KeyCorp (NYSE:KEY) Reaches New 52-Week High – Here’s What Happened

KeyCorp (NYSE:KEY) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $17.49 and last traded at $17.49, with a volume of 6377 shares traded. The stock had previously closed at $17.40.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on KEY. UBS Group lowered shares of KeyCorp from a “buy” rating to a “neutral” rating and dropped their target price for the company from $16.00 to $15.00 in a report on Monday, July 8th. Jefferies Financial Group increased their price target on KeyCorp from $18.00 to $19.00 and gave the stock a “buy” rating in a report on Monday, August 19th. Evercore ISI lifted their price objective on shares of KeyCorp from $18.50 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, October 2nd. Robert W. Baird lowered shares of KeyCorp from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $18.00 to $17.00 in a research note on Monday. Finally, DA Davidson lifted their price target on shares of KeyCorp from $16.00 to $18.00 and gave the company a “buy” rating in a research note on Friday, July 19th. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, KeyCorp has a consensus rating of “Moderate Buy” and an average target price of $17.21.

KeyCorp Trading Up 1.2 %

The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a market capitalization of $16.69 billion, a P/E ratio of 22.99, a PEG ratio of 0.97 and a beta of 1.25. The firm has a 50 day simple moving average of $16.50 and a two-hundred day simple moving average of $15.33.

KeyCorp (NYSE:KEY) last released its quarterly earnings results on Thursday, July 18th. The financial services provider reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.01. KeyCorp had a net margin of 7.35% and a return on equity of 8.64%. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same period last year, the firm earned $0.27 earnings per share. The firm’s revenue was down 4.3% on a year-over-year basis. Equities research analysts forecast that KeyCorp will post 1.08 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Carlton L. Highsmith sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $16.21, for a total value of $162,100.00. Following the completion of the transaction, the director now directly owns 46,864 shares of the company’s stock, valued at $759,665.44. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.67% of the company’s stock.

Hedge Funds Weigh In On KeyCorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Ontario Teachers Pension Plan Board boosted its stake in KeyCorp by 8.8% in the first quarter. Ontario Teachers Pension Plan Board now owns 21,690,319 shares of the financial services provider’s stock valued at $342,924,000 after acquiring an additional 1,748,633 shares during the last quarter. Diamond Hill Capital Management Inc. raised its holdings in shares of KeyCorp by 12.2% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 20,295,788 shares of the financial services provider’s stock worth $288,403,000 after purchasing an additional 2,213,872 shares during the period. Earnest Partners LLC lifted its stake in KeyCorp by 23.2% in the second quarter. Earnest Partners LLC now owns 12,430,048 shares of the financial services provider’s stock valued at $176,631,000 after purchasing an additional 2,339,454 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in KeyCorp by 2.9% during the second quarter. Dimensional Fund Advisors LP now owns 10,508,853 shares of the financial services provider’s stock valued at $149,299,000 after purchasing an additional 300,339 shares during the period. Finally, Ceredex Value Advisors LLC increased its position in KeyCorp by 112.4% in the second quarter. Ceredex Value Advisors LLC now owns 6,647,393 shares of the financial services provider’s stock worth $94,459,000 after buying an additional 3,517,755 shares during the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

About KeyCorp

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.