BlackRock Fund Advisors recently announced the acquisition of new stake in Keycorp (NYSE:KEY). The institutional investor has increased its shareholding in the Financial company by 1.35% to 66.89 million shares with purchase of 0.89 million shares. This fresh investment now brings its stake to 7.14% valued currently at $828.71 million. In addition, Fuller & Thaler Asset Management, raised its holdings by 0.99 million to 32.34 million shares.
With over 21.67 million Keycorp (KEY) shares trading Friday and a closing price of $14.64 on the day, the dollar volume was approximately $317.28 million. The shares have shown a positive half year performance of 52.66% and its price on 01/05/24 gained nearly 2.16%. Currently, there are 933.32M common shares owned by the public and among those 932.58M 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: 23 analysts who have offered their price forecasts for KEY have a consensus price objective of $15.55. The analysts have set the share’s price value over the next 12 months at a high of $20.00 and a low of $10.00. The average price target is 5.85% above its recent price level and a downside to the estimated low will see the stock lose -46.4% over that period. But an upside of 26.8% will see the stock hit the forecast high price target while median target price for the stock is $16.25.
Insiders at the company have transacted a total of 78 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 669,362 shares. Insider sales of the common stock occurred on 34 occasions, with total insider shares sold totaling 272,513 shares.
The top 3 mutual fund holders in Keycorp are Vanguard Total Stock Market ETF, Undiscovered Managers Behavioral, and Vanguard 500 Index Fund. Vanguard Total Stock Market ETF owns 29.46 million shares of the company’s stock, all valued at over $365.05 million. The company bought an additional 35453.0 shares recently to bring their total holdings to about 3.15% of the shares outstanding. Undiscovered Managers Behavioral sold -0.4 million shares to see its total holdings shrink to 26.18 million shares valued at over $324.35 million and representing 2.80% of the shares outstanding. Vanguard 500 Index Fund bought 99390.0 shares to bring its total holdings to over 22.6 million shares at a value of $279.96 million. Vanguard 500 Index Fund now owns shares totaling to 2.41% of the shares outstanding.
Shares of Keycorp (NYSE: KEY) opened at $14.34, up $0.01 from a prior closing price of $14.33. However, the script later moved the day high at 14.91, up 2.16%. The company’s stock has a 5-day price change of 0.69% and 42.14% over the past three months. KEY shares are trading 1.67% year to date (YTD), with the 12-month market performance down to -19.03% lower. It has a 12-month low price of $8.53 and touched a high of $20.30 over the same period. KEY has an average intraday trading volume of 15.05 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 4.30%, 17.15%, and 30.35% respectively.
Institutional ownership of Keycorp (NYSE: KEY) shares accounts for 80.67% of the company’s 933.32M shares outstanding. Mutual fund holders own 35.45%, while other institutional holders and individual stakeholders account for 45.38% and 1.11% respectively.
It has a market capitalization of $13.71B and a beta (3y monthly) value of 1.29. The stock’s trailing 12-month PE ratio is 11.87, while the earnings-per-share (ttm) stands at $1.23. The company has a debt-to-equity ratio at 1.86. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.06% over the week and 2.87% over the month.
Analysts forecast that Keycorp (KEY) will achieve an EPS of $0.17 for the current quarter, $0.24 for the next quarter and $1.28 for 2024. The lowest estimate earnings-per-share for the quarter is $0 while analysts give the company a high EPS estimate of $0.29. Comparatively, EPS for the current quarter was $0.38 a year ago. Earnings per share for the fiscal year are expected to decrease by -41.85%, and 13.87% over the next financial year. EPS should shrink at an annualized rate of -5.80% over the next five years, compared to 11.35% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 23 brokerage firm advisors rate Keycorp (KEY) as a “Strong Buy” at a consensus score of 1.91. Specifically, 13 Wall Street analysts polled rate the stock as a buy, while 8 of the 23 advise that investors “hold,” and 1 rated it as a “Sell.”
