KeyCorp (NYSE:KEY) Price Target Lowered to $22.50 at JPMorgan Chase & Co.

KeyCorp (NYSE:KEY) had its price objective decreased by JPMorgan Chase & Co. from $24.50 to $22.50 in a research note published on Tuesday morning, MarketBeat reports. JPMorgan Chase & Co. currently has a neutral rating on the financial services provider’s stock.

A number of other brokerages have also recently commented on KEY. TD Cowen reaffirmed a “buy” rating on shares of KeyCorp in a research note on Wednesday, January 7th. Citigroup reaffirmed a “neutral” rating on shares of KeyCorp in a research note on Wednesday, December 31st. DA Davidson set a $25.00 price objective on shares of KeyCorp in a research note on Wednesday, January 21st. Wells Fargo & Company set a $18.00 price objective on shares of KeyCorp and gave the stock an “underperform” rating in a research note on Tuesday, January 6th. Finally, Truist Financial dropped their price objective on shares of KeyCorp from $23.00 to $22.00 and set a “hold” rating on the stock in a research note on Monday, March 23rd. Twelve research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $22.61.

KeyCorp Price Performance

Shares of NYSE KEY opened at $20.61 on Tuesday. The stock has a market capitalization of $22.11 billion, a price-to-earnings ratio of 13.56, a PEG ratio of 0.66 and a beta of 1.07. KeyCorp has a 12 month low of $12.80 and a 12 month high of $23.34. The firm’s 50 day simple moving average is $20.81 and its 200-day simple moving average is $19.76. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.82.

KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Tuesday, January 20th. The financial services provider reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.02. The business had revenue of $5.45 billion for the quarter, compared to analysts’ expectations of $1.95 billion. KeyCorp had a net margin of 15.97% and a return on equity of 10.28%. The business’s revenue was up 131.8% on a year-over-year basis. During the same quarter last year, the company earned $0.30 EPS. Analysts expect that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Tuesday, March 3rd were given a dividend of $0.205 per share. The ex-dividend date was Tuesday, March 3rd. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.0%. KeyCorp’s dividend payout ratio (DPR) is 53.95%.

Insider Activity

In other news, insider Andrew J. Paine III sold 65,961 shares of the 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 $3,869,723.09. This trade represents a 28.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Angela G. Mago sold 62,850 shares of the stock in a transaction that occurred 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 transaction, the insider owned 261,415 shares in the company, valued at $5,633,493.25. This trade represents a 19.38% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 161,506 shares of company stock worth $3,597,481 in the last quarter. Corporate insiders own 0.52% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in KeyCorp by 1.0% in the 4th 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 in the last quarter. Wellington Management Group LLP lifted its holdings in 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 in the last quarter. Geode Capital Management LLC lifted its holdings in KeyCorp by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 23,983,690 shares of the financial services provider’s stock valued at $493,048,000 after purchasing an additional 115,968 shares in the last quarter. Capital World Investors lifted 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 in the last quarter. Finally, Invesco Ltd. lifted its holdings in KeyCorp by 4.7% in the 4th quarter. Invesco Ltd. now owns 20,567,184 shares of the financial services provider’s stock valued at $424,507,000 after purchasing an additional 916,732 shares in 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.