KeyCorp (NYSE:KEY) Cut to Hold at Wells Fargo & Company

Wells Fargo & Company cut shares of KeyCorp (NYSE:KEY) from a strong-buy rating to a hold rating in a report released on Wednesday morning,Zacks.com reports.

Other research analysts also recently issued research reports about the stock. Truist Financial dropped their price objective on shares of KeyCorp from $18.00 to $16.00 and set a “hold” rating for the company in a research note on Tuesday, April 22nd. Cowen began coverage on shares of KeyCorp in a research report on Wednesday, May 14th. They set a “hold” rating for the company. Barclays dropped their target price on shares of KeyCorp from $21.00 to $20.00 and set an “equal weight” rating for the company in a research report on Monday, April 21st. Citigroup reissued a “buy” rating on shares of KeyCorp in a research report on Thursday, April 17th. Finally, JPMorgan Chase & Co. dropped their target price on shares of KeyCorp from $18.50 to $16.50 and set a “neutral” rating for the company in a research report on Thursday, April 3rd. Twelve analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, KeyCorp currently has an average rating of “Moderate Buy” and an average price target of $18.92.

KeyCorp Trading Up 1.7%

NYSE KEY opened at $15.99 on Wednesday. KeyCorp has a 12 month low of $12.73 and a 12 month high of $20.04. The company has a 50-day moving average of $15.45 and a 200-day moving average of $16.43. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.84 and a quick ratio of 0.83. The company has a market cap of $17.53 billion, a P/E ratio of -94.08, a P/E/G ratio of 0.59 and a beta of 1.09.

KeyCorp (NYSE:KEY) last posted its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.01. KeyCorp had a negative net margin of 0.12% and a positive return on equity of 9.43%. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the prior year, the company posted $0.20 EPS. As a group, equities analysts predict that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Tuesday, May 27th were issued a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $0.82 annualized dividend and a dividend yield of 5.13%. KeyCorp’s dividend payout ratio (DPR) is -482.35%.

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

Insider Activity

In other news, Director Carlton L. Highsmith sold 5,000 shares of the company’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $16.60, for a total value of $83,000.00. Following the completion of the sale, the director now owns 37,177 shares in the company, valued at $617,138.20. This represents a 11.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Mohit Ramani bought 10,000 shares of KeyCorp stock in a transaction dated Monday, April 21st. The shares were bought at an average cost of $13.75 per share, with a total value of $137,500.00. Following the completion of the acquisition, the insider now owns 10,000 shares of the company’s stock, valued at $137,500. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.52% of the company’s stock.

Institutional Investors Weigh In On KeyCorp

Several hedge funds have recently bought and sold shares of the business. TCTC Holdings LLC boosted its stake in KeyCorp by 38.6% during the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 611 shares during the period. Signaturefd LLC boosted its stake in KeyCorp by 16.0% during the 4th quarter. Signaturefd LLC now owns 4,453 shares of the financial services provider’s stock valued at $76,000 after purchasing an additional 614 shares during the period. Modera Wealth Management LLC boosted its stake in KeyCorp by 3.9% during the 4th quarter. Modera Wealth Management LLC now owns 16,521 shares of the financial services provider’s stock valued at $283,000 after purchasing an additional 627 shares during the period. Integrated Wealth Concepts LLC boosted its stake in KeyCorp by 2.6% during the 4th quarter. Integrated Wealth Concepts LLC now owns 24,679 shares of the financial services provider’s stock valued at $423,000 after purchasing an additional 631 shares during the period. Finally, AlphaCore Capital LLC boosted its stake in KeyCorp by 5.2% during the 1st quarter. AlphaCore Capital LLC now owns 13,238 shares of the financial services provider’s stock valued at $212,000 after purchasing an additional 651 shares during the period. 79.69% of the stock is owned by hedge funds and other institutional investors.

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.