KeyCorp (NYSE:KEY) Shares Gap Down – Here’s What Happened

KeyCorp (NYSE:KEY)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $18.30, but opened at $17.44. KeyCorp shares last traded at $17.66, with a volume of 3,445,668 shares changing hands.

Analyst Upgrades and Downgrades

KEY has been the topic of a number of analyst reports. DA Davidson increased their target price on KeyCorp from $19.00 to $20.00 and gave the company a “buy” rating in a report on Monday, October 21st. Barclays upped their target price on shares of KeyCorp from $19.00 to $21.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. Keefe, Bruyette & Woods upped their price target on shares of KeyCorp from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Wells Fargo & Company raised their price objective on KeyCorp from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, Royal Bank of Canada boosted their price objective on KeyCorp from $17.00 to $18.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Nine analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $19.44.

KeyCorp Trading Down 4.4 %

The company has a market capitalization of $17.34 billion, a P/E ratio of 1,750.30, a P/E/G ratio of 0.69 and a beta of 1.27. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.88 and a quick ratio of 0.88. The stock’s 50 day moving average is $18.16 and its 200-day moving average is $17.04.

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th will be issued a $0.205 dividend. The ex-dividend date of this dividend is Tuesday, March 4th. This represents a $0.82 annualized dividend and a yield of 4.69%. KeyCorp’s dividend payout ratio (DPR) is presently 8,200.00%.

Insiders Place Their Bets

In other news, insider Angela G. Mago sold 15,011 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $19.59, for a total value of $294,065.49. Following the sale, the insider now directly owns 234,582 shares in the company, valued at $4,595,461.38. The trade was a 6.01 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Carlton L. Highsmith sold 9,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $17.14, for a total value of $154,260.00. Following the transaction, the director now directly owns 37,864 shares in the company, valued at approximately $648,988.96. This represents a 19.20 % decrease in their position. The disclosure for this sale can be found here. 0.67% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. raised its position in shares of KeyCorp by 3.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 31,606,503 shares of the financial services provider’s stock worth $529,409,000 after acquiring an additional 993,942 shares during the period. Earnest Partners LLC increased its stake in KeyCorp by 23.2% during the second quarter. Earnest Partners LLC now owns 12,430,048 shares of the financial services provider’s stock worth $176,631,000 after acquiring an additional 2,339,454 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in KeyCorp by 3.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,114,598 shares of the financial services provider’s stock valued at $119,170,000 after buying an additional 222,187 shares during the last quarter. Thrivent Financial for Lutherans raised its position in KeyCorp by 108.3% in the third quarter. Thrivent Financial for Lutherans now owns 5,852,233 shares of the financial services provider’s stock valued at $98,025,000 after purchasing an additional 3,042,060 shares during the period. Finally, Azora Capital LP acquired a new position in KeyCorp during the 3rd quarter worth about $92,413,000. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

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.