KeyCorp (NYSE:KEY) Short Interest Update

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

Insider Activity at KeyCorp

In other news, Director Carlton L. Highsmith sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $16.21, for a total transaction of $162,100.00. Following the completion of the transaction, the director now directly owns 46,864 shares of the company’s stock, valued at approximately $759,665.44. The sale was disclosed in a filing with the SEC, which is available at this link. 0.61% of the stock is owned by company insiders.

Institutional Investors Weigh In On KeyCorp

Several hedge funds and other institutional investors have recently made changes to their positions in KEY. Ontario Teachers Pension Plan Board raised its stake in KeyCorp by 8.8% during the 1st quarter. Ontario Teachers Pension Plan Board now owns 21,690,319 shares of the financial services provider’s stock worth $342,924,000 after acquiring an additional 1,748,633 shares in the last quarter. Diamond Hill Capital Management Inc. grew its holdings in shares of KeyCorp by 12.2% during the second quarter. Diamond Hill Capital Management Inc. now owns 20,295,788 shares of the financial services provider’s stock worth $288,403,000 after purchasing an additional 2,213,872 shares during the last quarter. Earnest Partners LLC increased its position in shares of KeyCorp by 23.2% during the second quarter. Earnest Partners LLC now owns 12,430,048 shares of the financial services provider’s stock worth $176,631,000 after purchasing an additional 2,339,454 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of KeyCorp by 2.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 10,508,853 shares of the financial services provider’s stock valued at $149,299,000 after purchasing an additional 300,339 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of KeyCorp in the 4th quarter valued at about $128,203,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

KeyCorp Stock Up 1.1 %

KEY stock traded up $0.18 during midday trading on Monday, hitting $16.27. The company’s stock had a trading volume of 6,378,675 shares, compared to its average volume of 14,960,111. KeyCorp has a 52-week low of $9.50 and a 52-week high of $17.20. The firm has a 50-day simple moving average of $15.84 and a 200-day simple moving average of $15.03. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.37. The firm has a market capitalization of $15.35 billion, a P/E ratio of 20.60, a PEG ratio of 0.89 and a beta of 1.25.

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

KeyCorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Tuesday, August 27th were issued a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 5.04%. The ex-dividend date was Tuesday, August 27th. KeyCorp’s dividend payout ratio (DPR) is 103.80%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on KEY. Morgan Stanley raised their price target on shares of KeyCorp from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 14th. Evercore ISI lowered their target price on KeyCorp from $17.50 to $16.50 and set an “outperform” rating on the stock in a report on Tuesday, June 25th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $18.00 price target on shares of KeyCorp in a research report on Tuesday, September 10th. Citigroup lifted their price objective on KeyCorp from $18.00 to $19.00 and gave the stock a “buy” rating in a research report on Tuesday, August 13th. Finally, JPMorgan Chase & Co. lowered their price objective on KeyCorp from $17.50 to $16.50 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus 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.