KeyCorp (NYSE:KEY) Shares Gap Down – Should You Sell?

Shares of KeyCorp (NYSE:KEY) gapped down before the market opened on Tuesday . The stock had previously closed at $18.30, but opened at $17.44. KeyCorp shares last traded at $17.66, with a volume of 3,445,668 shares.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Wedbush upped their price target on shares of KeyCorp from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Tuesday, September 24th. Wells Fargo & Company increased their price target on shares of KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Truist Financial initiated coverage on shares of KeyCorp in a research report on Tuesday, January 7th. They set a “hold” rating and a $19.00 price objective for the company. Royal Bank of Canada upped their price objective on KeyCorp from $17.00 to $18.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Finally, Piper Sandler lifted their price objective on KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Nine equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, KeyCorp has an average rating of “Moderate Buy” and a consensus target price of $19.44.

KeyCorp Price Performance

The firm’s fifty day moving average is $18.16 and its two-hundred day moving average is $17.04. The company has a market cap of $17.34 billion, a P/E ratio of 1,750.30, a P/E/G ratio of 0.69 and a beta of 1.27. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.88 and a current ratio of 0.88.

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Tuesday, March 4th will be issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.69%. The ex-dividend date is Tuesday, March 4th. KeyCorp’s dividend payout ratio (DPR) is presently 8,200.00%.

Insider Activity at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 15,011 shares of KeyCorp stock in a transaction that occurred on 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 sale, the insider now directly owns 234,582 shares in the company, valued at approximately $4,595,461.38. The trade was a 6.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Carlton L. Highsmith sold 9,000 shares of the company’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $17.14, for a total value of $154,260.00. Following the completion of the sale, the director now owns 37,864 shares in the company, valued at $648,988.96. The trade was a 19.20 % decrease in their position. The disclosure for this sale can be found here. 0.67% of the stock is currently owned by insiders.

Institutional Investors Weigh In On KeyCorp

Several large investors have recently bought and sold shares of the company. Pacer Advisors Inc. grew its holdings in shares of KeyCorp by 4.6% in the second quarter. Pacer Advisors Inc. now owns 67,218 shares of the financial services provider’s stock valued at $955,000 after purchasing an additional 2,985 shares during the period. Summit Trail Advisors LLC raised its position in KeyCorp by 98.5% in the 2nd quarter. Summit Trail Advisors LLC now owns 21,754 shares of the financial services provider’s stock valued at $309,000 after purchasing an additional 10,797 shares in the last quarter. Ensign Peak Advisors Inc lifted its position in shares of KeyCorp by 4.8% during the 2nd quarter. Ensign Peak Advisors Inc now owns 366,336 shares of the financial services provider’s stock worth $5,206,000 after purchasing an additional 16,650 shares during the last quarter. ProShare Advisors LLC boosted its position in shares of KeyCorp by 5.5% during the 2nd quarter. ProShare Advisors LLC now owns 191,470 shares of the financial services provider’s stock worth $2,721,000 after acquiring an additional 10,052 shares in the last quarter. Finally, Public Sector Pension Investment Board increased its stake in KeyCorp by 8.5% in the second quarter. Public Sector Pension Investment Board now owns 159,883 shares of the financial services provider’s stock valued at $2,272,000 after purchasing an additional 12,575 shares during the last quarter. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

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.