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

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 changing hands.

Wall Street Analyst Weigh In

KEY has been the topic of several research reports. UBS Group upped their price target on KeyCorp from $17.00 to $18.00 and gave the company a “neutral” rating in a research report on Wednesday, October 23rd. The Goldman Sachs Group raised their price target on shares of KeyCorp from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Stephens reaffirmed an “overweight” rating and set a $20.00 price objective on shares of KeyCorp in a research report on Wednesday. Morgan Stanley cut their target price on shares of KeyCorp from $23.00 to $22.00 and set an “equal weight” rating on the stock in a report on Wednesday. Finally, Robert W. Baird lowered KeyCorp from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $18.00 to $17.00 in a report on Monday, October 14th. Nine equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, KeyCorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.58.

KeyCorp Stock Up 1.0 %

The stock has a market cap of $17.32 billion, a P/E ratio of -58.24, a price-to-earnings-growth 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 stock’s 50-day moving average is $18.10 and its 200-day moving average is $17.06.

KeyCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Tuesday, March 4th will be issued a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 4.69%. The ex-dividend date of this dividend is Tuesday, March 4th. KeyCorp’s dividend payout ratio (DPR) is presently -273.32%.

Insider Buying and Selling

In related news, Director Carlton L. Highsmith sold 9,000 shares of the business’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 sale, the director now directly owns 37,864 shares in the company, valued at $648,988.96. The trade was a 19.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Angela G. Mago sold 15,011 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $19.59, for a total transaction of $294,065.49. Following the sale, the insider now owns 234,582 shares of the company’s stock, valued at $4,595,461.38. The trade was a 6.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.61% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On KeyCorp

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Wolff Wiese Magana LLC boosted its stake in KeyCorp by 285.5% in the 3rd quarter. Wolff Wiese Magana LLC now owns 1,542 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 1,142 shares during the period. American Capital Advisory LLC acquired a new stake in shares of KeyCorp in the third quarter worth $28,000. Larson Financial Group LLC grew its holdings in shares of KeyCorp by 90.8% during the third quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider’s stock valued at $32,000 after buying an additional 918 shares in the last quarter. Catalyst Capital Advisors LLC acquired a new position in KeyCorp during the third quarter valued at $35,000. Finally, Capital Performance Advisors LLP purchased a new stake in KeyCorp in the 3rd quarter worth about $38,000. 79.69% of the stock is owned by institutional investors and hedge funds.

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.