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

KeyCorp (NYSE:KEY) was the target of a large 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 trading volume, of 11,020,000 shares, the short-interest ratio is currently 2.0 days.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Royal Bank of Canada reiterated an “outperform” rating and set a $18.00 target price on shares of KeyCorp in a report on Wednesday, January 22nd. Barclays increased their target price on KeyCorp from $19.00 to $21.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. The Goldman Sachs Group increased their target price on KeyCorp from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $18.50 target price on shares of KeyCorp in a report on Monday, February 3rd. Finally, Morgan Stanley reduced their price objective on shares of KeyCorp from $23.00 to $22.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 22nd. Nine equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $19.69.

KeyCorp Stock Performance

KEY stock traded up $0.25 during mid-day trading on Monday, hitting $17.73. 8,283,918 shares of the company were exchanged, compared to its average volume of 13,900,512. The business has a 50 day simple moving average of $17.59 and a 200-day simple moving average of $17.33. 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 capitalization of $17.57 billion, a PE ratio of -59.08, a price-to-earnings-growth ratio of 0.66 and a beta of 1.26. KeyCorp has a 1-year low of $13.10 and a 1-year high of $20.04.

KeyCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th will be given a dividend of $0.205 per share. The ex-dividend date is Tuesday, March 4th. This represents a $0.82 annualized dividend and a yield of 4.63%. KeyCorp’s dividend payout ratio (DPR) is presently -273.32%.

Insider Activity at KeyCorp

In other news, Director Of Nova Scotia Bank acquired 50,000 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was acquired at an average price of $17.85 per share, for a total transaction of $892,500.00. Following the transaction, the director now directly owns 162,983,726 shares in the company, valued at approximately $2,909,259,509.10. This represents a 0.03 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. 0.61% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Avanza Fonder AB bought a new position in KeyCorp in the fourth quarter valued at approximately $1,618,000. Mirae Asset Global Investments Co. Ltd. increased its stake in KeyCorp by 14.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 657,913 shares of the financial services provider’s stock valued at $10,928,000 after acquiring an additional 85,052 shares during the last quarter. Dai ichi Life Insurance Company Ltd bought a new position in KeyCorp in the third quarter valued at approximately $798,000. State of New Jersey Common Pension Fund D boosted its position in KeyCorp by 13.6% in the third quarter. State of New Jersey Common Pension Fund D now owns 304,565 shares of the financial services provider’s stock valued at $5,101,000 after buying an additional 36,444 shares in the last quarter. Finally, Prospector Partners LLC acquired a new stake in KeyCorp in the third quarter valued at approximately $9,630,000. 79.69% of the stock is owned by institutional investors.

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.