KeyCorp (NYSE:KEY) Reaches New 52-Week Low on Analyst Downgrade

KeyCorp (NYSE:KEY - Get Free Report) hit a new 52-week low on Friday after JPMorgan Chase & Co. lowered their price target on the stock from $18.50 to $16.50. JPMorgan Chase & Co. currently has a neutral rating on the stock. KeyCorp traded as low as $12.99 and last traded at $12.90, with a volume of 3509644 shares. The stock had previously closed at $14.12.

KEY has been the subject of several other reports. Royal Bank of Canada reiterated an "outperform" rating and set a $18.00 target price on shares of KeyCorp in a research report on Wednesday, January 22nd. DA Davidson lowered their price objective on shares of KeyCorp from $22.00 to $21.00 and set a "buy" rating for the company in a research report on Wednesday, January 22nd. Keefe, Bruyette & Woods reduced their target price on shares of KeyCorp from $22.00 to $21.00 and set an "outperform" rating on the stock in a research report on Wednesday, January 22nd. Barclays boosted their price target on KeyCorp from $19.00 to $21.00 and gave the company an "equal weight" rating in a report on Monday, January 6th. Finally, Wells Fargo & Company lowered their target price on KeyCorp from $22.00 to $20.00 and set an "overweight" rating for the company in a report on Friday, March 28th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $19.31.

Insider Buying and Selling at KeyCorp

In other KeyCorp news, Director Of Nova Scotia Bank acquired 50,000 shares of the firm's stock in a transaction on Wednesday, February 5th. The stock was acquired at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the purchase, the director now owns 162,983,726 shares in the company, valued at approximately $2,909,259,509.10. The trade was a 0.03 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.61% of the stock is currently owned by company insiders.

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Institutional Investors Weigh In On KeyCorp

Hedge funds have recently bought and sold shares of the stock. 111 Capital acquired a new position in KeyCorp in the 4th quarter worth about $238,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of KeyCorp by 22.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 102,451 shares of the financial services provider's stock valued at $1,756,000 after buying an additional 18,790 shares in the last quarter. Centaurus Financial Inc. grew its stake in KeyCorp by 11.2% in the 4th quarter. Centaurus Financial Inc. now owns 7,218 shares of the financial services provider's stock valued at $124,000 after acquiring an additional 728 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in KeyCorp in the 4th quarter worth $7,141,000. Finally, LifeWealth Investments LLC acquired a new position in KeyCorp during the fourth quarter worth $362,000. Hedge funds and other institutional investors own 79.69% of the company's stock.

KeyCorp Trading Down 4.7 %

The firm has a market capitalization of $14.74 billion, a PE ratio of -44.83, a P/E/G ratio of 0.65 and a beta of 1.06. The company's fifty day simple moving average is $16.67 and its 200-day simple moving average is $17.38. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84.

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were issued a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 6.10%. The ex-dividend date of this dividend was Tuesday, March 4th. KeyCorp's payout ratio is -273.33%.

KeyCorp declared that its Board of Directors has approved a share repurchase plan on Thursday, March 13th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

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.