KeyCorp (NYSE:KEY) Stock Price Expected to Rise, Argus Analyst Says

KeyCorp (NYSE:KEY) had its price objective lifted by stock analysts at Argus from $21.00 to $25.00 in a research note issued to investors on Thursday,MarketScreener reports. The firm presently has a “buy” rating on the financial services provider’s stock. Argus’ price objective points to a potential upside of 18.52% from the company’s current price.

A number of other equities research analysts have also issued reports on the stock. Robert W. Baird lowered shares of KeyCorp from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 6th. Citigroup reiterated a “neutral” rating on shares of KeyCorp in a report on Wednesday, December 31st. Evercore ISI boosted their target price on KeyCorp from $21.00 to $25.00 and gave the company an “outperform” rating in a research note on Tuesday, January 6th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of KeyCorp in a research report on Monday, December 29th. Finally, Wells Fargo & Company set a $18.00 price target on KeyCorp and gave the company an “underperform” rating in a report on Tuesday, January 6th. Eleven investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, KeyCorp has an average rating of “Hold” and a consensus price target of $22.63.

KeyCorp Stock Performance

Shares of KEY stock opened at $21.09 on Thursday. The stock’s fifty day simple moving average is $20.11 and its 200-day simple moving average is $18.91. The company has a market capitalization of $23.05 billion, a price-to-earnings ratio of 13.88, a P/E/G ratio of 0.52 and a beta of 1.09. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.55. KeyCorp has a 1-year low of $12.73 and a 1-year high of $22.07.

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

Insider Buying and Selling

In related news, Director Trina M. Evans sold 32,695 shares of KeyCorp stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $21.74, for a total value 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 sale was disclosed in a legal filing with the SEC, which is available through this link. 0.52% of the stock is owned by company insiders.

Institutional Investors Weigh In On KeyCorp

Hedge funds and other institutional investors have recently made changes to their positions in the business. J. Safra Sarasin Holding AG bought a new stake in KeyCorp during the 2nd quarter valued at approximately $337,000. Marshall Wace LLP increased its position in KeyCorp by 2,258.4% in the 2nd quarter. Marshall Wace LLP now owns 2,572,980 shares of the financial services provider’s stock worth $44,821,000 after buying an additional 2,463,880 shares during the period. Nordea Investment Management AB lifted its holdings in shares of KeyCorp by 23.2% during the second quarter. Nordea Investment Management AB now owns 107,565 shares of the financial services provider’s stock worth $1,867,000 after buying an additional 20,228 shares during the last quarter. Prudential Financial Inc. boosted its position in shares of KeyCorp by 9.9% in the second quarter. Prudential Financial Inc. now owns 575,108 shares of the financial services provider’s stock valued at $10,018,000 after acquiring an additional 51,705 shares during the period. Finally, Korea Investment CORP grew its stake in shares of KeyCorp by 175.5% in the second quarter. Korea Investment CORP now owns 447,252 shares of the financial services provider’s stock worth $7,791,000 after acquiring an additional 284,928 shares during the last quarter. 79.69% of the stock is owned by institutional investors and hedge funds.

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.