KeyCorp (NYSE:KEY) Price Target Cut to $16.00 by Analysts at Truist Financial

KeyCorp (NYSE:KEY) had its price target reduced by investment analysts at Truist Financial from $18.00 to $16.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “hold” rating on the financial services provider’s stock. Truist Financial’s target price indicates a potential upside of 13.60% from the stock’s current price.

A number of other equities analysts have also recently issued reports on KEY. Citigroup reaffirmed a “buy” rating on shares of KeyCorp in a report on Thursday, April 17th. Morgan Stanley reaffirmed an “equal weight” rating on shares of KeyCorp in a research note on Thursday, April 17th. Baird R W raised KeyCorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. DA Davidson reduced their price objective on KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. dropped their price objective on KeyCorp from $18.50 to $16.50 and set a “neutral” rating for the company in a research report on Thursday, April 3rd. Eight research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $19.15.

KeyCorp Price Performance

KEY traded up $0.30 on Tuesday, hitting $14.09. 6,260,539 shares of the company were exchanged, compared to its average volume of 14,982,397. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04. 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 market capitalization of $15.43 billion, a P/E ratio of -46.98, a price-to-earnings-growth ratio of 0.65 and a beta of 1.06. The business’s fifty day moving average is $15.68 and its 200 day moving average is $17.12.

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

KeyCorp announced that its Board of Directors has initiated a stock repurchase plan on Thursday, March 13th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at KeyCorp

In related news, Director Of Nova Scotia Bank purchased 50,000 shares of the firm’s stock in a transaction on Wednesday, February 5th. The stock was purchased at an average price of $17.85 per share, for a total transaction 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. The trade was a 0.03 % increase in their ownership of the stock. The acquisition 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 corporate insiders.

Institutional Investors Weigh In On KeyCorp

A number of large investors have recently added to or reduced their stakes in KEY. GAM Holding AG grew its stake in shares of KeyCorp by 37.8% during the first quarter. GAM Holding AG now owns 87,078 shares of the financial services provider’s stock valued at $1,392,000 after acquiring an additional 23,900 shares in the last quarter. Carret Asset Management LLC boosted its stake in shares of KeyCorp by 20.1% during the 1st quarter. Carret Asset Management LLC now owns 12,860 shares of the financial services provider’s stock valued at $206,000 after buying an additional 2,150 shares during the last quarter. Avior Wealth Management LLC increased its stake in shares of KeyCorp by 21.3% in the first quarter. Avior Wealth Management LLC now owns 31,478 shares of the financial services provider’s stock worth $503,000 after buying an additional 5,523 shares during the last quarter. Blue Trust Inc. raised its holdings in KeyCorp by 41.9% in the first quarter. Blue Trust Inc. now owns 20,786 shares of the financial services provider’s stock valued at $332,000 after acquiring an additional 6,135 shares in the last quarter. Finally, State of Alaska Department of Revenue grew its holdings in KeyCorp by 3.2% during the 1st quarter. State of Alaska Department of Revenue now owns 116,665 shares of the financial services provider’s stock worth $1,865,000 after acquiring an additional 3,655 shares in the last quarter. 79.69% of the stock is owned by institutional investors and hedge funds.

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.