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 1.27% to 106.24 million shares with purchase of 1.33 million shares. This fresh investment now brings its stake to 11.39% valued currently at $1.94 billion. In addition, Boston Partners Global Investors, raised its holdings by 84047.0 to 32.53 million shares. And Charles Schwab Investment Managem has lifted its position by 11.22% or 1.99 million shares – to 19.75 million shares.
With over 22.1 million KeyCorp (KEY) shares trading Tuesday and a closing price of $12.37 on the day, the dollar volume was approximately $273.36 million. The shares have shown a negative half year performance of -23.17% and its price on 03/28/23 lost nearly -0.96%. Currently, there are 924.86M common shares owned by the public and among those 921.23M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 24 analysts who have offered their price forecasts for KEY have a consensus price objective of $19.00. The analysts have set the share’s price value over the next 12 months at a high of $24.00 and a low of $13.00. The average price target is 39.21% above its recent price level and an upside to the estimated low will see the stock gain 4.85% over that period. But an upside of 48.46% will see the stock hit the forecast high price target while median target price for the stock is $19.00.
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). 44 of these insider trades were purchases, accounting for 641,556 shares. Insider sales of the common stock occurred on 35 occasions, with total insider shares sold totaling 252,289 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 28.7 million shares of the company’s stock, all valued at over $524.85 million. The company bought an additional 0.13 million shares recently to bring their total holdings to about 3.08% of the shares outstanding. Vanguard Mid Cap Index Fund bought 22771.0 shares to see its total holdings expand to 21.75 million shares valued at over $397.85 million and representing 2.33% of the shares outstanding. Vanguard 500 Index Fund bought 68917.0 shares to bring its total holdings to over 21.69 million shares at a value of $396.63 million. Vanguard 500 Index Fund now owns shares totaling to 2.32% of the shares outstanding.
Shares of KeyCorp (NYSE: KEY) opened at $12.45, down -$0.04 from a prior closing price of $12.49. However, the script later moved the day high at 12.71, down -0.96%. The company’s stock has a 5-day price change of -3.06% and -28.00% over the past three months. KEY shares are trading -28.99% year to date (YTD), with the 12-month market performance down to -48.22% lower. It has a 12-month low price of $9.60 and touched a high of $23.95 over the same period. KEY has an average intraday trading volume of 19.61 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 -14.38%, -27.44%, and -29.60% respectively.
Institutional ownership of KeyCorp (NYSE: KEY) shares accounts for 85.70% of the company’s 924.86M shares outstanding. Mutual fund holders own 33.47%, while other institutional holders and individual stakeholders account for 51.27% and 1.10% respectively.
It has a market capitalization of $10.95B and a beta (3y monthly) value of 1.33. The stock’s trailing 12-month PE ratio is 6.44, while the earnings-per-share (ttm) stands at $1.92. The company has a PEG of 1.07 and the debt-to-equity ratio at 1.76. Price movements for the stock have been influenced by the stock’s volatility, which stands at 7.44% over the week and 8.20% over the month.
Analysts forecast that KeyCorp (KEY) will achieve an EPS of $0.48 for the current quarter, $0.5 for the next quarter and $2.28 for 2024. The lowest estimate earnings-per-share for the quarter is $0.36 while analysts give the company a high EPS estimate of $0.54. Comparatively, EPS for the current quarter was $0.45 a year ago. Earnings per share for the fiscal year are expected to decrease by -26.60%, and 10.35% over the next financial year. EPS should shrink at an annualized rate of 6.00% over the next five years, compared to 8.90% over the past 5-year period.
Looking at the support for the KEY, a number of firms have released research notes about the stock. Citigroup stated their Buy rating for the stock in a research note on March 27, 2023, with the firm’s price target at $20. Robert W. Baird was of a view on March 10, 2023 that the stock is Outperform, while Piper Sandler gave the stock Neutral rating on March 10, 2023, issuing a price target of $18.50- $16.50. Odeon on their part issued Buy rating on January 10, 2023.
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