KeyCorp (NYSE:KEY) Price Target Raised to $23.00 at Truist Financial

KeyCorp (NYSE:KEY) had its price target increased by Truist Financial from $22.00 to $23.00 in a research note issued to investors on Monday, MarketBeat.com reports. They currently have a hold rating on the financial services provider’s stock.

A number of other research analysts have also commented on KEY. Argus upped their price target on KeyCorp from $21.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, January 22nd. Weiss Ratings reissued a “hold (c+)” rating on shares of KeyCorp in a research note on Monday, December 29th. Wells Fargo & Company set a $18.00 price target on KeyCorp and gave the stock an “underperform” rating in a research note on Tuesday, January 6th. Jefferies Financial Group lifted their price target on shares of KeyCorp from $19.00 to $22.00 and gave the company a “hold” rating in a report on Wednesday, December 10th. Finally, The Goldman Sachs Group upped their price objective on shares of KeyCorp from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, January 21st. Eleven research 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $22.68.

KeyCorp Trading Up 0.8%

Shares of KEY opened at $21.27 on Monday. The stock has a market capitalization of $23.24 billion, a P/E ratio of 13.99, a PEG ratio of 0.51 and a beta of 1.09. KeyCorp has a twelve month low of $12.73 and a twelve month high of $22.07. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.55. The firm has a fifty day simple moving average of $20.19 and a two-hundred day simple moving average of $18.93.

KeyCorp (NYSE:KEY) last released its quarterly earnings data 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 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 company’s revenue for the quarter was up 131.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.30 earnings per share. On average, research analysts anticipate that KeyCorp will post 1.5 EPS 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 given a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Tuesday, March 3rd. KeyCorp’s dividend payout ratio (DPR) is 53.95%.

Insider Buying and Selling

In related news, Director Trina M. Evans sold 32,695 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $1,276,551.06. The trade was a 35.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.52% of the stock is owned by insiders.

Institutional Trading of KeyCorp

Hedge funds have recently made changes to their positions in the stock. 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 valued at $679,768,000 after buying an additional 17,245,128 shares during the last quarter. Capital World Investors grew its stake in shares of KeyCorp by 169.2% in the third quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider’s stock worth $388,546,000 after acquiring an additional 13,067,326 shares during the last quarter. Norges Bank bought a new position in shares of KeyCorp during the second quarter valued at $195,642,000. HoldCo Asset Management LP purchased a new position in shares of KeyCorp in the 2nd quarter worth about $86,995,000. Finally, JPMorgan Chase & Co. raised its position in shares of KeyCorp by 123.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 7,182,671 shares of the financial services provider’s stock worth $125,122,000 after purchasing an additional 3,967,544 shares during the last quarter. 79.69% of the stock is owned by institutional investors.

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.