourth quarter valued at about $30,000. Smithfield Trust Co bought a new position in shares of KeyCorp during the fourth quarter valued at about $31,000. Finally, True Wealth Design LLC lifted its stake in shares of KeyCorp by 1,263.5% in the 4th quarter. True Wealth Design LLC now owns 1,718 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 1,592 shares during the last quarter. Hedge funds and other institutional investors 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.