KeyCorp (NYSE:KEY) Price Target Raised to $22.00

by · The Cerbat Gem

KeyCorp (NYSE:KEY – Free Report) had its target price boosted by Jefferies Financial Group from $19.00 to $22.00 in a research report sent to investors on Wednesday morning,MarketScreener reports. The brokerage currently has a hold rating on the financial services provider’s stock.

A number of other research analysts have also recently commented on the company. DA Davidson boosted their price objective on KeyCorp from $21.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday. Wells Fargo & Company raised their target price on KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, October 3rd. The Goldman Sachs Group restated a “positive” rating on shares of KeyCorp in a report on Wednesday. Morgan Stanley increased their price objective on shares of KeyCorp from $20.00 to $24.00 and gave the company an “underperform” rating in a research report on Monday, September 29th. Finally, Truist Financial dropped their price objective on shares of KeyCorp from $20.00 to $19.00 and set a “hold” rating on the stock in a research note on Friday, October 17th. Twelve analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued 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 $21.26.

Read Our Latest Stock Report on KeyCorp

KeyCorp Trading Down 0.3%

KEY stock traded down $0.07 during midday trading on Wednesday, reaching $20.62. 17,219,369 shares of the company’s stock traded hands, compared to its average volume of 17,143,762. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.83. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.84. The business has a 50-day moving average price of $18.07 and a two-hundred day moving average price of $17.97. The company has a market capitalization of $22.54 billion, a P/E ratio of 25.46, a PEG ratio of 0.62 and a beta of 1.11.

KeyCorp (NYSE:KEY – Get Free Report) last issued its earnings results on Thursday, October 16th. The financial services provider reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.03. The business had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.87 billion. KeyCorp had a net margin of 10.08% and a return on equity of 10.14%. The business’s revenue for the quarter was up 172.7% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.47) EPS. Equities research analysts forecast that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Tuesday, December 2nd will be issued a dividend of $0.205 per share. The ex-dividend date of this dividend is Tuesday, December 2nd. This represents a $0.82 annualized dividend and a dividend yield of 4.0%. KeyCorp’s payout ratio is 101.23%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in KEY. Wellington Management Group LLP grew its holdings in KeyCorp by 90.2% during the third quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock worth $679,768,000 after acquiring an additional 17,245,128 shares during the period. Price T Rowe Associates Inc. MD increased its stake in KeyCorp by 40.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 50,954,013 shares of the financial services provider’s stock worth $814,756,000 after purchasing an additional 14,651,281 shares in the last quarter. Capital World Investors lifted its stake in KeyCorp by 169.2% during the third quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider’s stock valued at $388,546,000 after buying an additional 13,067,326 shares in the last quarter. Norges Bank purchased a new stake in KeyCorp during the second quarter valued at about $195,642,000. Finally, HoldCo Asset Management LP acquired a new position in shares of KeyCorp in the second quarter worth about $86,995,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

About KeyCorp

(Get Free Report)

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.

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