KeyCorp (NYSE:KEY) Upgraded to Buy at TD Cowen

TD Cowen upgraded shares of KeyCorp (NYSE:KEY) from a hold rating to a buy rating in a research note published on Tuesday, MarketBeat reports. They currently have $24.00 price target on the financial services provider’s stock.

Several other equities analysts also recently issued reports on KEY. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of KeyCorp in a report on Tuesday, December 2nd. Morgan Stanley lifted their price objective on KeyCorp from $20.00 to $24.00 and gave the stock an “underperform” rating in a report on Monday, September 29th. Wells Fargo & Company increased their target price on KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, October 3rd. JPMorgan Chase & Co. raised their target price on KeyCorp from $19.00 to $19.50 and gave the company a “neutral” rating in a research report on Friday, October 10th. Finally, DA Davidson lowered their price target on KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Friday, October 17th. Ten research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $20.78.

KeyCorp Trading Up 3.0%

KEY stock opened at $19.97 on Tuesday. KeyCorp has a 52-week low of $12.73 and a 52-week high of $20.33. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62. The firm has a market cap of $21.82 billion, a P/E ratio of 24.65, a PEG ratio of 0.58 and a beta of 1.11. The company’s 50-day simple moving average is $17.95 and its 200-day simple moving average is $17.90.

KeyCorp (NYSE:KEY) last released its quarterly earnings results on Thursday, October 16th. The financial services provider reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.03. The company had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.87 billion. KeyCorp had a return on equity of 10.14% and a net margin of 10.08%.KeyCorp’s quarterly revenue was up 172.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.47) EPS. As a group, equities analysts forecast that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Tuesday, December 2nd will be issued a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 4.1%. The ex-dividend date is Tuesday, December 2nd. KeyCorp’s payout ratio is presently 101.23%.

Hedge Funds Weigh In On KeyCorp

Several large investors have recently modified their holdings of KEY. Brighton Jones LLC purchased a new stake in KeyCorp in the 4th quarter valued at about $476,000. Blair William & Co. IL raised its stake in shares of KeyCorp by 31.5% in the 1st quarter. Blair William & Co. IL now owns 27,146 shares of the financial services provider’s stock valued at $434,000 after acquiring an additional 6,495 shares during the period. Forsta AP Fonden lifted its holdings in shares of KeyCorp by 5.9% in the 1st quarter. Forsta AP Fonden now owns 252,400 shares of the financial services provider’s stock worth $4,036,000 after acquiring an additional 14,100 shares during the last quarter. Zions Bancorporation National Association UT acquired a new position in shares of KeyCorp in the 1st quarter worth approximately $28,000. Finally, Townsquare Capital LLC boosted its position in shares of KeyCorp by 26.6% during the 1st quarter. Townsquare Capital LLC now owns 49,103 shares of the financial services provider’s stock worth $785,000 after purchasing an additional 10,312 shares during the period. Institutional investors and hedge funds own 79.69% of the company’s stock.

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.