KeyCorp (NYSE:KEY) to Buyback $1.00 billion in Stock

KeyCorp (NYSE:KEY) announced that its board has approved a share buyback program on Thursday, March 13th, RTT News reports. The company plans to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

KEY has been the topic of a number of research analyst reports. The Goldman Sachs Group raised their price target on KeyCorp from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Piper Sandler lifted their target price on KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Wells Fargo & Company lifted their target price on KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Truist Financial assumed coverage on KeyCorp in a research report on Tuesday, January 7th. They issued a “hold” rating and a $19.00 target price on the stock. Finally, Barclays lifted their target price on KeyCorp from $19.00 to $21.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, KeyCorp has a consensus rating of “Moderate Buy” and a consensus target price of $19.64.

KeyCorp Price Performance

Shares of NYSE KEY opened at $15.68 on Friday. The stock has a market capitalization of $17.32 billion, a PE ratio of -52.25, a P/E/G ratio of 0.65 and a beta of 1.26. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. The business has a fifty day moving average price of $17.19 and a two-hundred day moving average price of $17.43. KeyCorp has a fifty-two week low of $13.11 and a fifty-two week high of $20.04.

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Tuesday, March 4th were issued a dividend of $0.205 per share. The ex-dividend date was Tuesday, March 4th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 5.23%. KeyCorp’s dividend payout ratio (DPR) is currently -273.33%.

Insider Transactions at KeyCorp

In other KeyCorp news, Director Of Nova Scotia Bank purchased 50,000 shares of the stock in a transaction dated Wednesday, February 5th. The stock was bought at an average price of $17.85 per share, with a total value of $892,500.00. Following the acquisition, the director now owns 162,983,726 shares of the company’s stock, valued at approximately $2,909,259,509.10. This represents a 0.03 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.61% of the stock is owned by insiders.

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.