KeyCorp (NYSE:KEY) Sets New 12-Month High – Still a Buy?

KeyCorp (NYSE:KEY)’s share price hit a new 52-week high during trading on Friday . The stock traded as high as $19.73 and last traded at $19.4750, with a volume of 8428265 shares changing hands. The stock had previously closed at $19.11.

Analysts Set New Price Targets

A number of research firms have recently weighed in on KEY. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of KeyCorp in a research note on Tuesday. UBS Group upped their price target on KeyCorp from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. JPMorgan Chase & Co. increased their price objective on shares of KeyCorp from $19.00 to $19.50 and gave the company a “neutral” rating in a report on Friday, October 10th. Morgan Stanley lifted their price objective on shares of KeyCorp from $20.00 to $24.00 and gave the company an “underperform” rating in a research report on Monday, September 29th. Finally, DA Davidson dropped their target price on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Friday, October 17th. Eight research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $20.59.

KeyCorp Trading Up 2.0%

The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. The stock has a 50 day simple moving average of $17.90 and a 200-day simple moving average of $17.79. The firm has a market cap of $21.30 billion, a P/E ratio of 24.06, a P/E/G ratio of 0.56 and a beta of 1.11.

KeyCorp (NYSE:KEY) last posted its earnings results on Thursday, October 16th. The financial services provider reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.03. KeyCorp had a return on equity of 10.14% and a net margin of 10.08%.The firm had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same period in the prior year, the company earned ($0.47) EPS. The company’s quarterly revenue was up 172.7% compared to the same quarter last year. On average, equities research analysts expect that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Tuesday, December 2nd will be paid a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend is Tuesday, December 2nd. KeyCorp’s dividend payout ratio (DPR) is presently 101.23%.

Insider Buying and Selling at KeyCorp

In other news, insider Andrew J. Paine III sold 44,953 shares of the business’s stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $19.29, for a total value of $867,143.37. Following the sale, the insider directly owned 245,044 shares in the company, valued at $4,726,898.76. The trade was a 15.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.52% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP increased its stake in KeyCorp by 90.2% during the third quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock worth $679,768,000 after acquiring an additional 17,245,128 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of KeyCorp by 40.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 50,954,013 shares of the financial services provider’s stock valued at $814,756,000 after purchasing an additional 14,651,281 shares during the last quarter. Capital World Investors boosted its holdings in shares of KeyCorp by 169.2% in the 3rd quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider’s stock worth $388,546,000 after purchasing an additional 13,067,326 shares during the period. Norges Bank purchased a new position in shares of KeyCorp in the 2nd quarter worth approximately $195,642,000. Finally, Vanguard Group Inc. increased its position in shares of KeyCorp by 7.2% during the 1st quarter. Vanguard Group Inc. now owns 125,345,385 shares of the financial services provider’s stock valued at $2,004,273,000 after purchasing an additional 8,412,625 shares during the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

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.