KeyCorp (NYSE:KEY) Shares Gap Down – What’s Next?

KeyCorp (NYSE:KEY) 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 trading hands.

Analysts Set New Price Targets

A number of analysts have commented on the company. Morgan Stanley decreased their target price on KeyCorp from $23.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Wednesday. The Goldman Sachs Group raised their target price on shares of KeyCorp from $20.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Baird R W downgraded shares of KeyCorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 14th. Wells Fargo & Company lifted their price objective on KeyCorp from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, DA Davidson lowered their target price on KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday. Nine analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, KeyCorp presently has an average rating of “Moderate Buy” and an average price target of $19.58.

KeyCorp Price Performance

The company has a market capitalization of $17.32 billion, a PE ratio of -58.24, a PEG ratio of 0.67 and a beta of 1.27. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.09. The company’s 50 day moving average price is $18.10 and its 200-day moving average price is $17.06.

KeyCorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th will be paid a dividend of $0.205 per share. The ex-dividend date is Tuesday, March 4th. This represents a $0.82 annualized dividend and a yield of 4.69%. KeyCorp’s dividend payout ratio is presently -273.32%.

Insider Transactions at KeyCorp

In other KeyCorp news, Director Carlton L. Highsmith sold 9,000 shares of the business’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $17.14, for a total transaction of $154,260.00. Following the transaction, the director now owns 37,864 shares in the company, valued at $648,988.96. The trade was a 19.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Angela G. Mago sold 15,011 shares of the 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 completion of the sale, the insider now owns 234,582 shares of the company’s stock, valued at approximately $4,595,461.38. This trade represents a 6.01 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On KeyCorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of KeyCorp by 14.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 657,913 shares of the financial services provider’s stock valued at $10,928,000 after acquiring an additional 85,052 shares in the last quarter. Avanza Fonder AB purchased a new position in KeyCorp in the fourth quarter valued at about $1,618,000. MBB Public Markets I LLC acquired a new stake in KeyCorp during the 2nd quarter valued at approximately $981,000. Dai ichi Life Insurance Company Ltd purchased a new stake in KeyCorp during the 3rd quarter worth approximately $798,000. Finally, Prospector Partners LLC acquired a new position in shares of KeyCorp in the 3rd quarter valued at approximately $9,630,000. Hedge funds and other institutional investors own 79.69% of the company’s stock.

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.