KeyCorp (NYSE:KEY) Given New $18.00 Price Target at Keefe, Bruyette & Woods

KeyCorp (NYSE:KEY) had its price target cut by research analysts at Keefe, Bruyette & Woods from $20.00 to $18.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price would suggest a potential upside of 30.15% from the stock’s previous close.

A number of other research firms have also recently issued reports on KEY. Citigroup reissued a “buy” rating on shares of KeyCorp in a research note on Thursday. Baird R W raised shares of KeyCorp from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. JPMorgan Chase & Co. cut their price objective 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 dropped their price target on KeyCorp from $19.00 to $18.00 and set a “hold” rating for the company in a research report on Friday, March 21st. Finally, Barclays dropped their target price on shares of KeyCorp from $21.00 to $20.00 and set an “equal weight” rating for the company in a report on Monday. Seven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, KeyCorp presently has a consensus rating of “Moderate Buy” and an average target price of $19.26.

KeyCorp Stock Performance

Shares of KEY traded down $0.44 during trading hours on Monday, hitting $13.83. The stock had a trading volume of 4,948,747 shares, compared to its average volume of 12,948,508. The firm has a market capitalization of $15.15 billion, a price-to-earnings ratio of -46.10, a PEG ratio of 0.65 and a beta of 1.06. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.84 and a current ratio of 0.85. The firm has a 50-day moving average price of $15.75 and a 200 day moving average price of $17.14. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04.

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

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

Insiders Place Their Bets

In other KeyCorp news, Director Of Nova Scotia Bank acquired 50,000 shares of the stock in a transaction dated Wednesday, February 5th. The stock was acquired at an average price 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 in the company, valued at $2,909,259,509.10. This trade represents a 0.03 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.52% of the stock is currently owned by insiders.

Hedge Funds Weigh In On KeyCorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in KEY. TCTC Holdings LLC boosted its holdings in KeyCorp by 38.6% in the fourth quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 611 shares during the period. Signaturefd LLC increased its stake in shares of KeyCorp by 16.0% during the fourth quarter. Signaturefd LLC now owns 4,453 shares of the financial services provider’s stock worth $76,000 after buying an additional 614 shares during the period. Modera Wealth Management LLC raised its holdings in KeyCorp by 3.9% in the fourth quarter. Modera Wealth Management LLC now owns 16,521 shares of the financial services provider’s stock valued at $283,000 after acquiring an additional 627 shares in the last quarter. Integrated Wealth Concepts LLC grew its holdings in KeyCorp by 2.6% during the 4th quarter. Integrated Wealth Concepts LLC now owns 24,679 shares of the financial services provider’s stock worth $423,000 after acquiring an additional 631 shares in the last quarter. Finally, Ballentine Partners LLC increased its position in shares of KeyCorp by 5.7% in the 4th quarter. Ballentine Partners LLC now owns 12,855 shares of the financial services provider’s stock valued at $220,000 after purchasing an additional 692 shares during the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

KeyCorp Company Profile

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.