KeyCorp (NYSE:KEY) Rating Increased to Strong-Buy at Baird R W

KeyCorp (NYSE:KEY) was upgraded by research analysts at Baird R W from a “hold” rating to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

Other equities research analysts also recently issued reports about the stock. Truist Financial lowered their target price on shares of KeyCorp from $19.00 to $18.00 and set a “hold” rating for the company in a research note on Friday, March 21st. Barclays boosted their target price on KeyCorp from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Monday, January 6th. JPMorgan Chase & Co. decreased 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. Citigroup dropped their price target on KeyCorp from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. Finally, Morgan Stanley decreased their price objective on shares of KeyCorp from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Thursday, March 13th. Seven research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $19.31.

KeyCorp Stock Performance

KEY stock opened at $13.49 on Monday. The firm has a 50-day simple moving average of $16.59 and a two-hundred day simple moving average of $17.35. 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 has a one year low of $12.73 and a one year high of $20.04. The firm has a market cap of $14.78 billion, a price-to-earnings ratio of -44.95, a PEG ratio of 0.65 and a beta of 1.06.

KeyCorp announced that its board has approved a stock repurchase program on Thursday, March 13th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at KeyCorp

In other news, Director Of Nova Scotia Bank bought 50,000 shares of the business’s 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 acquisition, the director now directly owns 162,983,726 shares in the company, valued at $2,909,259,509.10. This trade represents a 0.03 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.61% of the stock is owned by company insiders.

Institutional Trading of KeyCorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. HighTower Advisors LLC grew its position in shares of KeyCorp by 9.2% during the 3rd quarter. HighTower Advisors LLC now owns 202,681 shares of the financial services provider’s stock valued at $3,391,000 after acquiring an additional 17,140 shares during the period. Janus Henderson Group PLC grew its holdings in KeyCorp by 22.3% in the third quarter. Janus Henderson Group PLC now owns 106,013 shares of the financial services provider’s stock valued at $1,776,000 after purchasing an additional 19,300 shares during the period. IHT Wealth Management LLC increased its position in shares of KeyCorp by 65.5% in the third quarter. IHT Wealth Management LLC now owns 21,004 shares of the financial services provider’s stock valued at $348,000 after buying an additional 8,316 shares in the last quarter. Quantinno Capital Management LP raised its stake in shares of KeyCorp by 8.8% during the 3rd quarter. Quantinno Capital Management LP now owns 207,262 shares of the financial services provider’s stock worth $3,472,000 after buying an additional 16,744 shares during the period. Finally, National Bank of Canada FI lifted its position in shares of KeyCorp by 142.2% during the 3rd quarter. National Bank of Canada FI now owns 835,268 shares of the financial services provider’s stock valued at $13,991,000 after buying an additional 490,372 shares in the last quarter. Institutional investors and hedge funds own 79.69% of the company’s stock.

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.