Traders Buy Large Volume of Put Options on KeyCorp (NYSE:KEY)

KeyCorp (NYSE:KEY) was the target of some unusual options trading activity on Wednesday. Stock investors purchased 14,863 put options on the company. This represents an increase of approximately 2,786% compared to the average volume of 515 put options.

A number of equities research analysts have recently issued reports on KEY shares. UBS Group upped their target price on shares of KeyCorp from $21.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. ValuEngine lowered shares of KeyCorp from a “hold” rating to a “sell” rating in a research note on Wednesday. Morgan Stanley cut their target price on shares of KeyCorp from $21.00 to $20.50 and set an “overweight” rating on the stock in a research note on Thursday, October 3rd. Zacks Investment Research lowered shares of KeyCorp from a “hold” rating to a “sell” rating and set a $20.00 target price on the stock. in a research note on Monday, July 8th. Finally, Credit Suisse Group upgraded shares of KeyCorp from an “average” rating to a “buy” rating and set a $40.00 target price on the stock in a research note on Wednesday, August 7th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and ten have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $23.58.

KEY traded down $0.08 on Thursday, hitting $17.61. 839,047 shares of the company’s stock were exchanged, compared to its average volume of 9,084,056. The firm has a market cap of $17.65 billion, a PE ratio of 10.20, a P/E/G ratio of 3.60 and a beta of 1.29. KeyCorp has a twelve month low of $13.65 and a twelve month high of $18.96. The stock has a fifty day moving average of $17.38 and a two-hundred day moving average of $17.11. The company has a current ratio of 0.91, a quick ratio of 0.89 and a debt-to-equity ratio of 0.95.

KeyCorp (NYSE:KEY) last released its quarterly earnings data on Thursday, October 17th. The financial services provider reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.02. The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.64 billion. KeyCorp had a net margin of 23.15% and a return on equity of 12.82%. KeyCorp’s quarterly revenue was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.45 earnings per share. On average, analysts predict that KeyCorp will post 1.78 EPS for the current year.

In other news, insider Andrew J. Paine III sold 99,999 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $18.26, for a total value of $1,825,981.74. Following the sale, the insider now owns 85,469 shares in the company, valued at approximately $1,560,663.94. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Amy G. Brady sold 10,806 shares of the company’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $18.02, for a total transaction of $194,724.12. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Buckingham Capital Management Inc. bought a new position in KeyCorp in the 1st quarter worth about $949,000. First Trust Advisors LP grew its position in KeyCorp by 45.1% in the 1st quarter. First Trust Advisors LP now owns 1,202,335 shares of the financial services provider’s stock worth $18,937,000 after purchasing an additional 373,879 shares during the last quarter. Clearbridge Investments LLC grew its position in KeyCorp by 19.8% in the 1st quarter. Clearbridge Investments LLC now owns 7,611,751 shares of the financial services provider’s stock worth $119,885,000 after purchasing an additional 1,256,233 shares during the last quarter. Rehmann Capital Advisory Group grew its position in KeyCorp by 10.0% in the 1st quarter. Rehmann Capital Advisory Group now owns 7,012 shares of the financial services provider’s stock worth $110,000 after purchasing an additional 640 shares during the last quarter. Finally, GYL Financial Synergies LLC bought a new position in KeyCorp in the 1st quarter worth about $319,000. Hedge funds and other institutional investors own 80.08% of the company’s stock.

About KeyCorp

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.

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