KeyCorp (NYSE:KEY) Price Target Raised to $20.00

KeyCorp (NYSE:KEY) had its price target upped by Wells Fargo & Company from $18.00 to $20.00 in a research note released on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the financial services provider’s stock.

A number of other analysts have also recently weighed in on the company. Jefferies Financial Group began coverage on KeyCorp in a research report on Wednesday, May 21st. They issued a “hold” rating and a $18.00 price target for the company. Robert W. Baird lowered KeyCorp from an “outperform” rating to a “neutral” rating and set a $18.00 target price for the company. in a report on Wednesday, July 2nd. Wall Street Zen raised KeyCorp from a “sell” rating to a “hold” rating in a research report on Monday, April 21st. TD Cowen began coverage on shares of KeyCorp in a research report on Thursday, May 15th. They issued a “hold” rating and a $18.00 price target on the stock. Finally, Truist Financial decreased their price objective on shares of KeyCorp from $18.00 to $16.00 and set a “hold” rating for the company in a report on Tuesday, April 22nd. Eleven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.18.

KeyCorp Trading Up 0.1%

NYSE:KEY opened at $18.48 on Tuesday. The company has a market capitalization of $20.25 billion, a P/E ratio of -108.68, a P/E/G ratio of 0.69 and a beta of 1.11. The stock’s 50 day moving average price is $16.46 and its 200 day moving average price is $16.37. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.83 and a current ratio of 0.84. KeyCorp has a 52 week low of $12.73 and a 52 week high of $20.04.

KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.33 EPS for the quarter, topping the consensus estimate of $0.32 by $0.01. KeyCorp had a negative net margin of 0.12% and a positive return on equity of 9.43%. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same quarter in the prior year, the business posted $0.20 EPS. On average, research analysts forecast that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp announced that its Board of Directors has approved a share buyback program on Thursday, March 13th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Tuesday, May 27th were issued a $0.205 dividend. The ex-dividend date was Tuesday, May 27th. This represents a $0.82 annualized dividend and a yield of 4.44%. KeyCorp’s dividend payout ratio (DPR) is -482.35%.

Insider Transactions at KeyCorp

In other KeyCorp news, insider Mohit Ramani acquired 10,000 shares of the company’s stock in a transaction dated Monday, April 21st. The stock was bought at an average price of $13.75 per share, for a total transaction of $137,500.00. Following the purchase, the insider owned 10,000 shares in the company, valued at $137,500. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Amy G. Brady sold 19,000 shares of the firm’s stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $16.09, for a total transaction of $305,710.00. Following the transaction, the insider directly owned 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. 0.52% of the stock is owned by insiders.

Institutional Trading of KeyCorp

Institutional investors have recently made changes to their positions in the business. Whittier Trust Co. lifted its stake in KeyCorp by 110.3% during the fourth quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 800 shares during the period. Tompkins Financial Corp acquired a new position in shares of KeyCorp in the 2nd quarter worth approximately $26,000. Fourth Dimension Wealth LLC acquired a new position in shares of KeyCorp in the 4th quarter worth approximately $28,000. Zions Bancorporation National Association UT bought a new position in shares of KeyCorp during the 1st quarter worth approximately $28,000. Finally, Allworth Financial LP boosted its stake in KeyCorp by 246.9% in the 1st quarter. Allworth Financial LP now owns 2,168 shares of the financial services provider’s stock valued at $32,000 after buying an additional 1,543 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Company Profile

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.