KeyCorp (NYSE:KEY) Short Interest Down 24.8% in April

KeyCorp (NYSE:KEY) was the recipient of a large decrease in short interest during the month of April. As of April 15th, there was short interest totalling 21,050,000 shares, a decrease of 24.8% from the March 31st total of 28,000,000 shares. Currently, 2.3% of the company’s stock are sold short. Based on an average trading volume of 15,780,000 shares, the days-to-cover ratio is presently 1.3 days.

KeyCorp Stock Performance

KeyCorp stock opened at $14.70 on Friday. The firm’s 50 day simple moving average is $14.76 and its 200-day simple moving average is $13.54. KeyCorp has a fifty-two week low of $8.53 and a fifty-two week high of $15.86. The company has a market cap of $13.63 billion, a P/E ratio of 18.61 and a beta of 1.29. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.87 and a quick ratio of 0.87.

KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Thursday, April 18th. The financial services provider reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.01). KeyCorp had a net margin of 7.53% and a return on equity of 8.89%. The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.51 billion. During the same period in the previous year, the firm posted $0.44 earnings per share. The business’s revenue for the quarter was down 10.6% on a year-over-year basis. As a group, equities research analysts predict that KeyCorp will post 1.15 EPS for the current year.

Insider Buying and Selling at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 3,405 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $14.24, for a total transaction of $48,487.20. Following the sale, the insider now directly owns 214,630 shares of the company’s stock, valued at $3,056,331.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other KeyCorp news, Director Trina M. Evans sold 12,335 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $14.23, for a total transaction of $175,527.05. Following the sale, the director now directly owns 81,622 shares of the company’s stock, valued at $1,161,481.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Angela G. Mago sold 3,405 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $14.24, for a total transaction of $48,487.20. Following the sale, the insider now directly owns 214,630 shares in the company, valued at $3,056,331.20. The disclosure for this sale can be found here. Insiders have sold 21,442 shares of company stock worth $303,914 in the last ninety days. 0.61% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in KEY. Ontario Teachers Pension Plan Board purchased a new position in KeyCorp during the third quarter valued at approximately $274,773,000. Norges Bank acquired a new stake in KeyCorp in the fourth quarter valued at approximately $128,203,000. Ceredex Value Advisors LLC acquired a new stake in KeyCorp in the fourth quarter valued at approximately $64,421,000. FMR LLC lifted its stake in KeyCorp by 14.4% in the third quarter. FMR LLC now owns 31,781,539 shares of the financial services provider’s stock valued at $341,969,000 after acquiring an additional 3,992,226 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in KeyCorp by 16.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 23,126,760 shares of the financial services provider’s stock valued at $248,844,000 after acquiring an additional 3,216,584 shares during the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

KEY has been the topic of several recent research reports. Wells Fargo & Company lifted their price objective on shares of KeyCorp from $16.00 to $18.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Jefferies Financial Group lifted their price objective on shares of KeyCorp from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Evercore ISI lifted 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. JPMorgan Chase & Co. lifted their price objective on shares of KeyCorp from $16.00 to $18.00 and gave the company a “neutral” rating in a research report on Thursday, April 4th. Finally, Piper Sandler boosted their price target on shares of KeyCorp from $16.00 to $17.00 and gave the stock an “overweight” rating in a research report on Friday, January 26th. One equities research 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 currently has an average rating of “Moderate Buy” and an average 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.