KeyCorp (NYSE:KEY) Price Target Raised to $25.00 at TD Cowen

KeyCorp (NYSE:KEY) had its target price upped by TD Cowen from $24.00 to $25.00 in a research note published on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock.

KEY has been the topic of several other research reports. Royal Bank Of Canada lifted their price target on KeyCorp from $20.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. DA Davidson lifted their target price on KeyCorp from $21.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, December 10th. Piper Sandler boosted their target price on KeyCorp from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 9th. Morgan Stanley increased their target price on shares of KeyCorp from $20.00 to $24.00 and gave the stock an “underperform” rating in a report on Monday, September 29th. Finally, Truist Financial raised their price target on shares of KeyCorp from $19.00 to $22.00 and gave the company a “hold” rating in a research note on Monday, December 22nd. Eleven research analysts have rated the stock with a Buy rating, six have issued a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $22.33.

KeyCorp Trading Down 1.3%

Shares of KeyCorp stock opened at $21.29 on Wednesday. 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 business has a fifty day simple moving average of $19.27 and a two-hundred day simple moving average of $18.61. KeyCorp has a 1 year low of $12.73 and a 1 year high of $21.74. The company has a market capitalization of $23.26 billion, a price-to-earnings ratio of 26.28, a P/E/G ratio of 0.54 and a beta of 1.09.

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

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Tuesday, December 2nd were given a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend was Tuesday, December 2nd. KeyCorp’s dividend payout ratio (DPR) is currently 101.23%.

Hedge Funds Weigh In On KeyCorp

A number of large investors have recently made changes to their positions in KEY. Wellington Management Group LLP lifted its stake in shares of KeyCorp by 90.2% in the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock valued at $679,768,000 after purchasing an additional 17,245,128 shares during the period. Capital World Investors raised its holdings in KeyCorp by 169.2% in the third quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider’s stock worth $388,546,000 after purchasing an additional 13,067,326 shares in the last quarter. Norges Bank purchased a new position in KeyCorp during the second quarter valued at $195,642,000. HoldCo Asset Management LP purchased a new position in KeyCorp during the second quarter valued at $86,995,000. Finally, JPMorgan Chase & Co. boosted its holdings in shares of KeyCorp by 123.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 7,182,671 shares of the financial services provider’s stock valued at $125,122,000 after buying an additional 3,967,544 shares in the last quarter. 79.69% of the stock is owned by institutional investors.

Key Stories Impacting KeyCorp

Here are the key news stories impacting KeyCorp this week:

• Positive Sentiment: Yahoo: Analysts and activists are shifting the narrative after fresh management guidance and activist pressure, which investors see as supportive of strategic change and higher future earnings potential. Why The Narrative Around KeyCorp (KEY) Is Shifting After Fresh Guidance And Activist Pressure
• Positive Sentiment: Multiple price-target raises from major banks (Evercore, Goldman, TD Cowen, Wells, Barclays) have pushed upside to the mid-$20s, signaling analyst confidence in earnings traction and reinforcing buy/outperform views. Evercore PT raise to $25
• Positive Sentiment: Zacks notes KeyCorp’s strong earnings surprise history and sees the company positioned to beat consensus again, a potential near-term positive catalyst around the next report. Will KeyCorp (KEY) Beat Estimates Again?
• Positive Sentiment: KeyCorp stock recently hit a 52-week high, reflecting the market’s reception to analyst upgrades and improving fundamentals. Keycorp stock hits 52-week high
• Neutral Sentiment: JPMorgan raised its price target to $22 but kept a neutral rating, implying limited near-term upside from that house view. JPMorgan PT to $22
• Negative Sentiment: Reuters/MSN: A KeyCorp unit agreed to pay $7.77 million to resolve allegations it submitted fraudulent PPP loan forgiveness claims — a legal/operational headwind, though small relative to the bank’s market cap. KeyCorp unit to pay $7.77 million to resolve US fraud claims
• Negative Sentiment: Baird downgraded KeyCorp to underperform/strong sell and set a sub-$20 price target in separate notes, adding sell-side pressure despite other banks’ upgrades. Baird downgrades KeyCorp (KEY)

About KeyCorp

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.