KeyCorp (NYSE:KEY) Given New $20.00 Price Target at Bank of America

KeyCorp (NYSE:KEY) had its price target boosted by Bank of America from $18.00 to $20.00 in a research report released on Monday morning,Benzinga reports. Bank of America currently has a buy rating on the financial services provider’s stock.

A number of other brokerages have also recently commented on KEY. Morgan Stanley restated an “equal weight” rating on shares of KeyCorp in a research report on Thursday, April 17th. Truist Financial decreased their target price on shares of KeyCorp from $18.00 to $16.00 and set a “hold” rating on the stock in a report on Tuesday, April 22nd. Barclays cut their price target on shares of KeyCorp from $21.00 to $20.00 and set an “equal weight” rating for the company in a report on Monday, April 21st. Wells Fargo & Company restated an “overweight” rating on shares of KeyCorp in a research report on Thursday, April 17th. Finally, TD Cowen assumed coverage on KeyCorp in a research note on Thursday, May 15th. They set a “hold” rating and a $18.00 target price for the company. Eleven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $18.92.

KeyCorp Price Performance

NYSE:KEY opened at $15.92 on Monday. KeyCorp has a 52 week low of $12.73 and a 52 week high of $20.04. 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 firm’s 50-day simple moving average is $15.39 and its 200 day simple moving average is $16.44. The firm has a market cap of $17.45 billion, a price-to-earnings ratio of -53.08, a P/E/G ratio of 0.65 and a beta of 1.09.

KeyCorp (NYSE:KEY) last released its quarterly earnings results 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. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. KeyCorp had a negative net margin of 2.52% and a positive return on equity of 8.73%. During the same period in the previous year, the business earned $0.20 earnings per share. As a group, sell-side analysts predict that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Tuesday, May 27th were given a $0.205 dividend. The ex-dividend date was Tuesday, May 27th. This represents a $0.82 annualized dividend and a yield of 5.15%. KeyCorp’s payout ratio is -482.35%.

KeyCorp declared that its board has initiated a share repurchase plan on Thursday, March 13th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other KeyCorp news, Director Carlton L. Highsmith sold 5,000 shares of KeyCorp stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $16.60, for a total transaction of $83,000.00. Following the transaction, the director now owns 37,177 shares of the company’s stock, valued at $617,138.20. This trade represents a 11.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Amy G. Brady sold 19,000 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $16.09, for a total value of $305,710.00. Following the sale, the insider now directly owns 82,523 shares of the company’s stock, valued at $1,327,795.07. The trade was a 18.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.52% of the company’s stock.

Hedge Funds Weigh In On KeyCorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Strs Ohio purchased a new stake in KeyCorp during the first quarter worth about $1,431,000. Intrua Financial LLC grew its position in shares of KeyCorp by 22.9% during the 1st quarter. Intrua Financial LLC now owns 42,283 shares of the financial services provider’s stock valued at $676,000 after acquiring an additional 7,877 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of KeyCorp by 2.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,356,598 shares of the financial services provider’s stock valued at $117,632,000 after acquiring an additional 172,151 shares during the period. Woodline Partners LP increased its stake in shares of KeyCorp by 41.4% during the 1st quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider’s stock worth $1,346,000 after purchasing an additional 24,627 shares during the last quarter. Finally, MBB Public Markets I LLC bought a new stake in shares of KeyCorp in the 1st quarter worth approximately $312,000. 79.69% of the stock is owned by hedge funds and other 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.