KeyCorp (NYSE:KEY) Shares Gap Down - Here's What Happened

Key Points

• KeyCorp's shares opened at $17.17, down from the previous close of $17.73, with a trading volume of over 6.5 million shares.
• Royal Bank of Canada raised its price target for KeyCorp from $19.00 to $20.00, while UBS and Wells Fargo also increased their price targets, indicating positive market sentiment despite the recent dip in stock price.
• The company reported a quarterly earnings per share (EPS) of $0.41, exceeding estimates and showing a significant revenue increase of 172.7% year-over-year.

KeyCorp (NYSE:KEY - Get Free Report)'s share price gapped down before the market opened on Thursday . The stock had previously closed at $17.73, but opened at $17.17. KeyCorp shares last traded at $17.28, with a volume of 6,533,367 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on KEY shares. Royal Bank Of Canada boosted their target price on shares of KeyCorp from $19.00 to $20.00 and gave the stock an "outperform" rating in a report on Wednesday, October 1st. Baird R W lowered shares of KeyCorp from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 2nd. JPMorgan Chase & Co. boosted their price target on shares of KeyCorp from $19.00 to $19.50 and gave the company a "neutral" rating in a report on Friday, October 10th. UBS Group boosted their price target on shares of KeyCorp from $22.00 to $23.00 and gave the company a "buy" rating in a report on Tuesday, October 7th. Finally, Wells Fargo & Company boosted their price target on shares of KeyCorp from $20.00 to $22.00 and gave the company an "overweight" rating in a report on Friday, October 3rd. Ten investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $20.86.

KeyCorp Trading Down 4.3%

The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.71. The company's fifty day moving average is $18.58 and its 200-day moving average is $17.05. The firm has a market capitalization of $18.60 billion, a P/E ratio of -243.37, a P/E/G ratio of 0.57 and a beta of 1.15.

KeyCorp (NYSE:KEY - Get Free Report) last posted its quarterly earnings data on Thursday, October 16th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.03. KeyCorp had a net margin of 1.49% and a return on equity of 9.65%. The company's revenue was up 172.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.47) earnings per share. As a group, sell-side analysts anticipate that KeyCorp will post 1.5 earnings per share for the current fiscal year.

Insider Buying and Selling at KeyCorp

In other KeyCorp news, insider Andrew J. Paine III sold 44,953 shares of the stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $19.29, for a total value of $867,143.37. Following the completion of the sale, the insider directly owned 245,044 shares of the company's stock, valued at $4,726,898.76. This represents a 15.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Trina M. Evans sold 17,000 shares of the stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $18.67, for a total transaction of $317,390.00. Following the completion of the sale, the director directly owned 82,719 shares of the company's stock, valued at approximately $1,544,363.73. This trade represents a 17.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 174,102 shares of company stock valued at $3,299,664 in the last ninety days. Company insiders own 0.52% of the company's stock.

Institutional Trading of KeyCorp

A number of hedge funds have recently bought and sold shares of the stock. Activest Wealth Management raised its stake in shares of KeyCorp by 8,775.0% in the 2nd quarter. Activest Wealth Management now owns 1,420 shares of the financial services provider's stock valued at $25,000 after buying an additional 1,404 shares in the last quarter. Tompkins Financial Corp acquired a new position in shares of KeyCorp in the 2nd quarter valued at $26,000. Zions Bancorporation National Association UT acquired a new position in shares of KeyCorp in the 1st quarter valued at $28,000. Allworth Financial LP raised its stake in shares of 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 buying an additional 1,543 shares in the last quarter. Finally, FSC Wealth Advisors LLC acquired a new position in shares of KeyCorp in the 1st quarter valued at $34,000. 79.69% of the stock is owned by institutional investors.

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.

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