KeyCorp Experiences Notable Increase in Short Interest

KeyCorp (NYSE:KEY) saw a significant rise in short interest during January. By January 31st, the short interest reached 21,620,000 shares, marking a 16.2% increase from the 18,610,000 shares reported on January 15th. With an average daily trading volume of 11,020,000 shares, the current days-to-cover ratio stands at 2.0 days.

Insider Transactions at KeyCorp

Additionally, in recent investor news, a director from Nova Scotia Bank purchased 50,000 shares of KeyCorp stock on February 5th. These shares were acquired at an average price of $17.85 each, culminating in a total investment of $892,500. Following this transaction, the director now holds 162,983,726 shares of KeyCorp, valued at around $2.91 billion. This acquisition reflects a 0.03% increase in their ownership stake. Further details regarding this transaction can be found in the filing with the Securities and Exchange Commission.

Institutional Investment in KeyCorp

Recent activity from hedge funds and institutional investors has also been notable. The Royal Bank of Canada increased its stake in KeyCorp shares by 10% during the fourth quarter, bringing its total to 3,635,081 shares, valued at $62.31 million after acquiring an additional 331,927 shares. Rafferty Asset Management LLC boosted its holdings by 9%, ending up with 359,714 shares worth $6.17 million after adding 29,571 shares to its portfolio.

Moreover, Point72 Asset Management made a new investment in KeyCorp during the same quarter, purchasing a stake valued at about $20.60 million. Point72 Europe London also raised its holdings by 275.9%, obtaining 1,033,998 shares valued at $17.72 million after acquiring 758,905 shares. Likewise, Point72 Hong Kong increased its position by a staggering 57,749.8%, ending up with 130,162 shares worth $2.23 million after a major purchase of 129,937 shares. Overall, institutional investors collectively own 79.69% of KeyCorp stock.

Current Stock Performance of KeyCorp

On the trading front, KeyCorp shares rose by $0.25 during midday trading on Monday, bringing the share price to $17.73. Trading volume reached 8,283,918 shares, below the average volume of 13,900,512. Over the past year, KeyCorp's stock has fluctuated, with a low of $13.10 and a high of $20.04. The company currently has a market capitalization of $17.57 billion, a P/E ratio of -59.08, and a P/E/G ratio of 0.66. KeyCorp's debt-to-equity ratio is 0.77, with a quick ratio of 0.84 and a current ratio of 0.85.

Dividend Announcement from KeyCorp

KeyCorp also recently announced a quarterly dividend set to be paid on Friday, March 14th. Shareholders recorded as of Tuesday, March 4th, will receive a dividend of $0.205 per share. The dividend yield stands at 4.63%, while the annualized dividend totals $0.82. Notably, the payout ratio is shown at -273.32%.

Analyst Reviews and Price Target Updates

KeyCorp has been featured in various analyst reports. Truist Financial initiated coverage with a "hold" rating and a price target of $19.00. Similarly, UBS Group raised its price target from $17.00 to $18.00, labeling the stock as "neutral." JPMorgan Chase reiterated a "neutral" rating with a price target of $18.50. Goldman Sachs increased their target to $23.00, giving KeyCorp a "buy" rating. Keefe, Bruyette & Woods also adjusted their price target to $21.00 while maintaining an "outperform" rating. Currently, nine analysts have rated KeyCorp with a hold classification, and ten have rated it as a buy, contributing to a consensus rating of "Moderate Buy" and an average target price of $19.69.

Overview of KeyCorp

KeyCorp serves as the holding company for KeyBank National Association, providing an array of retail and commercial banking services across the United States. The company operates through two primary divisions: Consumer Bank and Commercial Bank. KeyCorp offers a variety of financial products and services, including deposits, investment solutions, commercial leasing, and financial wellness initiatives for individuals and small to medium-sized businesses.

KeyCorp, Interest, Investment