KeyCorp (NYSE:KEY) Receives $46.50 Consensus Price Target from Brokerages

KeyCorp (NYSE:KEY) has earned a consensus rating of “Moderate Buy” from the twenty research firms that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation and twelve have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $46.5526.

A number of brokerages have recently commented on KEY. Evercore reaffirmed an “outperform” rating on shares of KeyCorp in a research report on Tuesday, April 21st. DA Davidson boosted their price target on KeyCorp from $26.00 to $27.00 and gave the company a “buy” rating in a report on Monday, May 4th. Wall Street Zen cut KeyCorp from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Jefferies Financial Group raised their price objective on KeyCorp from $21.00 to $23.00 and gave the stock a “hold” rating in a report on Friday, April 17th. Finally, Weiss Ratings raised KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th.

Insider Activity at KeyCorp

In related news, insider Angela G. Mago sold 22,826 shares of KeyCorp stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $21.66, for a total value of $494,411.16. Following the completion of the sale, the insider directly owned 281,564 shares in the company, valued at $6,098,676.24. The trade was a 7.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MCF Advisors LLC boosted its position in shares of KeyCorp by 31.6% in the 4th quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 456 shares in the last quarter. Prime Capital Investment Advisors LLC boosted its holdings in KeyCorp by 1.7% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 28,498 shares of the financial services provider’s stock worth $588,000 after acquiring an additional 486 shares in the last quarter. Harbour Investments Inc. boosted its holdings in KeyCorp by 19.0% in the fourth quarter. Harbour Investments Inc. now owns 3,180 shares of the financial services provider’s stock worth $66,000 after acquiring an additional 508 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of KeyCorp by 5.4% during the first quarter. EverSource Wealth Advisors LLC now owns 10,265 shares of the financial services provider’s stock worth $206,000 after acquiring an additional 522 shares during the last quarter. Finally, Centennial Wealth Advisory LLC grew its stake in shares of KeyCorp by 1.2% during the fourth quarter. Centennial Wealth Advisory LLC now owns 44,986 shares of the financial services provider’s stock worth $929,000 after acquiring an additional 524 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors.

KeyCorp Trading Up 1.0%

NYSE KEY opened at $23.27 on Monday. The company’s 50-day moving average price is $21.96 and its 200-day moving average price is $21.33. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. The stock has a market cap of $25.12 billion, a PE ratio of 14.28, a PEG ratio of 0.72 and a beta of 1.02. KeyCorp has a 12 month low of $16.47 and a 12 month high of $23.72.

KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Thursday, April 16th. The financial services provider reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.03. The company had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.93 billion. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the business posted $0.38 EPS. Equities research analysts forecast that KeyCorp will post 1.82 earnings per share for the current year.

KeyCorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd were given a dividend of $0.205 per share. The ex-dividend date of this dividend was Tuesday, June 2nd. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.5%. KeyCorp’s dividend payout ratio is presently 50.31%.

KeyCorp declared that its Board of Directors has approved a stock repurchase plan on Wednesday, May 13th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 13% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

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.