KeyCorp (NYSE:KEY) Price Target Cut to $22.00 by Analysts at Truist Financial

KeyCorp (NYSE:KEY) had its price objective trimmed by Truist Financial from $23.00 to $22.00 in a research note issued to investors on Monday morning,Benzinga reports. The brokerage currently has a hold rating on the financial services provider’s stock.

A number of other brokerages have also weighed in on KEY. Stephens raised their price target on shares of KeyCorp from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Thursday, December 18th. Robert W. Baird set a $19.00 target price on KeyCorp and gave the company a “neutral” rating in a report on Tuesday, February 24th. Royal Bank Of Canada raised their target price on KeyCorp from $20.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Piper Sandler lifted 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. Finally, The Goldman Sachs Group boosted their price target on KeyCorp from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, January 21st. Twelve equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, KeyCorp presently has a consensus rating of “Moderate Buy” and an average price target of $22.97.

KeyCorp Price Performance

Shares of NYSE KEY opened at $19.65 on Monday. The firm has a market cap of $21.41 billion, a PE ratio of 12.92, a PEG ratio of 0.58 and a beta of 1.08. The firm has a fifty day moving average of $21.06 and a 200 day moving average of $19.68. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.82 and a current ratio of 0.83. KeyCorp has a one year low of $12.73 and a one year high of $23.34.

KeyCorp (NYSE:KEY) last posted its quarterly earnings data on Tuesday, January 20th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.02. The business had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $1.95 billion. KeyCorp had a net margin of 15.97% and a return on equity of 10.28%. The company’s revenue was up 131.8% compared to the same quarter last year. During the same period last year, the firm posted $0.30 earnings per share. As a group, research analysts predict that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd were paid a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend was Tuesday, March 3rd. KeyCorp’s dividend payout ratio (DPR) is 53.95%.

Insider Transactions at KeyCorp

In related news, insider Andrew J. Paine III sold 65,961 shares of KeyCorp stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $23.23, for a total transaction of $1,532,274.03. Following the transaction, the insider owned 166,583 shares in the company, valued at approximately $3,869,723.09. This trade represents a 28.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Trina M. Evans sold 32,695 shares of the business’s stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $21.74, for a total value of $710,789.30. Following the transaction, the director directly owned 58,719 shares in the company, valued at $1,276,551.06. This trade represents a 35.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 161,506 shares of company stock worth $3,597,481 in the last ninety days. Insiders own 0.52% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings 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 valued at $2,576,110,000 after purchasing an additional 1,192,323 shares during the period. 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 raised its stake in KeyCorp by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 23,983,690 shares of the financial services provider’s stock worth $493,048,000 after purchasing an additional 115,968 shares during the period. Invesco Ltd. boosted its holdings in 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 boosted its holdings in KeyCorp by 1.1% in the 4th quarter. Capital World Investors now owns 21,027,471 shares of the financial services provider’s stock valued at $434,007,000 after purchasing an additional 238,514 shares during the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

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.