KeyCorp (KEY) traded on unusually high volume on Jan. 17, as the stock lost 2.51% to close at $16.33. On the day, KeyCorp saw 23.89 million shares trade hands on 85,969 trades. Considering that the stock averages only a daily volume of 12.08 million shares a day over the last month, this represents a pretty significant bump in volume over the norm.
Generally speaking, when a stock experiences a sudden spike in trading volume, it may be seen as a bullish signal for investors. An increase in volume means more market awareness for the company, potentially setting up a more meaningful move in stock price. The added volume also provides a level of support and stability for price advances.
The stock has traded between $22.40 and $13.66 over the last 52-weeks, its 50-day SMA is now $16.77, and its 200-day SMA $19.04. KeyCorp has a P/B ratio of 1.23. It also has a P/E ratio of 11.6.
With assets over $130 billion, Ohio-based KeyCorp’s bank footprint spans 16 states, but it is predominantly concentrated in its two largest markets: Ohio and New York. KeyCorp is primarily focused on serving middle-market commercial clients through a hybrid community/corporate bank model.
Headquartered in Cleveland, OH, KeyCorp has 18,354 employees and is currently under the leadership of CEO Beth E. Mooney.