KeyCorp (NYSE:KEY) Price Target Cut to $20.00 by Analysts at Barclays

KeyCorp (NYSE:KEY) had its price target reduced by Barclays from $21.00 to $20.00 in a report issued on Monday morning,Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

A number of other equities research analysts also recently weighed in on the company. DA Davidson cut their target price on KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, January 22nd. Baird R W upgraded KeyCorp from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. Keefe, Bruyette & Woods lowered their target price on KeyCorp from $22.00 to $21.00 and set an “outperform” rating on the stock in a report on Wednesday, January 22nd. Citigroup reissued a “buy” rating on shares of KeyCorp in a report on Thursday. Finally, Wells Fargo & Company reaffirmed an “overweight” rating on shares of KeyCorp in a research note on Thursday. Eight analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.26.

KeyCorp Stock Down 3.2 %

KEY opened at $13.81 on Monday. The stock’s 50 day moving average price is $15.68 and its 200 day moving average price is $17.12. 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 stock has a market cap of $15.13 billion, a P/E ratio of -46.03, a P/E/G ratio of 0.65 and a beta of 1.06. KeyCorp has a 12 month low of $12.73 and a 12 month high of $20.04.

KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.01. KeyCorp had a negative net margin of 2.52% and a positive return on equity of 8.73%. The business had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same period in the previous year, the business earned $0.20 earnings per share. As a group, research analysts predict that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp announced that its board has approved a stock repurchase program on Thursday, March 13th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its stock is undervalued.

Insider Activity at KeyCorp

In other news, Director Of Nova Scotia Bank purchased 50,000 shares of the business’s stock in a transaction dated Wednesday, February 5th. The stock was bought at an average cost of $17.85 per share, with a total value of $892,500.00. Following the purchase, the director now directly owns 162,983,726 shares of the company’s stock, valued at approximately $2,909,259,509.10. This trade represents a 0.03 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.52% of the stock is currently owned by insiders.

Institutional Trading of KeyCorp

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in KeyCorp by 7.1% during the fourth quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider’s stock worth $2,004,228,000 after buying an additional 7,754,576 shares during the last quarter. FMR LLC raised its position in shares of KeyCorp by 7.1% in the fourth quarter. FMR LLC now owns 44,431,526 shares of the financial services provider’s stock valued at $761,556,000 after purchasing an additional 2,938,405 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of KeyCorp by 4.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 36,302,732 shares of the financial services provider’s stock worth $622,229,000 after buying an additional 1,645,296 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of KeyCorp by 4.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 33,058,682 shares of the financial services provider’s stock worth $566,626,000 after buying an additional 1,452,179 shares during the period. Finally, Fuller & Thaler Asset Management Inc. raised its holdings in KeyCorp by 4.1% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 27,183,748 shares of the financial services provider’s stock worth $465,929,000 after acquiring an additional 1,062,615 shares during the period. 79.69% of the stock is owned by institutional investors.

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.