KeyCorp (NYSE:KEY) Hits New 1-Year Low on Analyst Downgrade

Shares of KeyCorp (NYSE:KEY) hit a new 52-week low during 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 brokerages also recently commented on KEY. Citigroup dropped their target price on shares of KeyCorp from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Monday, March 24th. 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. DA Davidson lowered their price objective on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Wednesday, January 22nd. Wells Fargo & Company cut their target price on shares of KeyCorp from $22.00 to $20.00 and set an “overweight” rating for the company in a research note on Friday, March 28th. Finally, Morgan Stanley lowered their price objective on KeyCorp from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 13th. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, KeyCorp presently has an average rating of “Moderate Buy” and a consensus price target of $19.31.

Insiders Place Their Bets

In other KeyCorp news, Director Of Nova Scotia Bank purchased 50,000 shares of the stock in a transaction dated Wednesday, February 5th. The stock was bought 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 $2,909,259,509.10. This represents a 0.03 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.61% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Benjamin Edwards Inc. acquired a new position in KeyCorp in the third quarter valued at about $406,000. Hilltop Holdings Inc. acquired a new position in shares of KeyCorp in the third quarter valued at about $393,000. HighTower Advisors LLC increased its position in KeyCorp by 9.2% during the third quarter. HighTower Advisors LLC now owns 202,681 shares of the financial services provider’s stock worth $3,391,000 after acquiring an additional 17,140 shares during the period. Janus Henderson Group PLC raised its stake in KeyCorp by 22.3% in the 3rd quarter. Janus Henderson Group PLC now owns 106,013 shares of the financial services provider’s stock worth $1,776,000 after purchasing an additional 19,300 shares in the last quarter. Finally, Investment Management Corp of Ontario boosted its holdings in KeyCorp by 51.4% in the 3rd quarter. Investment Management Corp of Ontario now owns 31,222 shares of the financial services provider’s stock valued at $523,000 after purchasing an additional 10,600 shares during the period. Institutional investors and hedge funds own 79.69% of the company’s stock.

KeyCorp Stock Performance

The stock’s 50-day simple moving average is $16.67 and its 200-day simple moving average is $17.36. The stock has a market cap of $14.74 billion, a price-to-earnings ratio of -44.83, a price-to-earnings-growth ratio of 0.65 and a beta of 1.06. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77.

KeyCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th were issued a $0.205 dividend. The ex-dividend date was Tuesday, March 4th. This represents a $0.82 annualized dividend and a yield of 6.10%. KeyCorp’s dividend payout ratio is presently -273.33%.

KeyCorp announced that its board has initiated a stock repurchase program on Thursday, March 13th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board 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.