KeyCorp (NYSE:KEY) Price Target Raised to $23.50

KeyCorp (NYSE:KEY) had its target price raised by equities researchers at JPMorgan Chase & Co. from $23.00 to $23.50 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 11.32% from the company’s previous close.

KEY has been the subject of several other reports. Evercore restated an “outperform” rating and set a $24.00 price target on shares of KeyCorp in a report on Thursday, October 1st. TD Cowen started coverage on KeyCorp in a report on Thursday, October 8th. They set a “buy” rating and a $23.00 target price on the stock. Robert W. Baird increased their price target on shares of KeyCorp from $22.00 to $23.00 and gave the company a “neutral” rating in a research note on Wednesday, July 22nd. Keefe, Bruyette & Woods raised their target price on KeyCorp from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 22nd. Finally, Argus upgraded KeyCorp to a “strong-buy” rating in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $46.25.

KeyCorp Stock Down 1.8%

Shares of KEY stock traded down $0.38 during trading on Friday, hitting $21.11. 18,718,073 shares of the company were exchanged, compared to its average volume of 13,948,104. KeyCorp has a twelve month low of $16.91 and a twelve month high of $24.07. The firm has a market capitalization of $22.53 billion, a price-to-earnings ratio of 11.60, a P/E/G ratio of 0.75 and a beta of 1.08. The business’s 50-day simple moving average is $20.95 and its 200 day simple moving average is $21.54. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.83 and a current ratio of 0.84.

KeyCorp (NYSE:KEY) last posted its quarterly earnings results on Tuesday, October 20th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.05. The business had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.05 billion. KeyCorp had a return on equity of 12.06% and a net margin of 18.56%. The firm’s revenue was up 8.3% on a year-over-year basis. During the same period last year, the company earned $0.41 EPS. As a group, analysts forecast that KeyCorp will post 1.88 EPS for the current fiscal year.

Insider Activity

In other KeyCorp news, insider Andrew Paine, III sold 39,130 shares of the company’s stock in a transaction on Wednesday, October 28th. The stock was sold at an average price of $21.20, for a total transaction of $829,556.00. Following the completion of the sale, the insider owned 191,571 shares in the company, valued at $4,061,305.20. This represents a 16.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.56% of the stock is currently owned by insiders.

Institutional Trading of KeyCorp

Several hedge funds have recently made changes to their positions in KEY. Next Level Wealth Planning LLC bought a new stake in shares of KeyCorp during the 3rd quarter valued at about $128,000. Mirae Asset Global Investments Co. Ltd. bought a new position in KeyCorp in the 3rd quarter worth approximately $4,654,000. Vise Technologies Inc. grew its position in KeyCorp by 32.6% in the third quarter. Vise Technologies Inc. now owns 39,240 shares of the financial services provider’s stock worth $788,000 after acquiring an additional 9,646 shares in the last quarter. Investment Partners LTD. purchased a new stake in KeyCorp in the 3rd quarter valued at about $201,000. Finally, Soltis Investment Advisors LLC boosted its position in KeyCorp by 4.4% during the 3rd quarter. Soltis Investment Advisors LLC now owns 13,382 shares of the financial services provider’s stock valued at $269,000 after acquiring an additional 570 shares in the last quarter. Institutional investors and hedge funds own 79.69% of the company’s stock.

KeyCorp Company Profile

KeyCorp is a financial services company headquartered in Cleveland, Ohio, and the parent company of KeyBank National Association. Through KeyBank, it provides retail and commercial banking services to individuals, businesses, institutional clients and government entities.

KeyBank’s offerings include checking and savings accounts, consumer lending, mortgages, home equity financing, credit cards, business loans, treasury management and payment services. The company also provides investment banking and capital markets services through KeyBanc Capital Markets, as well as wealth management, investment management and personal financial planning services.

KeyCorp traces its history to 1825, when the institution that became KeyBank was established in Albany, New York.