KeyCorp (NYSE:KEY) Hits New 52-Week High Following Dividend Announcement

KeyCorp (NYSE:KEY)’s share price reached a new 52-week high on Thursday after the company announced a dividend. The stock traded as high as $23.87 and last traded at $23.8320, with a volume of 401779 shares traded. The stock had previously closed at $23.53.

The newly announced dividend which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Tuesday, September 1st. KeyCorp’s dividend payout ratio (DPR) is presently 50.31%.

Analysts Set New Price Targets

KEY has been the subject of several recent analyst reports. Royal Bank Of Canada lifted their price target on KeyCorp from $22.00 to $24.00 and gave the company an “outperform” rating in a report on Friday, April 17th. Wells Fargo & Company increased their price objective on shares of KeyCorp from $24.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Stephens began coverage on shares of KeyCorp in a research report on Monday, June 15th. They issued an “overweight” rating and a $26.00 target price on the stock. Morgan Stanley boosted their target price on shares of KeyCorp from $24.00 to $25.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. Finally, JPMorgan Chase & Co. upped their price target on shares of KeyCorp from $22.50 to $24.50 and gave the stock a “neutral” rating in a research report on Monday, July 6th. Thirteen research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, KeyCorp presently has a consensus rating of “Moderate Buy” and an average target price of $47.34.

KeyCorp Stock Performance

The stock has a market cap of $25.67 billion, a PE ratio of 14.59, a P/E/G ratio of 0.73 and a beta of 1.02. 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 stock has a 50-day simple moving average of $22.20 and a 200-day simple moving average of $21.49.

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

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

Insider Buying and Selling

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of KeyCorp stock in a transaction that occurred on 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 of the company’s stock, valued at $6,098,676.24. The trade was a 7.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On KeyCorp

Large investors have recently made changes to their positions in the business. Brighton Jones LLC acquired a new stake in KeyCorp in the 4th quarter valued at $476,000. Woodline Partners LP lifted its stake in shares of KeyCorp by 41.4% during the first quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider’s stock worth $1,346,000 after purchasing an additional 24,627 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of KeyCorp by 58.0% in the second quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider’s stock worth $90,000 after buying an additional 1,890 shares during the period. Cresset Asset Management LLC boosted its position in shares of KeyCorp by 6.5% in the second quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider’s stock worth $263,000 after buying an additional 926 shares during the period. Finally, Federated Hermes Inc. acquired a new stake in shares of KeyCorp in the second quarter valued at about $186,000. Institutional investors and hedge funds 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.