KeyCorp (NYSE:KEY) Reaches New 52-Week Low After Analyst Downgrade

Shares of KeyCorp (NYSE:KEY) reached a new 52-week low during mid-day trading on Friday after JPMorgan Chase & Co. lowered their price target on the stock from $18.50 to $16.50. JPMorgan Chase & Co. currently has a neutral rating on the stock. KeyCorp traded as low as $12.99 and last traded at $12.90, with a volume of 3509644 shares trading hands. The stock had previously closed at $14.12.

Several other analysts also recently weighed in on the company. Wells Fargo & Company decreased their target price on KeyCorp from $22.00 to $20.00 and set an “overweight” rating for the company in a research note on Friday, March 28th. Stephens restated an “overweight” rating and set a $20.00 price objective on shares of KeyCorp in a report on Wednesday, January 22nd. DA Davidson cut their price objective on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, January 22nd. Keefe, Bruyette & Woods decreased their target price on KeyCorp from $22.00 to $21.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 22nd. Finally, Truist Financial cut their price target on KeyCorp from $19.00 to $18.00 and set a “hold” rating for the company in a report on Friday, March 21st. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, KeyCorp currently has an average rating of “Moderate Buy” and an average price target of $19.31.

Insider Buying and Selling at KeyCorp

In other news, Director Of Nova Scotia Bank acquired 50,000 shares of the company’s stock in a transaction dated Wednesday, February 5th. The stock was bought at an average price of $17.85 per share, with a total value of $892,500.00. Following the completion of the acquisition, the director now owns 162,983,726 shares in the company, valued at approximately $2,909,259,509.10. This represents a 0.03 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On KeyCorp

A number of large investors have recently bought and sold shares of the business. Principal Financial Group Inc. grew its holdings in shares of KeyCorp by 3.4% during the fourth quarter. Principal Financial Group Inc. now owns 1,117,238 shares of the financial services provider’s stock worth $19,149,000 after purchasing an additional 36,424 shares during the last quarter. Truist Financial Corp grew its holdings in KeyCorp by 27.1% during the 4th quarter. Truist Financial Corp now owns 95,856 shares of the financial services provider’s stock worth $1,643,000 after acquiring an additional 20,424 shares during the last quarter. Avanza Fonder AB acquired a new stake in KeyCorp in the 4th quarter valued at about $1,618,000. Teachers Retirement System of The State of Kentucky raised its stake in shares of KeyCorp by 1,974.1% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 1,541,680 shares of the financial services provider’s stock worth $25,823,000 after acquiring an additional 1,467,351 shares during the last quarter. Finally, Proficio Capital Partners LLC bought a new stake in shares of KeyCorp during the fourth quarter valued at approximately $1,519,000. 79.69% of the stock is currently owned by institutional investors.

KeyCorp Price Performance

The stock has a 50-day simple moving average of $16.67 and a 200 day simple moving average of $17.37. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.84 and a current ratio of 0.85. The stock has a market capitalization of $14.74 billion, a P/E ratio of -44.83, a price-to-earnings-growth ratio of 0.65 and a beta of 1.06.

KeyCorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were paid a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a dividend yield of 6.10%. The ex-dividend date was Tuesday, March 4th. KeyCorp’s dividend payout ratio (DPR) is -273.33%.

KeyCorp announced that its board has approved a share repurchase plan on Thursday, March 13th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

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.