Wells Fargo & Company Issues Positive Forecast for KeyCorp (NYSE:KEY) Stock Price

KeyCorp (NYSE:KEY) had its target price boosted by Wells Fargo & Company from $22.00 to $24.00 in a research note published on Monday,MarketScreener reports. Wells Fargo & Company currently has an overweight rating on the financial services provider’s stock.

A number of other brokerages have also weighed in on KEY. The Goldman Sachs Group reissued a “positive” rating on shares of KeyCorp in a research note on Wednesday, December 10th. UBS Group increased their target price on KeyCorp from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. Piper Sandler raised their price target on KeyCorp from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 9th. Keefe, Bruyette & Woods upped their price objective on shares of KeyCorp from $21.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, December 17th. Finally, Evercore ISI increased their price objective on shares of KeyCorp from $21.00 to $22.00 and gave the stock an “outperform” rating in a report on Tuesday, September 30th. Twelve analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $22.15.

KeyCorp Price Performance

KeyCorp stock opened at $21.38 on Monday. The stock has a market capitalization of $23.36 billion, a P/E ratio of 26.39, a P/E/G ratio of 0.52 and a beta of 1.09. KeyCorp has a 12-month low of $12.73 and a 12-month high of $21.74. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.83. The firm’s 50-day moving average is $19.11 and its two-hundred day moving average is $18.55.

KeyCorp (NYSE:KEY) last posted its quarterly earnings data on Thursday, October 16th. The financial services provider reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.03. The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.87 billion. KeyCorp had a net margin of 10.08% and a return on equity of 10.14%. The company’s revenue was up 172.7% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.47) earnings per share. Equities analysts predict that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Tuesday, December 2nd were issued a dividend of $0.205 per share. The ex-dividend date was Tuesday, December 2nd. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.8%. KeyCorp’s payout ratio is presently 101.23%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of KEY. Marshall Wace LLP boosted its stake in shares of KeyCorp by 2,258.4% during the 2nd quarter. Marshall Wace LLP now owns 2,572,980 shares of the financial services provider’s stock valued at $44,821,000 after buying an additional 2,463,880 shares during the last quarter. Nordea Investment Management AB raised its holdings in KeyCorp by 23.2% in the second quarter. Nordea Investment Management AB now owns 107,565 shares of the financial services provider’s stock valued at $1,867,000 after acquiring an additional 20,228 shares in the last quarter. J. Safra Sarasin Holding AG bought a new position in KeyCorp during the 2nd quarter valued at $337,000. Prudential Financial Inc. grew its holdings in KeyCorp by 9.9% during the 2nd quarter. Prudential Financial Inc. now owns 575,108 shares of the financial services provider’s stock worth $10,018,000 after acquiring an additional 51,705 shares in the last quarter. Finally, Signal Advisors Wealth LLC bought a new stake in shares of KeyCorp in the 2nd quarter worth about $431,000. 79.69% of the stock is owned by institutional investors and hedge funds.

KeyCorp Company Profile

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank’s offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company’s product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.