KeyCorp (NYSE:KEY) Hits New 12-Month High – What’s Next?

KeyCorp (NYSE:KEY)’s share price hit a new 52-week high during trading on Thursday . The company traded as high as $23.43 and last traded at $23.4560, with a volume of 723056 shares trading hands. The stock had previously closed at $23.12.

Wall Street Analyst Weigh In

A number of analysts have issued reports on KEY shares. Jefferies Financial Group lifted their price objective on KeyCorp from $21.00 to $23.00 and gave the stock a “hold” rating in a research note on Friday, April 17th. Piper Sandler increased their target price on KeyCorp from $23.00 to $24.00 and gave the company an “overweight” rating in a research report on Friday, April 17th. Weiss Ratings upgraded shares of KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Truist Financial upped their price target on shares of KeyCorp from $23.00 to $24.00 and gave the company a “hold” rating in a research note on Wednesday. Finally, Robert W. Baird lifted their price objective on shares of KeyCorp from $19.00 to $22.00 and gave the stock a “neutral” rating in a research note on Friday, April 17th. Twelve analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.50.

KeyCorp Trading Up 2.3%

The stock has a market cap of $25.53 billion, a PE ratio of 14.53, a PEG ratio of 0.72 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a fifty day moving average price of $21.81 and a 200 day moving average price of $21.21.

KeyCorp (NYSE:KEY) last released its quarterly earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.03. The company had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.93 billion. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.KeyCorp’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.38 EPS. Equities analysts expect that KeyCorp will post 1.82 EPS for the current year.

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd were issued a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Tuesday, June 2nd. KeyCorp’s dividend payout ratio (DPR) is 50.31%.

KeyCorp declared that its board has approved a share repurchase program on Wednesday, May 13th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 13% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, insider Angela G. Mago sold 22,826 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $21.66, for a total transaction of $494,411.16. Following the transaction, the insider directly owned 281,564 shares in the company, valued at approximately $6,098,676.24. This represents a 7.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Maseco LLP purchased a new stake in shares of KeyCorp in the fourth quarter worth approximately $27,000. DV Equities LLC bought a new position in KeyCorp in the 4th quarter valued at $27,000. GoalVest Advisory LLC purchased a new stake in KeyCorp in the fourth quarter worth $30,000. Smithfield Trust Co bought a new stake in shares of KeyCorp during the fourth quarter worth $31,000. Finally, Kelleher Financial Advisors bought a new stake in shares of KeyCorp during the third quarter worth $32,000. Institutional investors own 79.69% of the company’s stock.

KeyCorp Company Profile

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank’s offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company’s product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.