KeyCorp (KEY) Short Interest Up 43.6% in June

KeyCorp (NYSE:KEY) was the recipient of a significant growth in short interest during the month of June. As of June 15th, there was short interest totalling 17,082,842 shares, a growth of 43.6% from the May 31st total of 11,897,997 shares. Based on an average trading volume of 9,684,997 shares, the days-to-cover ratio is presently 1.8 days. Approximately 1.6% of the shares of the stock are sold short.

In other news, insider Edward J. Burke sold 10,000 shares of the stock in a transaction dated Tuesday, May 8th. The shares were sold at an average price of $19.83, for a total value of $198,300.00. Following the completion of the transaction, the insider now owns 126,526 shares of the company’s stock, valued at $2,509,010.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.65% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in KEY. The Manufacturers Life Insurance Company grew its position in shares of KeyCorp by 61.8% during the 1st quarter. The Manufacturers Life Insurance Company now owns 13,628,892 shares of the financial services provider’s stock worth $266,444,000 after buying an additional 5,205,496 shares during the period. Millennium Management LLC grew its position in shares of KeyCorp by 136.3% during the 1st quarter. Millennium Management LLC now owns 7,484,951 shares of the financial services provider’s stock worth $146,331,000 after buying an additional 4,317,598 shares during the period. Two Sigma Investments LP grew its position in shares of KeyCorp by 24,671.7% during the 4th quarter. Two Sigma Investments LP now owns 2,948,598 shares of the financial services provider’s stock worth $59,473,000 after buying an additional 2,960,598 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of KeyCorp during the 4th quarter worth approximately $49,676,000. Finally, Thrivent Financial for Lutherans grew its position in shares of KeyCorp by 38.0% during the 1st quarter. Thrivent Financial for Lutherans now owns 8,108,123 shares of the financial services provider’s stock worth $158,514,000 after buying an additional 2,231,623 shares during the period. 79.98% of the stock is owned by institutional investors and hedge funds.

A number of brokerages recently issued reports on KEY. Zacks Investment Research lowered shares of KeyCorp from a “buy” rating to a “hold” rating in a report on Monday, June 25th. Argus began coverage on shares of KeyCorp in a report on Tuesday. They issued a “buy” rating and a $24.00 price objective for the company. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $23.00 price objective on shares of KeyCorp in a report on Thursday, April 5th. UBS Group upgraded shares of KeyCorp from a “neutral” rating to a “positive” rating in a report on Tuesday, April 24th. Finally, BMO Capital Markets dropped their price objective on shares of KeyCorp from $25.00 to $24.00 and set an “outperform” rating for the company in a report on Friday, April 20th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and sixteen have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $22.52.

NYSE:KEY opened at $19.54 on Friday. The company has a market cap of $20.74 billion, a price-to-earnings ratio of 14.37, a PEG ratio of 1.21 and a beta of 1.02. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.89 and a quick ratio of 0.87. KeyCorp has a fifty-two week low of $16.28 and a fifty-two week high of $22.40.

KeyCorp (NYSE:KEY) last released its earnings results on Thursday, April 19th. The financial services provider reported $0.38 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.38. The business had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.56 billion. KeyCorp had a net margin of 19.32% and a return on equity of 11.03%. The company’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.32 EPS. sell-side analysts expect that KeyCorp will post 1.7 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, June 15th. Shareholders of record on Tuesday, May 29th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date of this dividend was Friday, May 25th. This is an increase from KeyCorp’s previous quarterly dividend of $0.11. KeyCorp’s dividend payout ratio is currently 35.29%.

KeyCorp Company Profile

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking services in the United States. The company's Key Community Bank segment offers various deposit and investment products, personal finance services, residential mortgages, home equity loans, credit cards, and installment loans, as well as personal property and casualty insurance, such as home, auto, renters, watercraft, and umbrella insurance for individuals.

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