KeyCorp (NYSE:KEY – Get Free Report) declared that its board has approved a stock buyback program on Thursday, March 13th, RTT News reports. The company plans to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.
KeyCorp Stock Performance
Shares of KEY opened at $15.68 on Friday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.84 and a current ratio of 0.85. The company has a market capitalization of $17.32 billion, a price-to-earnings ratio of -52.25, a PEG ratio of 0.65 and a beta of 1.26. The company’s 50 day simple moving average is $17.19 and its 200 day simple moving average is $17.43. KeyCorp has a 1 year low of $13.11 and a 1 year high of $20.04.
KeyCorp Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th were paid a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 5.23%. The ex-dividend date was Tuesday, March 4th. KeyCorp’s dividend payout ratio is currently -273.33%.
Wall Street Analyst Weigh In
Check Out Our Latest Report on KEY
Insiders Place Their Bets
In related news, Director Of Nova Scotia Bank purchased 50,000 shares of the business’s stock in a transaction on Wednesday, February 5th. The shares were bought at an average price of $17.85 per share, with a total value of $892,500.00. Following the completion of the purchase, the director now directly owns 162,983,726 shares in the company, valued at approximately $2,909,259,509.10. This trade represents a 0.03 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 0.61% of the stock is currently 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.
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