Traders Buy Shares of KeyCorp (KEY) on Weakness
Investors bought shares of KeyCorp (NYSE:KEY) on weakness during trading on Monday. $72.63 million flowed into the stock on the tick-up and $29.05 million flowed out of the stock on the tick-down, for a money net flow of $43.58 million into the stock. Of all companies tracked, KeyCorp had the 28th highest net in-flow for the day. KeyCorp traded down ($0.18) for the day and closed at $20.60
Several equities research analysts have weighed in on KEY shares. Zacks Investment Research lowered shares of KeyCorp from a “buy” rating to a “hold” rating in a report on Wednesday, August 22nd. Argus started coverage on shares of KeyCorp in a report on Tuesday, June 26th. They issued a “buy” rating and a $24.00 target price on the stock. Jefferies Financial Group reiterated a “buy” rating and issued a $23.00 target price on shares of KeyCorp in a report on Friday, July 13th. Wedbush set a $23.00 target price on shares of KeyCorp and gave the stock a “buy” rating in a report on Thursday, September 13th. Finally, Mizuho increased their target price on shares of KeyCorp from $25.00 to $25.50 and gave the stock an “overweight” rating in a report on Tuesday, July 24th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the company. KeyCorp presently has a consensus rating of “Buy” and an average target price of $23.22.
The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $21.67 billion, a P/E ratio of 15.11, a price-to-earnings-growth ratio of 0.75 and a beta of 0.98.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 14th. Investors of record on Tuesday, August 28th were issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.31%. This is a positive change from KeyCorp’s previous quarterly dividend of $0.12. The ex-dividend date was Monday, August 27th. KeyCorp’s dividend payout ratio (DPR) is presently 50.00%.
KeyCorp announced that its Board of Directors has approved a share repurchase program on Thursday, June 28th that authorizes the company to buyback $1.23 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 5.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
In related news, insider Douglas M. Schosser sold 6,048 shares of the firm’s stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $21.49, for a total transaction of $129,971.52. Following the sale, the insider now directly owns 23,164 shares in the company, valued at $497,794.36. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Edward J. Burke sold 46,360 shares of the firm’s stock in a transaction on Friday, August 10th. The stock was sold at an average price of $21.32, for a total transaction of $988,395.20. Following the sale, the insider now owns 89,128 shares in the company, valued at $1,900,208.96. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 340,954 shares of company stock worth $7,120,124. 0.67% of the stock is currently owned by company insiders.
Several large investors have recently modified their holdings of the stock. Kiley Juergens Wealth Management LLC acquired a new stake in KeyCorp in the 2nd quarter valued at $113,000. Mount Yale Investment Advisors LLC acquired a new stake in KeyCorp in the 1st quarter valued at $114,000. First Personal Financial Services increased its stake in KeyCorp by 139.7% in the 1st quarter. First Personal Financial Services now owns 5,894 shares of the financial services provider’s stock valued at $115,000 after buying an additional 3,435 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its stake in KeyCorp by 8,462.5% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 6,165 shares of the financial services provider’s stock valued at $120,000 after buying an additional 6,093 shares during the last quarter. Finally, Edge Wealth Management LLC acquired a new stake in KeyCorp in the 2nd quarter valued at $161,000. Institutional investors and hedge funds own 79.43% of the company’s stock.
KeyCorp Company Profile (NYSE:KEY)
KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking services in the United States. The company's Key Community Bank segment offers various deposit and investment products, personal finance services, residential mortgages, home equity loans, credit cards, and installment loans, as well as personal property and casualty insurance, such as home, auto, renters, watercraft, and umbrella insurance for individuals.
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