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

KeyCorp (NYSE:KEY) was the recipient of a large growth in short interest during the month of December. As of December 31st, there was short interest totalling 18,530,000 shares, a growth of 8.0% from the December 15th total of 17,150,000 shares. Based on an average daily volume of 9,510,000 shares, the days-to-cover ratio is currently 1.9 days.

Analysts Set New Price Targets

Several equities analysts recently issued reports on KEY shares. Robert W. Baird lowered KeyCorp from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $18.00 to $17.00 in a research report on Monday, October 14th. Evercore ISI raised their price target on KeyCorp from $18.50 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 2nd. Wells Fargo & Company raised their price target on KeyCorp from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Royal Bank of Canada raised their price target on KeyCorp from $17.00 to $18.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Finally, UBS Group raised their price target on KeyCorp from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 23rd. Nine analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, KeyCorp has an average rating of “Moderate Buy” and a consensus target price of $19.44.

Insider Activity

In other news, Director Carlton L. Highsmith sold 9,000 shares of the stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $17.14, for a total transaction of $154,260.00. Following the transaction, the director now directly owns 37,864 shares in the company, valued at approximately $648,988.96. This 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 dated Wednesday, November 6th. The shares were sold at an average price of $19.59, for a total value of $294,065.49. Following the transaction, the insider now 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. Corporate insiders own 0.67% of the company’s stock.

Institutional Trading of KeyCorp

Hedge funds have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. grew its holdings in KeyCorp by 14.8% during 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 purchasing an additional 85,052 shares during the period. MBB Public Markets I LLC purchased a new position in shares of KeyCorp in the second quarter valued at about $981,000. Dai ichi Life Insurance Company Ltd purchased a new position in shares of KeyCorp in the third quarter valued at about $798,000. Avanza Fonder AB purchased a new position in shares of KeyCorp in the fourth quarter valued at about $1,618,000. Finally, Prospector Partners LLC purchased a new position in shares of KeyCorp in the third quarter valued at about $9,630,000. Institutional investors own 79.69% of the company’s stock.

KeyCorp Stock Performance

Shares of KEY opened at $18.32 on Tuesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.88 and a quick ratio of 0.88. KeyCorp has a one year low of $12.94 and a one year high of $20.04. The firm has a market capitalization of $18.16 billion, a P/E ratio of 1,832.30, a PEG ratio of 0.63 and a beta of 1.27. The business has a fifty day moving average of $18.18 and a 200 day moving average of $17.01.

KeyCorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th will be issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 4.48%. The ex-dividend date is Tuesday, March 4th. KeyCorp’s dividend payout ratio is presently 8,200.00%.

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.