KeyCorp (NYSE:KEY) Price Target Raised to $26.00

KeyCorp (NYSE:KEY) had its price objective increased by Keefe, Bruyette & Woods from $25.00 to $26.00 in a research report released on Wednesday,Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

Several other equities research analysts also recently commented on KEY. Wall Street Zen downgraded shares of KeyCorp from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. TD Cowen restated a “buy” rating and issued a $68.00 price target on shares of KeyCorp in a research report on Tuesday, June 23rd. Wells Fargo & Company raised their price target on shares of KeyCorp from $24.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. UBS Group lifted their price target on shares of KeyCorp from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Finally, Piper Sandler raised their target price on KeyCorp from $23.00 to $24.00 and gave the stock an “overweight” rating in a research report on Friday, April 17th. Thirteen analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, KeyCorp presently has a consensus rating of “Moderate Buy” and an average target price of $49.14.

KeyCorp Stock Down 0.4%

Shares of KEY opened at $22.64 on Wednesday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 0.84. KeyCorp has a 52 week low of $16.47 and a 52 week high of $24.07. The stock has a market capitalization of $24.43 billion, a price-to-earnings ratio of 13.16, a PEG ratio of 0.74 and a beta of 1.02. The stock has a fifty day moving average of $22.47 and a 200-day moving average of $21.60.

KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.02. The business had revenue of $1.96 billion for the quarter, compared to analyst estimates of $1.97 billion. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.KeyCorp’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.35 EPS. As a group, sell-side analysts anticipate that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp declared that its board has authorized a stock buyback program on Wednesday, May 13th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 13% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

KeyCorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Tuesday, September 1st. KeyCorp’s payout ratio is 50.31%.

Insider Buying and Selling at KeyCorp

In other news, insider Angela G. Mago sold 22,826 shares of KeyCorp stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $21.66, for a total transaction of $494,411.16. Following the completion of the transaction, the insider directly owned 281,564 shares in the company, valued at $6,098,676.24. This trade represents a 7.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On KeyCorp

Institutional investors have recently modified their holdings of the business. Maseco LLP bought a new stake in shares of KeyCorp in the fourth quarter valued at $27,000. DV Equities LLC bought a new stake in KeyCorp in the 4th quarter valued at about $27,000. Smithfield Trust Co purchased a new stake in KeyCorp during the fourth quarter valued at about $31,000. Kelleher Financial Advisors purchased a new stake in KeyCorp during the third quarter valued at about $32,000. Finally, True Wealth Design LLC boosted its position in KeyCorp by 1,263.5% during the fourth quarter. True Wealth Design LLC now owns 1,718 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,592 shares during the period. 79.69% of the stock is owned by institutional investors.

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.