KeyCorp (NYSE:KEY) Sees Significant Increase in Short Interest

KeyCorp (NYSE:KEY - Get Free Report) saw a large increase in short interest in the month of January. As of January 31st, there was short interest totalling 21,620,000 shares, an increase of 16.2% from the January 15th total of 18,610,000 shares. Based on an average daily volume of 11,020,000 shares, the days-to-cover ratio is currently 2.0 days.

Analysts Set New Price Targets

KEY has been the subject of a number of recent analyst reports. Piper Sandler upped their price objective on shares of KeyCorp from $19.00 to $22.00 and gave the company an "overweight" rating in a research report on Tuesday, December 3rd. Stephens restated an "overweight" rating and issued a $20.00 price objective on shares of KeyCorp in a research report on Wednesday, January 22nd. Keefe, Bruyette & Woods lowered their price objective on shares of KeyCorp from $22.00 to $21.00 and set an "outperform" rating for the company in a research report on Wednesday, January 22nd. Morgan Stanley lowered their price objective on shares of KeyCorp from $23.00 to $22.00 and set an "equal weight" rating for the company in a research report on Wednesday, January 22nd. Finally, Royal Bank of Canada restated an "outperform" rating and issued a $18.00 price objective on shares of KeyCorp in a research report on Wednesday, January 22nd. Nine equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat, KeyCorp presently has an average rating of "Moderate Buy" and an average target price of $19.69.

Insider Activity

In other news, Director Of Nova Scotia Bank acquired 50,000 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was acquired at an average price of $17.85 per share, for a total transaction of $892,500.00. Following the transaction, the director now directly owns 162,983,726 shares in the company, valued at approximately $2,909,259,509.10. This represents a 0.03 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. 0.61% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On KeyCorp

Hedge funds have recently modified their holdings of the stock. Norges Bank acquired a new stake in KeyCorp in the 4th quarter valued at about $153,235,000. Vanguard Group Inc. lifted its stake in KeyCorp by 7.1% in the 4th quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider's stock valued at $2,004,228,000 after purchasing an additional 7,754,576 shares during the last quarter. Azora Capital LP acquired a new stake in KeyCorp in the 3rd quarter valued at about $92,413,000. Freestone Grove Partners LP acquired a new stake in KeyCorp in the 4th quarter valued at about $63,540,000. Finally, Assenagon Asset Management S.A. lifted its stake in KeyCorp by 280.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 4,976,965 shares of the financial services provider's stock valued at $83,364,000 after purchasing an additional 3,668,168 shares during the last quarter. Institutional investors own 79.69% of the company's stock.

KeyCorp Stock Down 3.6 %

Shares of NYSE KEY traded down $0.64 during mid-day trading on Friday, hitting $16.94. The company had a trading volume of 14,267,950 shares, compared to its average volume of 12,620,343. The company has a market capitalization of $16.80 billion, a PE ratio of -56.47, a price-to-earnings-growth ratio of 0.67 and a beta of 1.26. The firm has a 50-day simple moving average of $17.54 and a two-hundred day simple moving average of $17.37. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77. KeyCorp has a one year low of $13.10 and a one year high of $20.04.

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Tuesday, March 4th will be issued a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 4.84%. The ex-dividend date is Tuesday, March 4th. KeyCorp's payout ratio is -273.33%.

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.