KeyCorp (NYSE:KEY) Price Target Raised to $23.00

KeyCorp (NYSE:KEY) had its price objective upped by Robert W. Baird from $22.00 to $23.00 in a research note released on Wednesday morning, MarketBeat.com reports. The firm currently has a neutral rating on the financial services provider’s stock.

A number of other brokerages have also recently issued reports on KEY. JPMorgan Chase & Co. lifted their target price on shares of KeyCorp from $22.50 to $24.50 and gave the stock a “neutral” rating in a research report on Monday, July 6th. Weiss Ratings raised shares of KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. TD Cowen reissued a “buy” rating and set a $68.00 price target on shares of KeyCorp in a research note on Tuesday, June 23rd. Susquehanna increased their price objective on shares of KeyCorp from $300.00 to $415.00 and gave the stock a “positive” rating in a report on Monday, May 18th. Finally, Morgan Stanley upped their price target on shares of KeyCorp from $24.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday, June 29th. Thirteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.14.

KeyCorp Trading Down 0.4%

NYSE KEY opened at $22.64 on Wednesday. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.63. The firm has a 50-day moving average price of $22.47 and a 200 day moving average price of $21.60. 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 P/E ratio of 13.16, a P/E/G ratio of 0.74 and a beta of 1.02.

KeyCorp (NYSE:KEY) last posted its quarterly earnings results 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 analysts’ expectations of $1.97 billion. KeyCorp had a net margin of 17.83% and a return on equity of 11.23%. The business’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.35 EPS. Equities research analysts expect that KeyCorp will post 1.83 EPS for the current year.

KeyCorp announced that its Board of Directors has initiated a stock buyback 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 buy up to 13% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

KeyCorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.205 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.82 annualized dividend and a dividend yield of 3.6%. KeyCorp’s dividend payout ratio (DPR) is presently 50.31%.

Insider Transactions at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of the business’s stock in a transaction 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 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 document filed with the Securities & Exchange Commission, which is available at this link. 0.56% of the stock is owned by company insiders.

Institutional Investors Weigh In On KeyCorp

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

About KeyCorp

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.