KeyCorp (NYSE:KEY) Sees Significant Growth in Short Interest

KeyCorp (NYSE:KEY) was the recipient of a significant increase in short interest in January. As of January 31st, there was short interest totalling 21,620,000 shares, an increase of 16.2% from the January 15th total of 18,610,000 shares. Based on an average daily volume of 11,020,000 shares, the short-interest ratio is presently 2.0 days.

Insider Buying and Selling at KeyCorp

In other news, Director Of Nova Scotia Bank bought 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The shares were bought at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the acquisition, the director now directly owns 162,983,726 shares in the company, valued at approximately $2,909,259,509.10. This trade represents a 0.03 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.61% of the company’s stock.

Hedge Funds Weigh In On KeyCorp

Several institutional investors and hedge funds have recently bought and sold shares of the company. Royal Bank of Canada raised its stake in shares of KeyCorp by 10.0% in the fourth quarter. Royal Bank of Canada now owns 3,635,081 shares of the financial services provider’s stock valued at $62,306,000 after buying an additional 331,927 shares during the period. Rafferty Asset Management LLC increased its holdings in KeyCorp by 9.0% in the 4th quarter. Rafferty Asset Management LLC now owns 359,714 shares of the financial services provider’s stock worth $6,165,000 after acquiring an additional 29,571 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in KeyCorp in the 4th quarter valued at about $20,595,000. Point72 Europe London LLP lifted its holdings in KeyCorp by 275.9% during the fourth quarter. Point72 Europe London LLP now owns 1,033,998 shares of the financial services provider’s stock valued at $17,723,000 after purchasing an additional 758,905 shares during the last quarter. Finally, Point72 Hong Kong Ltd boosted its position in KeyCorp by 57,749.8% during the fourth quarter. Point72 Hong Kong Ltd now owns 130,162 shares of the financial services provider’s stock worth $2,231,000 after purchasing an additional 129,937 shares during the period. 79.69% of the stock is owned by institutional investors.

KeyCorp Stock Performance

KEY traded up $0.25 during midday trading on Monday, reaching $17.73. The company had a trading volume of 8,283,918 shares, compared to its average volume of 13,900,512. KeyCorp has a 12-month low of $13.10 and a 12-month high of $20.04. The business has a 50-day moving average price of $17.59 and a two-hundred day moving average price of $17.33. The stock has a market cap of $17.57 billion, a PE ratio of -59.08, a P/E/G ratio of 0.66 and a beta of 1.26. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.84 and a current ratio of 0.85.

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Tuesday, March 4th will be paid a $0.205 dividend. The ex-dividend date of this dividend is Tuesday, March 4th. This represents a $0.82 annualized dividend and a yield of 4.63%. KeyCorp’s payout ratio is -273.32%.

Analysts Set New Price Targets

KEY has been the subject of a number of analyst reports. Truist Financial initiated coverage on shares of KeyCorp in a report on Tuesday, January 7th. They set a “hold” rating and a $19.00 price objective for the company. UBS Group lifted their price target on KeyCorp from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. reissued a “neutral” rating and set a $18.50 price objective on shares of KeyCorp in a report on Monday, February 3rd. The Goldman Sachs Group raised their target price on KeyCorp from $20.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Finally, Keefe, Bruyette & Woods decreased their price target on KeyCorp from $22.00 to $21.00 and set an “outperform” rating for the company in a report on Wednesday, January 22nd. Nine investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $19.69.

KeyCorp Company Profile

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.