KeyCorp (NYSE:KEY) Price Target Raised to $26.00

KeyCorp (NYSE:KEY) had its price objective lifted by The Goldman Sachs Group from $25.00 to $26.00 in a research report released on Wednesday morning,MarketScreener reports. The firm currently has a buy rating on the financial services provider’s stock.

A number of other research analysts have also recently commented on the stock. Piper Sandler upped their target price on shares of KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a research report on Tuesday, December 9th. DA Davidson set a $25.00 price objective on shares of KeyCorp in a report on Wednesday. TD Cowen reaffirmed a “buy” rating on shares of KeyCorp in a research report on Wednesday, January 7th. Jefferies Financial Group upped their price target on KeyCorp from $19.00 to $22.00 and gave the stock a “hold” rating in a research note on Wednesday, December 10th. Finally, Keefe, Bruyette & Woods lifted their price objective on KeyCorp from $21.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, December 17th. Eleven analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, KeyCorp presently has an average rating of “Hold” and a consensus target price of $22.63.

KeyCorp Trading Down 2.2%

Shares of NYSE:KEY opened at $21.09 on Wednesday. The firm has a market capitalization of $23.05 billion, a price-to-earnings ratio of 13.88, a price-to-earnings-growth ratio of 0.52 and a beta of 1.09. The business’s 50 day moving average price is $20.11 and its 200-day moving average price is $18.91. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.83. KeyCorp has a 1 year low of $12.73 and a 1 year high of $22.07.

KeyCorp (NYSE:KEY) last posted its quarterly earnings data on Tuesday, January 20th. The financial services provider reported $0.41 EPS for the quarter, topping the consensus estimate of $0.39 by $0.02. The company had revenue of $2.01 billion during the quarter, compared to analyst estimates of $1.95 billion. KeyCorp had a return on equity of 10.28% and a net margin of 15.97%.KeyCorp’s quarterly revenue was up 131.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.30 EPS. On average, equities research analysts forecast that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Tuesday, March 3rd will be given a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 3.9%. The ex-dividend date is Tuesday, March 3rd. KeyCorp’s payout ratio is currently 53.95%.

Insiders Place Their Bets

In related news, Director Trina M. Evans sold 32,695 shares of the firm’s stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $21.74, for a total transaction of $710,789.30. Following the transaction, the director owned 58,719 shares in the company, valued at $1,276,551.06. This trade represents a 35.77% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.52% of the stock is currently owned by company insiders.

Institutional Trading of KeyCorp

Hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP grew its stake in shares of KeyCorp by 90.2% during the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock worth $679,768,000 after purchasing an additional 17,245,128 shares during the period. Capital World Investors boosted its holdings in KeyCorp by 169.2% during the third quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider’s stock worth $388,546,000 after buying an additional 13,067,326 shares in the last quarter. Norges Bank acquired a new position in KeyCorp during the second quarter worth about $195,642,000. HoldCo Asset Management LP purchased a new position in KeyCorp in the second quarter valued at about $86,995,000. Finally, JPMorgan Chase & Co. lifted its position 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 acquiring an additional 3,967,544 shares during the period. 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.