The Vanguard Group, Inc. recently announced the acquisition of new stake in KeyCorp (NYSE:KEY). The institutional investor has increased its shareholding in the Financial company by 0.55% to 104.91 million shares with purchase of 0.58 million shares. This fresh investment now brings its stake to 11.25% valued currently at $1.87 billion. In addition, BlackRock Fund Advisors raised its holdings by 1.01 million to 58.55 million shares. And SSgA Funds Management, Inc. has lifted its position by 4.92% or 2.4 million shares – to 51.2 million shares.
With over 20.77 million KeyCorp (KEY) shares trading Friday and a closing price of $18.61 on the day, the dollar volume was approximately $386.55 million. The shares have shown a positive half year performance of 1.58% and its price on 11/18/22 lost nearly -0.32%. Currently, there are 932.97M common shares owned by the public and among those 929.17M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 21 analysts who have offered their price forecasts for KEY have a consensus price objective of $19.84. The analysts have set the share’s price value over the next 12 months at a high of $24.00 and a low of $16.00. The average price target is 9.53% above its recent price level and a downside to the estimated low will see the stock lose -16.31% over that period. But an upside of 22.46% will see the stock hit the forecast high price target while median target price for the stock is $20.00.
Insiders at the company have transacted a total of 79 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 40 of these insider trades were purchases, accounting for 477,289 shares. Insider sales of the common stock occurred on 39 occasions, with total insider shares sold totaling 211,209 shares.
The top 3 mutual fund holders in KeyCorp are Vanguard Total Stock Market Index, Vanguard Mid Cap Index Fund, and Vanguard 500 Index Fund. Vanguard Total Stock Market Index owns 27.95 million shares of the company’s stock, all valued at over $499.48 million. The company bought an additional 0.12 million shares recently to bring their total holdings to about 3.00% of the shares outstanding. Vanguard Mid Cap Index Fund bought 0.28 million shares to see its total holdings expand to 21.79 million shares valued at over $389.31 million and representing 2.34% of the shares outstanding. Vanguard 500 Index Fund bought 0.21 million shares to bring its total holdings to over 21.34 million shares at a value of $381.34 million. Vanguard 500 Index Fund now owns shares totaling to 2.29% of the shares outstanding.
Shares of KeyCorp (NYSE: KEY) opened at $18.92, up $0.25 from a prior closing price of $18.67. However, the script later moved the day high at 19.09, down -0.32%. The company’s stock has a 5-day price change of -6.15% and -0.53% over the past three months. KEY shares are trading -19.54% year to date (YTD), with the 12-month market performance down to -21.38% lower. It has a 12-month low price of $15.26 and touched a high of $27.17 over the same period. KEY has an average intraday trading volume of 11.07 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 1.88%, 6.95%, and -5.03% respectively.
Institutional ownership of KeyCorp (NYSE: KEY) shares accounts for 85.70% of the company’s 932.97M shares outstanding. Mutual fund holders own 32.56%, while other institutional holders and individual stakeholders account for 52.24% and 1.06% respectively.
It has a market capitalization of $17.42B and a beta (3y monthly) value of 1.29. The stock’s trailing 12-month PE ratio is 8.52, while the earnings-per-share (ttm) stands at $2.18. The company has a PEG of 11.84 and the debt-to-equity ratio at 1.69. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.34% over the week and 3.11% over the month.
Analysts forecast that KeyCorp (KEY) will achieve an EPS of $0.59 for the current quarter, $0.57 for the next quarter and $2.32 for 2023. The lowest estimate earnings-per-share for the quarter is $0.51 while analysts give the company a high EPS estimate of $0.64. Comparatively, EPS for the current quarter was $0.64 a year ago. Earnings per share for the fiscal year are expected to increase by 108.60%, and 8.44% over the next financial year. EPS should shrink at an annualized rate of 0.72% over the next five years, compared to 26.70% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 21 brokerage firm advisors rate KeyCorp (KEY) as a “Moderate Buy” at a consensus score of 2.70. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 10 of the 21 advise that investors “hold,” and 4 rated it as a “Sell.”
Looking at the support for the KEY, a number of firms have released research notes about the stock. Wedbush stated their Neutral rating for the stock in a research note on September 28, 2022, with the firm’s price target at $18. Wedbush coverage for the KeyCorp (KEY) stock in a research note released on June 30, 2022 offered a Neutral rating with a price target of $20. Piper Sandler was of a view on May 02, 2022 that the stock is Underweight, while Wells Fargo gave the stock Overweight rating on April 11, 2022, issuing a price target of $23- $27. Jefferies on their part issued Hold rating on April 11, 2022.