KeyCorp (NYSE:KEY) Lowered to Neutral Rating by Robert W. Baird

Robert W. Baird downgraded shares of KeyCorp (NYSE:KEY - Free Report) from an outperform rating to a neutral rating in a research note issued to investors on Wednesday morning, MarketBeat.com reports. Robert W. Baird currently has $18.00 target price on the financial services provider's stock.

Other equities analysts have also issued reports about the stock. Barclays cut their price target on shares of KeyCorp from $21.00 to $20.00 and set an "equal weight" rating on the stock in a report on Monday, April 21st. Bank of America lifted their price target on shares of KeyCorp from $18.00 to $20.00 and gave the stock a "buy" rating in a report on Monday, June 16th. Citigroup reissued a "buy" rating on shares of KeyCorp in a report on Thursday, April 17th. Wells Fargo & Company lowered shares of KeyCorp from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 18th. Finally, Royal Bank Of Canada reissued an "outperform" rating on shares of KeyCorp in a report on Thursday, April 17th. Thirteen investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, KeyCorp presently has an average rating of "Hold" and a consensus target price of $18.97.

KeyCorp Trading Up 1.7%

KEY traded up $0.31 on Wednesday, reaching $18.51. 9,392,739 shares of the company traded hands, compared to its average volume of 13,031,099. KeyCorp has a one year low of $12.73 and a one year high of $20.04. The firm has a fifty day simple moving average of $16.03 and a two-hundred day simple moving average of $16.32. The company has a market cap of $20.28 billion, a P/E ratio of -108.85, a price-to-earnings-growth ratio of 0.67 and a beta of 1.11. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.75.

KeyCorp (NYSE:KEY - Get Free Report) last issued its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.33 EPS for the quarter, topping analysts' consensus estimates of $0.32 by $0.01. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. KeyCorp had a negative net margin of 0.12% and a positive return on equity of 9.43%. During the same quarter in the previous year, the firm posted $0.20 earnings per share. As a group, equities research analysts expect that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Tuesday, May 27th were given a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.43%. KeyCorp's dividend payout ratio (DPR) is currently -482.35%.

KeyCorp declared that its Board of Directors has authorized a share repurchase program on Thursday, March 13th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its stock is undervalued.

Insiders Place Their Bets

In other KeyCorp news, Director Carlton L. Highsmith sold 5,000 shares of the company's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $16.60, for a total value of $83,000.00. Following the completion of the transaction, the director owned 37,177 shares in the company, valued at approximately $617,138.20. This represents a 11.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Amy G. Brady sold 19,000 shares of the company's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $16.09, for a total transaction of $305,710.00. Following the transaction, the insider owned 82,523 shares of the company's stock, valued at approximately $1,327,795.07. This trade represents a 18.71% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.52% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of KEY. Whittier Trust Co. raised its position in shares of KeyCorp by 110.3% during the 4th quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider's stock worth $26,000 after purchasing an additional 800 shares during the last quarter. Ethos Financial Group LLC acquired a new stake in KeyCorp in the 4th quarter valued at about $27,000. Fourth Dimension Wealth LLC acquired a new stake in KeyCorp in the 4th quarter valued at about $28,000. Zions Bancorporation National Association UT acquired a new stake in KeyCorp in the 1st quarter valued at about $28,000. Finally, Allworth Financial LP raised its holdings in KeyCorp by 246.9% in the 1st quarter. Allworth Financial LP now owns 2,168 shares of the financial services provider's stock valued at $32,000 after acquiring an additional 1,543 shares during the last quarter. Institutional investors and hedge funds own 79.69% of the company's stock.

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.