KeyCorp put volume heavy and directionally bearish

Bearish flow noted in KeyCorp (KEY) with 2,773 puts trading, or 2x expected. Most active are Jan-26 15 puts and Jun-26 13 calls, with total volume in those strikes near 2,600 contracts. The Put/Call Ratio is 4.63, while ATM IV is up over 1 point on the day. Earnings are expected on April 17th.