Investors Buy High Volume of KeyCorp Call Options (NYSE:KEY)

KeyCorp (NYSE:KEY) was the recipient of unusually large options trading on Friday. Stock traders acquired 12,210 call options on the company. This is an increase of approximately 55% compared to the typical volume of 7,871 call options.

Insiders Place Their Bets

In other news, Director Carlton L. Highsmith sold 9,000 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $17.14, for a total transaction of $154,260.00. Following the completion of the sale, the director now owns 37,864 shares in the company, valued at approximately $648,988.96. This trade represents a 19.20 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Angela G. Mago sold 15,011 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $19.59, for a total transaction of $294,065.49. Following the completion of the transaction, the insider now owns 234,582 shares in the company, valued at approximately $4,595,461.38. This trade represents a 6.01 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.61% of the company’s stock.

Institutional Trading of KeyCorp

A number of hedge funds have recently made changes to their positions in the company. Tokio Marine Asset Management Co. Ltd. raised its holdings in KeyCorp by 13.0% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 37,104 shares of the financial services provider’s stock valued at $636,000 after buying an additional 4,270 shares during the last quarter. KG&L Capital Management LLC increased its position in KeyCorp by 19.7% in the 4th quarter. KG&L Capital Management LLC now owns 75,370 shares of the financial services provider’s stock valued at $1,292,000 after acquiring an additional 12,416 shares during the period. Caprock Group LLC raised its stake in shares of KeyCorp by 6.6% during the fourth quarter. Caprock Group LLC now owns 22,520 shares of the financial services provider’s stock valued at $386,000 after acquiring an additional 1,404 shares during the last quarter. Mediolanum International Funds Ltd acquired a new position in shares of KeyCorp during the fourth quarter worth $18,982,000. Finally, Crews Bank & Trust bought a new position in KeyCorp during the 4th quarter worth $51,000. 79.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on KEY shares. Keefe, Bruyette & Woods dropped their price objective on shares of KeyCorp from $22.00 to $21.00 and set an “outperform” rating for the company in a research note on Wednesday. UBS Group raised their price objective on KeyCorp from $17.00 to $18.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 23rd. Piper Sandler upped their target price on KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Evercore ISI raised their price target on KeyCorp from $18.50 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 2nd. Finally, Citigroup downgraded KeyCorp from a “buy” rating to a “neutral” rating and set a $19.00 price target for the company. in a research note on Thursday, November 7th. Nine equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $19.58.

KeyCorp Price Performance

Shares of NYSE:KEY traded up $0.42 during trading on Friday, hitting $17.89. 2,509,239 shares of the company were exchanged, compared to its average volume of 13,289,919. KeyCorp has a 1-year low of $13.10 and a 1-year high of $20.04. The company has a market capitalization of $17.73 billion, a P/E ratio of -59.61, a price-to-earnings-growth ratio of 0.65 and a beta of 1.27. The company has a quick ratio of 0.88, a current ratio of 0.85 and a debt-to-equity ratio of 0.77. The business’s 50 day moving average is $18.06 and its 200-day moving average is $17.07.

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th will be given a $0.205 dividend. The ex-dividend date is Tuesday, March 4th. This represents a $0.82 annualized dividend and a yield of 4.58%. KeyCorp’s dividend payout ratio is presently -273.32%.

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.