KeyCorp (NYSE:KEY) to Repurchase $1.00 billion in Shares

KeyCorp (NYSE:KEY - Get Free Report) declared that its board has initiated a share repurchase program on Thursday, March 13th, RTT News reports. The company plans to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities analysts have issued reports on KEY shares. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $18.50 price objective on shares of KeyCorp in a report on Monday, February 3rd. Truist Financial began coverage on KeyCorp in a research report on Tuesday, January 7th. They set a "hold" rating and a $19.00 price objective on the stock. Morgan Stanley dropped their target price on KeyCorp from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Thursday. Citigroup raised KeyCorp from a "neutral" rating to a "buy" rating and set a $20.00 target price on the stock in a research report on Monday, March 10th. Finally, DA Davidson cut their price objective on KeyCorp from $22.00 to $21.00 and set a "buy" rating for the company in a research note on Wednesday, January 22nd. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat.com, KeyCorp presently has an average rating of "Moderate Buy" and a consensus target price of $19.64.

Remove Ads

KeyCorp Price Performance

NYSE KEY traded up $0.13 on Monday, reaching $15.81. The company had a trading volume of 11,350,871 shares, compared to its average volume of 11,821,253. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $17.47 billion, a PE ratio of -52.68, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26. The firm's 50 day moving average price is $17.19 and its 200 day moving average price is $17.44. KeyCorp has a 12 month low of $13.11 and a 12 month high of $20.04.

KeyCorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th were issued a $0.205 dividend. The ex-dividend date was Tuesday, March 4th. This represents a $0.82 dividend on an annualized basis and a yield of 5.19%. KeyCorp's dividend payout ratio is currently -273.33%.

Insider Buying and Selling at KeyCorp

In related news, Director Of Nova Scotia Bank purchased 50,000 shares of KeyCorp stock in a transaction on Wednesday, February 5th. The shares were bought at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the acquisition, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.61% of the stock is currently owned by insiders.

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.