KeyCorp (NYSE:KEY) Sees Large Increase in Short Interest

KeyCorp (NYSE:KEY) was the recipient of a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 26,590,000 shares, an increase of 12.2% from the February 29th total of 23,690,000 shares. Approximately 2.9% of the shares of the stock are short sold. Based on an average daily volume of 16,400,000 shares, the days-to-cover ratio is presently 1.6 days.

KeyCorp Stock Down 1.5 %

Shares of NYSE:KEY opened at $15.26 on Wednesday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 1.61. The business’s 50 day moving average is $14.55 and its 200 day moving average is $13.02. KeyCorp has a 12-month low of $8.53 and a 12-month high of $15.86. The stock has a market cap of $14.15 billion, a price-to-earnings ratio of 17.15 and a beta of 1.29.

KeyCorp (NYSE:KEY) last posted its quarterly earnings data on Thursday, January 18th. The financial services provider reported $0.25 EPS for the quarter, beating the consensus estimate of $0.23 by $0.02. KeyCorp had a net margin of 8.61% and a return on equity of 10.63%. The firm had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same quarter last year, the business posted $0.38 EPS. On average, sell-side analysts forecast that KeyCorp will post 1.18 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Tuesday, February 27th were given a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a dividend yield of 5.37%. The ex-dividend date of this dividend was Monday, February 26th. KeyCorp’s dividend payout ratio is currently 92.13%.

Analyst Upgrades and Downgrades

KEY has been the topic of several recent research reports. Raymond James initiated coverage on shares of KeyCorp in a research note on Monday, January 8th. They issued a “market perform” rating on the stock. Barclays dropped their target price on shares of KeyCorp from $17.00 to $16.00 and set an “equal weight” rating for the company in a research report on Friday, January 19th. The Goldman Sachs Group raised their price target on KeyCorp from $13.50 to $15.00 and gave the stock a “buy” rating in a research report on Monday, December 18th. Keefe, Bruyette & Woods dropped their price objective on KeyCorp from $17.00 to $16.00 and set an “outperform” rating for the company in a report on Friday, January 19th. Finally, DA Davidson reduced their target price on KeyCorp from $17.00 to $16.00 and set a “buy” rating on the stock in a report on Friday, January 19th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $15.00.

Insider Buying and Selling at KeyCorp

In other KeyCorp news, CAO Douglas M. Schosser sold 3,326 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $14.00, for a total transaction of $46,564.00. Following the sale, the chief accounting officer now owns 19,795 shares of the company’s stock, valued at approximately $277,130. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Trina M. Evans sold 12,335 shares of KeyCorp stock in a transaction on Monday, February 12th. The stock was sold at an average price of $14.23, for a total value of $175,527.05. Following the completion of the sale, the director now directly owns 81,622 shares of the company’s stock, valued at approximately $1,161,481.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Douglas M. Schosser sold 3,326 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $14.00, for a total value of $46,564.00. Following the transaction, the chief accounting officer now directly owns 19,795 shares in the company, valued at approximately $277,130. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,442 shares of company stock worth $303,914. 0.61% of the stock is currently owned by insiders.

Hedge Funds Weigh In On KeyCorp

Institutional investors have recently bought and sold shares of the company. Meiji Yasuda Asset Management Co Ltd. increased its holdings in KeyCorp by 2.1% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 26,413 shares of the financial services provider’s stock worth $460,000 after acquiring an additional 540 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in shares of KeyCorp by 2.5% in 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 period. BOKF NA raised its stake in shares of KeyCorp by 3.4% during the 4th quarter. BOKF NA now owns 20,170 shares of the financial services provider’s stock valued at $351,000 after purchasing an additional 665 shares during the period. Cetera Investment Advisers boosted its stake in KeyCorp by 4.1% in the 1st quarter. Cetera Investment Advisers now owns 18,427 shares of the financial services provider’s stock worth $412,000 after purchasing an additional 720 shares during the period. 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 valued at $178,000 after buying an additional 732 shares during the period. Hedge funds and other institutional investors own 79.69% of the company’s stock.

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.