Truist Financial Cuts KeyCorp (NYSE:KEY) Price Target to $23.00

by · The Markets Daily

KeyCorp (NYSE:KEY – Free Report) had its target price trimmed by Truist Financial from $24.00 to $23.00 in a research note published on Wednesday morning,Benzinga reports. The brokerage currently has a hold rating on the financial services provider’s stock.

KEY has been the topic of several other research reports. Weiss Ratings reissued a “buy (b)” rating on shares of KeyCorp in a report on Friday, August 7th. TD Cowen reaffirmed a “buy” rating and set a $68.00 target price on shares of KeyCorp in a research note on Tuesday, June 23rd. Robert W. Baird lifted their price target on shares of KeyCorp from $22.00 to $23.00 and gave the company a “neutral” rating in a report on Wednesday, July 22nd. Wells Fargo & Company lifted their price target on shares of KeyCorp from $24.00 to $27.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Finally, DA Davidson reiterated a “buy” rating and issued a $28.00 price target on shares of KeyCorp in a research note on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $49.03.

Read Our Latest Analysis on KeyCorp

KeyCorp Stock Up 1.7%

Shares of KEY opened at $20.59 on Wednesday. The business’s 50 day moving average is $22.09 and its 200 day moving average is $21.75. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. KeyCorp has a 12-month low of $16.47 and a 12-month high of $24.07. The company has a market capitalization of $21.97 billion, a PE ratio of 11.97, a price-to-earnings-growth ratio of 0.76 and a beta of 1.02.

KeyCorp (NYSE:KEY – Get Free Report) last posted its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.02. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.The business had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same period in the prior year, the company posted $0.35 EPS. The firm’s revenue for the quarter was up 6.7% compared to the same quarter last year. Research analysts expect that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were issued a dividend of $0.2050 per share. This represents a $0.82 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend was Tuesday, September 1st. KeyCorp’s dividend payout ratio is 47.67%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of KEY. N.E.W. Advisory Services LLC purchased a new stake in KeyCorp during the second quarter valued at $30,000. Silvant Capital Management LLC purchased a new position in shares of KeyCorp in the 2nd quarter worth $30,000. Keating Financial Advisory Services Inc. purchased a new position in shares of KeyCorp in the 2nd quarter worth $31,000. Smithfield Trust Co bought a new stake in shares of KeyCorp in the 4th quarter worth about $31,000. Finally, MCF Advisors LLC increased its holdings in shares of KeyCorp by 31.6% in the 4th quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider’s stock worth $39,000 after buying an additional 456 shares during the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

About KeyCorp

(Get Free Report)

KeyCorp is a financial services company headquartered in Cleveland, Ohio, and the parent company of KeyBank National Association. Founded in 1825, KeyBank is one of the largest regional banks in the United States and provides banking and financial services to individuals, businesses, institutions and government entities.

KeyBank’s consumer banking activities include checking and savings accounts, residential mortgages, home equity lending, personal loans, credit cards and financial planning.

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