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

KeyCorp (NYSE:KEY) had its target price reduced by Evercore from $26.00 to $24.00 in a research note issued to investors on Monday morning,MarketScreener reports. They currently have an outperform rating on the financial services provider’s stock.

Several other equities research analysts have also commented on KEY. Keefe, Bruyette & Woods boosted their price target on shares of KeyCorp from $21.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, December 17th. Piper Sandler boosted their price target on shares of KeyCorp from $20.00 to $22.00 and gave the stock an “overweight” rating in a report on Tuesday, December 9th. The Goldman Sachs Group boosted their price target on shares of KeyCorp from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, January 21st. Wells Fargo & Company set a $18.00 price target on shares of KeyCorp and gave the stock an “underperform” rating in a report on Tuesday, January 6th. Finally, Barclays boosted their price target on shares of KeyCorp from $20.00 to $24.00 and gave the stock an “equal weight” rating in a report on Monday, January 5th. Twelve research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.76.

KeyCorp Price Performance

NYSE:KEY opened at $20.67 on Monday. 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 firm has a market cap of $22.17 billion, a price-to-earnings ratio of 13.60, a price-to-earnings-growth ratio of 0.66 and a beta of 1.07. The company has a 50 day moving average price of $20.83 and a 200-day moving average price of $19.75. KeyCorp has a 1-year low of $12.78 and a 1-year high of $23.34.

KeyCorp (NYSE:KEY) last posted its earnings results on Tuesday, January 20th. The financial services provider reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.02. The firm had revenue of $5.45 billion during 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 business’s quarterly revenue was up 131.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.30 EPS. Equities research analysts forecast that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Tuesday, March 3rd were issued a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend was Tuesday, March 3rd. KeyCorp’s payout ratio is presently 53.95%.

Insiders Place Their Bets

In other KeyCorp news, insider Angela G. Mago sold 62,850 shares of KeyCorp stock in a transaction on Thursday, January 29th. The shares were sold at an average price of $21.55, for a total transaction of $1,354,417.50. Following the sale, the insider owned 261,415 shares of the company’s stock, valued at $5,633,493.25. The trade was a 19.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 transaction of $1,532,274.03. Following the sale, the insider directly owned 166,583 shares in the company, valued at approximately $3,869,723.09. This trade represents a 28.36% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 161,506 shares of company stock valued at $3,597,481 in the last 90 days. 0.52% of the stock is owned by insiders.

Institutional Investors Weigh In On KeyCorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. MCF Advisors LLC boosted its position in shares of KeyCorp by 31.6% during the 4th quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 456 shares during the last quarter. Prime Capital Investment Advisors LLC boosted its position in shares of KeyCorp by 1.7% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 28,498 shares of the financial services provider’s stock valued at $588,000 after acquiring an additional 486 shares during the last quarter. Harbour Investments Inc. boosted its position in shares of KeyCorp by 19.0% during the 4th quarter. Harbour Investments Inc. now owns 3,180 shares of the financial services provider’s stock valued at $66,000 after acquiring an additional 508 shares during the last quarter. Centennial Wealth Advisory LLC boosted its position in shares of KeyCorp by 1.2% during the 4th quarter. Centennial Wealth Advisory LLC now owns 44,986 shares of the financial services provider’s stock valued at $929,000 after acquiring an additional 524 shares during the last quarter. Finally, CoreCap Advisors LLC boosted its position in shares of KeyCorp by 4.6% during the 4th quarter. CoreCap Advisors LLC now owns 12,198 shares of the financial services provider’s stock valued at $252,000 after acquiring an additional 539 shares during the last quarter. Institutional investors and hedge funds own 79.69% of the company’s stock.

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.