KeyCorp (NYSE:KEY) Sees Significant Decrease in Short Interest

KeyCorp (NYSE:KEY - Get Free Report) was the target of a large decline in short interest during the month of April. As of April 15th, there was short interest totalling 21,050,000 shares, a decline of 24.8% from the March 31st total of 28,000,000 shares. Based on an average daily volume of 15,780,000 shares, the short-interest ratio is currently 1.3 days. Currently, 2.3% of the shares of the company are short sold.

Insider Activity

In other news, insider Kenneth C. Gavrity sold 2,376 shares of the business's stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $14.03, for a total value of $33,335.28. Following the completion of the sale, the insider now directly owns 98,120 shares of the company's stock, valued at approximately $1,376,623.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Kenneth C. Gavrity sold 2,376 shares of the business's stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $14.03, for a total value of $33,335.28. Following the completion of the sale, the insider now directly owns 98,120 shares of the company's stock, valued at approximately $1,376,623.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Douglas M. Schosser sold 3,326 shares of the firm's stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $14.00, for a total value of $46,564.00. Following the transaction, the chief accounting officer now directly owns 19,795 shares in the company, valued at approximately $277,130. The disclosure for this sale can be found here. In the last three months, insiders sold 21,442 shares of company stock valued at $303,914. Insiders own 0.61% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Nisa Investment Advisors LLC increased its stake in shares of KeyCorp by 8.5% during the 4th quarter. Nisa Investment Advisors LLC now owns 273,010 shares of the financial services provider's stock worth $3,931,000 after purchasing an additional 21,395 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in KeyCorp by 35.6% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 329,655 shares of the financial services provider's stock worth $4,747,000 after acquiring an additional 86,579 shares during the period. Miller Howard Investments Inc. NY purchased a new stake in KeyCorp in the 4th quarter worth approximately $7,200,000. Fifth Third Bancorp grew its stake in KeyCorp by 1.0% in the 4th quarter. Fifth Third Bancorp now owns 237,934 shares of the financial services provider's stock worth $3,426,000 after acquiring an additional 2,344 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in KeyCorp by 16.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 23,126,760 shares of the financial services provider's stock worth $248,844,000 after acquiring an additional 3,216,584 shares during the period. 79.69% of the stock is owned by hedge funds and other institutional investors.

KeyCorp Price Performance

Shares of KEY traded up $0.09 during mid-day trading on Friday, reaching $14.70. 11,793,143 shares of the company's stock were exchanged, compared to its average volume of 14,096,899. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.72. The company has a 50-day simple moving average of $14.76 and a two-hundred day simple moving average of $13.56. KeyCorp has a 52-week low of $8.53 and a 52-week high of $15.86. The company has a market cap of $13.63 billion, a price-to-earnings ratio of 18.61 and a beta of 1.29.

KeyCorp (NYSE:KEY - Get Free Report) last issued its quarterly earnings data on Thursday, April 18th. The financial services provider reported $0.22 earnings per share for the quarter, missing analysts' consensus estimates of $0.23 by ($0.01). KeyCorp had a return on equity of 8.89% and a net margin of 7.53%. The business had revenue of $1.53 billion for the quarter, compared to analysts' expectations of $1.51 billion. During the same period last year, the business earned $0.44 earnings per share. The company's revenue for the quarter was down 10.6% on a year-over-year basis. On average, sell-side analysts predict that KeyCorp will post 1.15 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have commented on KEY shares. Piper Sandler upped their price objective on KeyCorp from $16.00 to $17.00 and gave the company an "overweight" rating in a research note on Friday, January 26th. Wells Fargo & Company increased their price target on shares of KeyCorp from $16.00 to $18.00 and gave the stock an "overweight" rating in a report on Thursday, March 28th. Morgan Stanley raised their price objective on shares of KeyCorp from $12.00 to $16.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 7th. Argus raised their price objective on shares of KeyCorp from $15.00 to $16.00 and gave the company a "buy" rating in a research report on Friday, April 19th. Finally, Evercore ISI raised their price objective on shares of KeyCorp from $17.00 to $18.00 and gave the company an "outperform" rating in a research report on Thursday, March 28th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $15.71.

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.