KeyCorp (NYSE:KEY) to Repurchase $1.00 billion in Shares

KeyCorp (NYSE:KEY) announced that its board has authorized a share buyback plan on Thursday, March 13th, RTT News reports. The company plans to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

KeyCorp Stock Up 3.5 %

KeyCorp stock opened at $15.68 on Friday. The stock has a market cap of $17.32 billion, a price-to-earnings ratio of -52.25, a PEG ratio of 0.65 and a beta of 1.26. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77. The company’s 50-day moving average price is $17.19 and its two-hundred day moving average price is $17.43. KeyCorp has a 52 week low of $13.11 and a 52 week high of $20.04.

KeyCorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th were paid a dividend of $0.205 per share. The ex-dividend date was Tuesday, March 4th. This represents a $0.82 annualized dividend and a yield of 5.23%. KeyCorp’s payout ratio is -273.33%.

Analyst Ratings Changes

A number of research analysts have commented on KEY shares. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $18.50 price objective on shares of KeyCorp in a research note on Monday, February 3rd. Piper Sandler increased their price objective on shares of KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. Citigroup upgraded shares of KeyCorp from a “neutral” rating to a “buy” rating and set a $20.00 price objective on the stock in a research note on Monday, March 10th. Royal Bank of Canada restated an “outperform” rating and issued a $18.00 price target on shares of KeyCorp in a research report on Wednesday, January 22nd. Finally, 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. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $19.64.

Insider Transactions at KeyCorp

In other KeyCorp news, Director Of Nova Scotia Bank acquired 50,000 shares of the stock in a transaction dated Wednesday, February 5th. The shares were bought at an average price of $17.85 per share, with a total value of $892,500.00. Following the purchase, the director now directly owns 162,983,726 shares of the company’s stock, valued at approximately $2,909,259,509.10. This trade represents a 0.03 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.61% of the company’s stock.

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.