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

KeyCorp (NYSE:KEY) had its price target boosted by research analysts at Morgan Stanley from $24.00 to $26.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s target price points to a potential upside of 26.89% from the company’s previous close.

Other research analysts have also recently issued reports about the company. Wells Fargo & Company set a $18.00 price objective on KeyCorp and gave the stock an “underperform” rating in a research report on Tuesday, January 6th. Citigroup restated a “neutral” rating on shares of KeyCorp in a research note on Wednesday, December 31st. Piper Sandler increased their price target on shares of KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Tuesday, December 9th. Jefferies Financial Group raised their price objective on shares of KeyCorp from $19.00 to $22.00 and gave the stock a “hold” rating in a report on Wednesday, December 10th. Finally, Robert W. Baird set a $19.00 target price on shares of KeyCorp and gave the company a “neutral” rating in a report on Tuesday, February 24th. Twelve research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $23.03.

KeyCorp Stock Down 2.0%

Shares of KeyCorp stock opened at $20.49 on Monday. KeyCorp has a 52-week low of $12.73 and a 52-week high of $23.34. The company has a 50 day moving average of $21.50 and a 200 day moving average of $19.61. 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 company has a market capitalization of $22.33 billion, a P/E ratio of 13.48, a P/E/G ratio of 0.62 and a beta of 1.08.

KeyCorp (NYSE:KEY) last announced its quarterly earnings data 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 business had revenue of $5.45 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period last year, the business earned $0.30 EPS. As a group, research analysts forecast that KeyCorp will post 1.5 EPS for the current fiscal year.

Insider Activity at KeyCorp

In other news, insider Andrew J. Paine III sold 65,961 shares of the company’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $23.23, for a total value of $1,532,274.03. Following the completion of the sale, the insider directly owned 166,583 shares of the company’s stock, valued at approximately $3,869,723.09. This represents a 28.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Trina M. Evans sold 32,695 shares of the firm’s stock in a transaction dated 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 approximately $1,276,551.06. This represents a 35.77% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 161,506 shares of company stock worth $3,597,481 in the last 90 days. 0.52% of the stock is owned by insiders.

Institutional Trading of KeyCorp

A number of hedge funds have recently added to or reduced their stakes in KEY. Vanguard Group Inc. lifted its holdings in shares of KeyCorp by 1.0% during 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 purchasing an additional 1,192,323 shares during the period. Wellington Management Group LLP raised its position in KeyCorp by 90.2% during the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock worth $679,768,000 after buying an additional 17,245,128 shares during the last quarter. Geode Capital Management LLC raised its position in KeyCorp by 1.5% during the 2nd quarter. Geode Capital Management LLC now owns 24,676,571 shares of the financial services provider’s stock worth $428,084,000 after buying an additional 359,573 shares during the last quarter. Invesco Ltd. lifted its stake 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 worth $367,783,000 after acquiring an additional 488,730 shares during the period. Finally, Capital World Investors boosted its holdings in shares of KeyCorp by 1.1% in the fourth quarter. Capital World Investors now owns 21,027,471 shares of the financial services provider’s stock valued at $434,007,000 after acquiring an additional 238,514 shares in the last quarter. 79.69% of the stock is owned by institutional investors and hedge funds.

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.