KeyCorp (NYSE:KEY) Price Target Cut to $24.00 by Analysts at Morgan Stanley

KeyCorp (NYSE:KEY) had its price target cut by Morgan Stanley from $26.00 to $24.00 in a research report report published on Tuesday,Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Other equities research analysts also recently issued research reports about the company. Citigroup restated a “neutral” rating on shares of KeyCorp in a research report on Wednesday, December 31st. Weiss Ratings raised KeyCorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, February 25th. Keefe, Bruyette & Woods boosted their price objective on shares of KeyCorp from $21.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, December 17th. Piper Sandler upped their target price on shares of KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a research report on Tuesday, December 9th. Finally, Stephens upped their target price on shares of KeyCorp from $21.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, December 18th. Twelve analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, KeyCorp presently has a consensus rating of “Moderate Buy” and an average target price of $22.87.

KeyCorp Stock Up 3.3%

Shares of NYSE KEY opened at $20.04 on Tuesday. The company has a market capitalization of $21.50 billion, a P/E ratio of 13.19, a P/E/G ratio of 0.63 and a beta of 1.08. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.82. The company has a 50 day simple moving average of $20.90 and a 200-day simple moving average of $19.70. KeyCorp has a 1 year low of $12.73 and a 1 year high of $23.34.

KeyCorp (NYSE:KEY) last released its quarterly earnings data on Tuesday, January 20th. The financial services provider reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. The firm had revenue of $5.45 billion for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the prior year, the firm posted $0.30 earnings per share. On average, equities research analysts predict that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Dividend Announcement

The company also recently declared 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. This represents a $0.82 annualized dividend and a dividend yield of 4.1%. The ex-dividend date was Tuesday, March 3rd. KeyCorp’s dividend payout ratio (DPR) is currently 53.95%.

Insider Activity

In other news, insider Andrew J. Paine III sold 65,961 shares of KeyCorp stock in a transaction on Friday, February 6th. The stock was 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. The trade was 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 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 sale, the insider owned 261,415 shares in the company, valued at $5,633,493.25. This represents a 19.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 161,506 shares of company stock valued at $3,597,481. 0.52% of the stock is currently owned by corporate insiders.

Institutional Trading of KeyCorp

A number of institutional investors and hedge funds have recently bought and sold shares of KEY. United Community Bank acquired a new stake in shares of KeyCorp during the third quarter worth about $27,000. Maseco LLP acquired a new position in shares of KeyCorp in the fourth quarter valued at approximately $27,000. DV Equities LLC acquired a new position in shares of KeyCorp in the fourth quarter valued at approximately $27,000. GoalVest Advisory LLC purchased a new stake in KeyCorp during the 4th quarter worth approximately $30,000. Finally, Smithfield Trust Co purchased a new stake in KeyCorp during the 4th quarter worth approximately $31,000. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

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.