KeyCorp (NYSE:KEY) Hits New 1-Year High – Here’s Why

KeyCorp (NYSE:KEY)’s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $20.88 and last traded at $20.8650, with a volume of 3840211 shares changing hands. The stock had previously closed at $20.58.

Wall Street Analyst Weigh In

A number of research firms recently commented on KEY. Jefferies Financial Group boosted their price target on KeyCorp from $19.00 to $22.00 and gave the stock a “hold” rating in a report on Wednesday, December 10th. JPMorgan Chase & Co. lifted their price objective on shares of KeyCorp from $19.00 to $19.50 and gave the company a “neutral” rating in a research report on Friday, October 10th. Morgan Stanley boosted their target price on shares of KeyCorp from $20.00 to $24.00 and gave the stock an “underperform” rating in a report on Monday, September 29th. The Goldman Sachs Group reiterated a “positive” rating on shares of KeyCorp in a report on Wednesday, December 10th. Finally, DA Davidson boosted their price target on shares of KeyCorp from $21.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, December 10th. Twelve research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.26.

KeyCorp Stock Performance

The firm has a market capitalization of $22.80 billion, a PE ratio of 25.76, a P/E/G ratio of 0.61 and a beta of 1.11. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.83. The business has a 50-day simple moving average of $18.15 and a 200-day simple moving average of $18.06.

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

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Tuesday, December 2nd were given a dividend of $0.205 per share. The ex-dividend date of this dividend was Tuesday, December 2nd. This represents a $0.82 dividend on an annualized basis and a yield of 3.9%. KeyCorp’s payout ratio is 101.23%.

Institutional Trading of KeyCorp

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Activest Wealth Management lifted its stake in shares of KeyCorp by 8,775.0% during the 2nd quarter. Activest Wealth Management now owns 1,420 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 1,404 shares during the last quarter. Tompkins Financial Corp purchased a new stake in shares of KeyCorp during the second quarter valued at about $26,000. United Community Bank purchased a new stake in shares of KeyCorp during the third quarter valued at about $27,000. Sachetta LLC boosted its holdings in shares of KeyCorp by 1,246.1% in the 3rd quarter. Sachetta LLC now owns 1,723 shares of the financial services provider’s stock valued at $32,000 after buying an additional 1,595 shares in the last quarter. Finally, Kelleher Financial Advisors purchased a new position in shares of KeyCorp in the 3rd quarter worth approximately $32,000. Institutional investors own 79.69% of the company’s stock.

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.