KeyCorp (NYSE:KEY) Price Target Raised to $25.00

KeyCorp (NYSE:KEY) had its price objective upped by Evercore ISI from $21.00 to $25.00 in a research report sent to investors on Tuesday, Marketbeat Ratings reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

A number of other analysts also recently issued reports on KEY. The Goldman Sachs Group lifted their price objective on shares of KeyCorp from $22.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday. DA Davidson raised their target price on shares of KeyCorp from $21.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, December 10th. Truist Financial boosted their price target on shares of KeyCorp from $19.00 to $22.00 and gave the stock a “hold” rating in a research report on Monday, December 22nd. Wells Fargo & Company set a $18.00 price objective on KeyCorp and gave the company an “underperform” rating in a report on Tuesday. Finally, JPMorgan Chase & Co. lifted their target price on KeyCorp from $19.50 to $22.00 and gave the company a “neutral” rating in a research report on Tuesday. Eleven investment analysts have rated the stock with a Buy rating, six have given a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, KeyCorp currently has an average rating of “Hold” and a consensus price target of $22.33.

KeyCorp Stock Up 0.9%

KeyCorp stock opened at $21.49 on Tuesday. The company has a 50 day moving average of $19.35 and a 200-day moving average of $18.63. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62. KeyCorp has a twelve month low of $12.73 and a twelve month high of $21.75. The stock has a market capitalization of $23.49 billion, a PE ratio of 26.53, a price-to-earnings-growth ratio of 0.53 and a beta of 1.09.

KeyCorp (NYSE:KEY) last posted its quarterly earnings data on Thursday, October 16th. The financial services provider reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.03. KeyCorp had a return on equity of 10.14% and a net margin of 10.08%.The company had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same period in the prior year, the firm earned ($0.47) earnings per share. KeyCorp’s revenue for the quarter was up 172.7% compared to the same quarter last year. On average, equities research analysts anticipate that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Tuesday, December 2nd were given a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend was Tuesday, December 2nd. KeyCorp’s dividend payout ratio (DPR) is presently 101.23%.

Institutional Investors Weigh In On KeyCorp

A number of large investors have recently added to or reduced their stakes in KEY. Brighton Jones LLC acquired a new position in shares of KeyCorp in the fourth quarter valued at $476,000. AQR Capital Management LLC grew its stake in KeyCorp by 5.1% in the 1st quarter. AQR Capital Management LLC now owns 417,667 shares of the financial services provider’s stock valued at $6,495,000 after buying an additional 20,429 shares during the last quarter. Alliancebernstein L.P. raised its holdings in KeyCorp by 4.4% in the 1st quarter. Alliancebernstein L.P. now owns 1,233,478 shares of the financial services provider’s stock valued at $19,723,000 after acquiring an additional 51,746 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in KeyCorp by 218.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 308,683 shares of the financial services provider’s stock valued at $4,936,000 after acquiring an additional 211,780 shares during the period. Finally, NewEdge Advisors LLC lifted its position in KeyCorp by 3.7% during the first quarter. NewEdge Advisors LLC now owns 95,676 shares of the financial services provider’s stock worth $1,530,000 after acquiring an additional 3,370 shares during the last quarter. Institutional investors own 79.69% of the company’s stock.

KeyCorp News Roundup

Here are the key news stories impacting KeyCorp this week:

• Positive Sentiment: Goldman Sachs raised its price target on KeyCorp to $25.00, signaling stronger analyst confidence in the bank’s outlook. The Goldman Sachs Group Boosts KeyCorp (NYSE:KEY) Price Target to $25.00
• Positive Sentiment: JPMorgan raised its price target to $22.00, another ratification of improved expectations for KeyCorp’s earnings trajectory. JPMorgan Chase & Co. Raises KeyCorp (NYSE:KEY) Price Target to $22.00
• Positive Sentiment: TD Cowen bumped its target to $25 and set a Buy rating, representing material upside from current levels and supporting upward momentum. Benzinga
• Positive Sentiment: Wells Fargo raised its price target to $24, adding further analyst support to the recent re-rating of the shares. Wells Fargo & Company Boosts KeyCorp (NYSE:KEY) Price Target to $24.00
• Positive Sentiment: Coverage and commentary note a shifting narrative — fresh management guidance and activist pressure are being interpreted as catalysts for operational/strategic improvements. Why The Narrative Around KeyCorp (KEY) Is Shifting After Fresh Guidance And Activist Pressure
• Neutral Sentiment: Analysts and research outlets point to KeyCorp’s strong earnings surprise history and the potential to beat again, which is supportive but not certain ahead of results. Will KeyCorp (KEY) Beat Estimates Again in Its Next Earnings Report?
• Negative Sentiment: KeyBank (a KeyCorp unit) agreed to pay $7.77M to resolve U.S. allegations tied to PPP loan forgiveness fraud — a modest hit financially but a reputational/regulatory headwind to monitor. KeyCorp unit to pay $7.77 million to resolve US fraud claims
• Negative Sentiment: Robert W. Baird has maintained / reiterated negative ratings (recently downgrading/reaffirming underperform/strong-sell), creating mixed sell-side signals that add volatility risk. Robert W. Baird Reaffirms Underperform Rating for KeyCorp (NYSE:KEY)

KeyCorp Company Profile

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank’s offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company’s product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.