KeyCorp (NYSE:KEY) Earns “Outperform” Rating from Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of KeyCorp (NYSE:KEY) in a research note released on Wednesday morning,Benzinga reports. The brokerage currently has a $18.00 price objective on the financial services provider’s stock.

Several other equities analysts have also commented on the stock. Wells Fargo & Company upped their price objective on shares of KeyCorp from $20.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Wedbush upped their price objective on shares of KeyCorp from $17.00 to $18.00 and gave the stock a “neutral” rating in a report on Tuesday, September 24th. DA Davidson decreased their price objective on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday. Baird R W lowered shares of KeyCorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 14th. Finally, UBS Group upped their price objective on shares of KeyCorp from $17.00 to $18.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Nine equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $19.58.

KeyCorp Stock Performance

KeyCorp stock opened at $17.69 on Wednesday. The firm has a 50 day simple moving average of $18.06 and a 200-day simple moving average of $17.07. KeyCorp has a 1-year low of $13.10 and a 1-year high of $20.04. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.88.

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Tuesday, March 4th will be issued a $0.205 dividend. The ex-dividend date of this dividend is Tuesday, March 4th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.64%. KeyCorp’s payout ratio is -273.32%.

Insider Activity

In other news, Director Carlton L. Highsmith sold 9,000 shares of the firm’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $17.14, for a total value of $154,260.00. Following the sale, the director now directly owns 37,864 shares in the company, valued at approximately $648,988.96. This trade represents a 19.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Angela G. Mago sold 15,011 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $19.59, for a total transaction of $294,065.49. Following the completion of the transaction, the insider now directly owns 234,582 shares in the company, valued at $4,595,461.38. This trade represents a 6.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.61% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Tokio Marine Asset Management Co. Ltd. grew its position in shares of KeyCorp by 13.0% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 37,104 shares of the financial services provider’s stock valued at $636,000 after buying an additional 4,270 shares during the last quarter. KG&L Capital Management LLC grew its position in shares of KeyCorp by 19.7% in the 4th quarter. KG&L Capital Management LLC now owns 75,370 shares of the financial services provider’s stock valued at $1,292,000 after buying an additional 12,416 shares during the last quarter. Caprock Group LLC grew its position in shares of KeyCorp by 6.6% in the 4th quarter. Caprock Group LLC now owns 22,520 shares of the financial services provider’s stock valued at $386,000 after buying an additional 1,404 shares during the last quarter. Mediolanum International Funds Ltd purchased a new position in shares of KeyCorp in the 4th quarter valued at $18,982,000. Finally, Crews Bank & Trust purchased a new position in shares of KeyCorp in the 4th quarter valued at $51,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

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.