KeyCorp (NYSE:KEY) Reaches New 52-Week High Following Analyst Upgrade

KeyCorp (NYSE:KEY) reached a new 52-week high on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $22.00 to $24.50. JPMorgan Chase & Co. currently has a neutral rating on the stock. KeyCorp traded as high as $23.35 and last traded at $23.03, with a volume of 11993627 shares trading hands. The stock had previously closed at $23.21.

Other research analysts have also recently issued research reports about the company. Piper Sandler raised their price target on KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a research report on Tuesday, December 9th. Citigroup reissued a “neutral” rating on shares of KeyCorp in a research note on Wednesday, December 31st. Barclays lifted their target price on shares of KeyCorp from $20.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Monday, January 5th. Royal Bank Of Canada upped their price target on shares of KeyCorp from $20.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Finally, Evercore ISI raised their price objective on shares of KeyCorp from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Thursday, February 5th. Twelve investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $23.03.

Insider Activity at KeyCorp

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 shares were sold at an average price of $21.74, for a total transaction of $710,789.30. Following the sale, the director owned 58,719 shares in the company, valued at approximately $1,276,551.06. This trade represents a 35.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Angela G. Mago sold 62,850 shares of the business’s stock in a transaction on Thursday, January 29th. The shares were sold at an average price of $21.55, for a total value of $1,354,417.50. Following the completion of the transaction, the insider owned 261,415 shares of the company’s stock, valued at $5,633,493.25. This trade represents a 19.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.52% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of KEY. Vanguard Group Inc. boosted its position in shares of KeyCorp by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 124,811,543 shares of the financial services provider’s stock worth $2,576,110,000 after acquiring an additional 1,192,323 shares during the last quarter. Wellington Management Group LLP raised its stake in KeyCorp by 90.2% during the third 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. Geode Capital Management LLC boosted its holdings in shares of KeyCorp by 1.5% in the 2nd quarter. Geode Capital Management LLC now owns 24,676,571 shares of the financial services provider’s stock valued at $428,084,000 after purchasing an additional 359,573 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of KeyCorp by 2.4% in the 2nd quarter. Invesco Ltd. now owns 21,112,659 shares of the financial services provider’s stock valued at $367,783,000 after purchasing an additional 488,730 shares during the last quarter. Finally, Capital World Investors grew its stake in shares of KeyCorp by 169.2% during the 3rd quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider’s stock valued at $388,546,000 after buying an additional 13,067,326 shares during the period. Institutional investors and hedge funds own 79.69% of the company’s stock.

KeyCorp Trading Down 0.8%

The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.82 and a current ratio of 0.83. The firm has a market capitalization of $25.17 billion, a price-to-earnings ratio of 15.15, a P/E/G ratio of 0.56 and a beta of 1.10. The business has a fifty day moving average price of $21.04 and a 200 day moving average price of $19.20.

KeyCorp (NYSE:KEY) last posted its quarterly earnings results on Tuesday, January 20th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. The firm had revenue of $2.01 billion during 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% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.30 earnings per share. As a group, equities analysts forecast that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Tuesday, March 3rd will be issued a $0.205 dividend. The ex-dividend date is Tuesday, March 3rd. This represents a $0.82 annualized dividend and a yield of 3.6%. KeyCorp’s dividend payout ratio (DPR) is presently 53.95%.

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.