JPMorgan Chase & Co. Issues Positive Forecast for KeyCorp (NYSE:KEY) Stock Price

KeyCorp (NYSE:KEY) had its price objective hoisted by equities researchers at JPMorgan Chase & Co. from $22.50 to $24.50 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 6.55% from the company’s current price.

Several other research firms also recently commented on KEY. Truist Financial upped their price target on shares of KeyCorp from $23.00 to $24.00 and gave the company a “hold” rating in a research note on Wednesday, June 24th. Royal Bank Of Canada boosted their price objective on shares of KeyCorp from $22.00 to $24.00 and gave the company an “outperform” rating in a report on Friday, April 17th. Susquehanna increased their target price on shares of KeyCorp from $300.00 to $415.00 and gave the stock a “positive” rating in a research report on Monday, May 18th. Wall Street Zen cut shares of KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Finally, Piper Sandler raised their target price on shares of KeyCorp from $23.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, April 17th. Thirteen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $47.13.

KeyCorp Stock Performance

KEY opened at $22.99 on Monday. The business has a fifty day simple moving average of $21.99 and a 200 day simple moving average of $21.36. The company has a market capitalization of $24.82 billion, a PE ratio of 14.11, a price-to-earnings-growth ratio of 0.72 and a beta of 1.02. KeyCorp has a 1 year low of $16.47 and a 1 year high of $23.72. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.83.

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

KeyCorp declared that its board has approved a stock repurchase plan on Wednesday, May 13th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 13% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at KeyCorp

In other news, insider Angela G. Mago sold 22,826 shares of the company’s stock in a transaction that occurred on 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 sale, the insider owned 281,564 shares of the company’s stock, valued at approximately $6,098,676.24. This represents a 7.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On KeyCorp

A number of large investors have recently modified their holdings of KEY. DV Equities LLC bought a new position in shares of KeyCorp in the 4th quarter valued at $27,000. Maseco LLP acquired a new stake in KeyCorp in the fourth quarter valued at about $27,000. GoalVest Advisory LLC bought a new position in KeyCorp in the fourth quarter valued at about $30,000. Smithfield Trust Co bought a new position in KeyCorp in the fourth quarter valued at about $31,000. Finally, True Wealth Design LLC raised its stake 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 acquiring an additional 1,592 shares in the last quarter. Institutional investors and hedge funds own 79.69% of the company’s stock.

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.