Barclays Cuts KeyCorp (NYSE:KEY) Price Target to $20.00

KeyCorp (NYSE:KEY) had its price target decreased by analysts at Barclays from $21.00 to $20.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the financial services provider’s stock. Barclays‘s price objective would indicate a potential upside of 43.93% from the stock’s current price.

A number of other equities analysts have also commented on KEY. JPMorgan Chase & Co. dropped their price target on KeyCorp from $18.50 to $16.50 and set a “neutral” rating for the company in a research note on Thursday, April 3rd. Truist Financial reduced their price target on shares of KeyCorp from $19.00 to $18.00 and set a “hold” rating on the stock in a research report on Friday, March 21st. Royal Bank of Canada reissued an “outperform” rating on shares of KeyCorp in a research note on Thursday. Wells Fargo & Company restated an “overweight” rating on shares of KeyCorp in a report on Thursday. Finally, Baird R W raised shares of KeyCorp from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. Seven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $19.44.

KeyCorp Stock Performance

Shares of NYSE KEY traded down $0.37 during trading on Monday, hitting $13.90. The company had a trading volume of 3,138,681 shares, compared to its average volume of 12,941,871. The stock has a 50 day simple moving average of $15.75 and a 200 day simple moving average of $17.14. The firm has a market capitalization of $15.23 billion, a P/E ratio of -46.32, a price-to-earnings-growth ratio of 0.65 and a beta of 1.06. KeyCorp has a 12 month low of $12.73 and a 12 month high of $20.04. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.84 and a current ratio of 0.85.

KeyCorp (NYSE:KEY) last issued its earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.01. The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.77 billion. KeyCorp had a negative net margin of 2.52% and a positive return on equity of 8.73%. During the same quarter in the prior year, the business earned $0.20 earnings per share. As a group, analysts anticipate that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp declared that its Board of Directors has approved a stock buyback plan on Thursday, March 13th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Of Nova Scotia Bank bought 50,000 shares of the stock in a transaction dated Wednesday, February 5th. The stock was purchased at an average cost of $17.85 per share, with a total value of $892,500.00. Following the completion of the purchase, the director now owns 162,983,726 shares of the company’s stock, valued at $2,909,259,509.10. This trade represents a 0.03 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.52% of the company’s stock.

Institutional Investors Weigh In On KeyCorp

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of KeyCorp by 7.1% during the fourth quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider’s stock worth $2,004,228,000 after acquiring an additional 7,754,576 shares during the period. FMR LLC increased its holdings in KeyCorp by 7.1% during the 4th quarter. FMR LLC now owns 44,431,526 shares of the financial services provider’s stock worth $761,556,000 after purchasing an additional 2,938,405 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of KeyCorp by 4.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 36,302,732 shares of the financial services provider’s stock valued at $622,229,000 after buying an additional 1,645,296 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of KeyCorp by 4.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 33,058,682 shares of the financial services provider’s stock valued at $566,626,000 after acquiring an additional 1,452,179 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. lifted its stake in KeyCorp by 4.1% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 27,183,748 shares of the financial services provider’s stock worth $465,929,000 after acquiring an additional 1,062,615 shares during the period. 79.69% of the stock is owned by hedge funds and other institutional investors.

About KeyCorp

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.