Share Repurchase Program Initiated by KeyCorp (NYSE:KEY)

KeyCorp (NYSE:KEY) declared that its Board of Directors has initiated a stock repurchase program on Thursday, March 13th, RTT News reports. The company plans to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on KEY shares. Citigroup upgraded shares of KeyCorp from a “neutral” rating to a “buy” rating and set a $20.00 price objective on the stock in a research note on Monday. Stephens reiterated an “overweight” rating and issued a $20.00 price target on shares of KeyCorp in a research report on Wednesday, January 22nd. Keefe, Bruyette & Woods dropped their price target on shares of KeyCorp from $22.00 to $21.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 22nd. Piper Sandler upped their price objective on KeyCorp from $19.00 to $22.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. Finally, The Goldman Sachs Group lifted their target price on KeyCorp from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, KeyCorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.64.

KeyCorp Price Performance

Shares of NYSE:KEY traded down $0.34 during midday trading on Thursday, reaching $15.15. 11,731,420 shares of the company were exchanged, compared to its average volume of 11,932,220. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77. The stock has a market cap of $16.74 billion, a PE ratio of -50.48, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26. The business’s fifty day moving average is $17.22 and its two-hundred day moving average is $17.44. KeyCorp has a one year low of $13.11 and a one year high of $20.04.

KeyCorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Tuesday, March 4th will be paid a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 5.41%. The ex-dividend date of this dividend is Tuesday, March 4th. KeyCorp’s payout ratio is presently -273.33%.

Insider Buying and Selling at KeyCorp

In other news, Director Of Nova Scotia Bank bought 50,000 shares of the stock in a transaction dated Wednesday, February 5th. The stock was purchased at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the transaction, the director now owns 162,983,726 shares of the company’s stock, valued at $2,909,259,509.10. The trade was a 0.03 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.61% of the stock is currently owned by company insiders.

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.