KeyCorp (NYSE:KEY) Price Target Raised to $24.00

by · The Markets Daily

KeyCorp (NYSE:KEY – Free Report) had its price target increased by Keefe, Bruyette & Woods from $21.00 to $24.00 in a research note published on Wednesday,Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

A number of other equities analysts also recently issued reports on KEY. Truist Financial decreased their price target on shares of KeyCorp from $20.00 to $19.00 and set a “hold” rating for the company in a research note on Friday, October 17th. JPMorgan Chase & Co. upped their target price on KeyCorp from $19.00 to $19.50 and gave the stock a “neutral” rating in a report on Friday, October 10th. Morgan Stanley increased their target price on KeyCorp from $20.00 to $24.00 and gave the stock an “underperform” rating in a research report on Monday, September 29th. Weiss Ratings restated a “hold (c+)” rating on shares of KeyCorp in a research report on Monday. Finally, The Goldman Sachs Group reaffirmed a “positive” rating on shares of KeyCorp in a research note on Wednesday, December 10th. Twelve analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $21.44.

Check Out Our Latest Research Report on KeyCorp

KeyCorp Trading Up 0.2%

NYSE KEY opened at $20.99 on Wednesday. The firm has a market cap of $22.94 billion, a PE ratio of 25.91, a price-to-earnings-growth ratio of 0.62 and a beta of 1.11. KeyCorp has a 1-year low of $12.73 and a 1-year high of $21.11. The stock has a 50-day moving average of $18.34 and a 200-day moving average of $18.14. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62.

KeyCorp (NYSE:KEY – Get Free Report) last announced its quarterly earnings results on Thursday, October 16th. The financial services provider reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.03. The business had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.87 billion. KeyCorp had a net margin of 10.08% and a return on equity of 10.14%. The firm’s revenue for the quarter was up 172.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.47) EPS. As a group, sell-side analysts forecast that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Tuesday, December 2nd were issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend was Tuesday, December 2nd. KeyCorp’s dividend payout ratio is presently 101.23%.

Hedge Funds Weigh In On KeyCorp

Several institutional investors have recently made changes to their positions in KEY. Activest Wealth Management grew its stake in shares of KeyCorp by 8,775.0% during the 2nd quarter. Activest Wealth Management now owns 1,420 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 1,404 shares during the period. United Community Bank purchased a new position in KeyCorp during the third quarter valued at approximately $27,000. Tompkins Financial Corp bought a new position in shares of KeyCorp in the second quarter worth approximately $26,000. Sachetta LLC boosted its position in shares of KeyCorp by 1,246.1% in the third quarter. Sachetta LLC now owns 1,723 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 1,595 shares during the period. Finally, Kelleher Financial Advisors purchased a new stake in shares of KeyCorp in the third quarter worth $32,000. Institutional investors own 79.69% of the company’s stock.

About KeyCorp

(Get Free Report)

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.

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