KeyCorp (NYSE:KEY) Short Interest Update

KeyCorp (NYSE:KEY) saw a large growth in short interest in August. As of August 31st, there was short interest totalling 21,470,000 shares, a growth of 12.1% from the August 15th total of 19,160,000 shares. Approximately 2.3% of the company’s stock are short sold. Based on an average daily volume of 15,300,000 shares, the short-interest ratio is currently 1.4 days.

KeyCorp Trading Up 1.8 %

Shares of KEY stock opened at $16.57 on Wednesday. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a fifty day moving average of $15.93 and a 200-day moving average of $15.06. KeyCorp has a 52-week low of $9.50 and a 52-week high of $17.20. The stock has a market cap of $15.63 billion, a price-to-earnings ratio of 20.97, a P/E/G ratio of 0.90 and a beta of 1.25.

KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Thursday, July 18th. The financial services provider reported $0.25 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.01. KeyCorp had a net margin of 7.35% and a return on equity of 8.64%. The firm had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter last year, the company earned $0.27 earnings per share. The company’s revenue for the quarter was down 4.3% compared to the same quarter last year. On average, equities research analysts forecast that KeyCorp will post 1.09 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Tuesday, August 27th were issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 4.95%. The ex-dividend date was Tuesday, August 27th. KeyCorp’s dividend payout ratio is currently 103.80%.

Insider Transactions at KeyCorp

In related news, Director Carlton L. Highsmith sold 10,000 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $16.21, for a total value of $162,100.00. Following the transaction, the director now owns 46,864 shares in the company, valued at $759,665.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.61% of the company’s stock.

Institutional Trading of KeyCorp

Hedge funds have recently modified their holdings of the company. Norges Bank bought a new stake in shares of KeyCorp during the fourth quarter worth $128,203,000. Ceredex Value Advisors LLC increased its position in KeyCorp by 112.4% in the 2nd quarter. Ceredex Value Advisors LLC now owns 6,647,393 shares of the financial services provider’s stock valued at $94,459,000 after acquiring an additional 3,517,755 shares in the last quarter. Westfield Capital Management Co. LP acquired a new position in shares of KeyCorp during the first quarter worth approximately $42,857,000. Balyasny Asset Management L.P. grew its stake in shares of KeyCorp by 26,297.7% during the fourth quarter. Balyasny Asset Management L.P. now owns 2,708,664 shares of the financial services provider’s stock valued at $39,005,000 after purchasing an additional 2,698,403 shares during the last quarter. Finally, National Bank of Canada FI raised its position in shares of KeyCorp by 1,051.3% during the first quarter. National Bank of Canada FI now owns 2,569,771 shares of the financial services provider’s stock worth $38,752,000 after purchasing an additional 2,346,565 shares during the period. Institutional investors and hedge funds own 79.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on KEY. Keefe, Bruyette & Woods restated an “outperform” rating and set a $18.00 target price on shares of KeyCorp in a report on Tuesday, September 10th. Royal Bank of Canada reissued an “outperform” rating and issued a $17.00 price objective on shares of KeyCorp in a research note on Tuesday, August 13th. Evercore ISI decreased their target price on KeyCorp from $17.50 to $16.50 and set an “outperform” rating for the company in a research report on Tuesday, June 25th. Citigroup lifted their price target on shares of KeyCorp from $18.00 to $19.00 and gave the company a “buy” rating in a research report on Tuesday, August 13th. Finally, Morgan Stanley upped their price objective on shares of KeyCorp from $18.00 to $20.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 14th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $16.65.

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.