KeyCorp (NYSE:KEY) Price Target Cut to $18.00 by Analysts at Truist Financial

KeyCorp (NYSE:KEY) had its price objective reduced by investment analysts at Truist Financial from $19.00 to $18.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “hold” rating on the financial services provider’s stock. Truist Financial’s price target would indicate a potential upside of 11.74% from the company’s previous close.

A number of other analysts have also issued reports on KEY. The Goldman Sachs Group increased their target price on KeyCorp from $20.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Piper Sandler raised their price objective on KeyCorp from $19.00 to $22.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Morgan Stanley dropped their target price on KeyCorp from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. Barclays raised their price target on shares of KeyCorp from $19.00 to $21.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $18.50 target price on shares of KeyCorp in a research report on Monday, February 3rd. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $19.58.

KeyCorp Stock Up 0.4 %

Shares of NYSE:KEY opened at $16.11 on Friday. The firm has a 50 day simple moving average of $17.09 and a 200 day simple moving average of $17.40. KeyCorp has a 52 week low of $13.11 and a 52 week high of $20.04. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.84 and a current ratio of 0.85. The company has a market cap of $17.80 billion, a PE ratio of -53.69, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26.

KeyCorp declared that its board has authorized a share buyback program on Thursday, March 13th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at KeyCorp

In other KeyCorp news, Director Of Nova Scotia Bank purchased 50,000 shares of the business’s stock in a transaction dated Wednesday, February 5th. The stock was bought at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the completion of the acquisition, the director now directly owns 162,983,726 shares in the company, valued at $2,909,259,509.10. This represents a 0.03 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.61% of the company’s stock.

Hedge Funds Weigh In On KeyCorp

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new position in shares of KeyCorp during the 4th quarter worth about $153,235,000. Vanguard Group Inc. raised its holdings in KeyCorp by 7.1% in the 4th quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider’s stock valued at $2,004,228,000 after acquiring an additional 7,754,576 shares in the last quarter. Azora Capital LP bought a new stake in shares of KeyCorp in the 3rd quarter worth approximately $92,413,000. Freestone Grove Partners LP acquired a new stake in shares of KeyCorp during the 4th quarter worth approximately $63,540,000. Finally, FMR LLC increased its position in shares of KeyCorp by 7.1% during the fourth quarter. FMR LLC now owns 44,431,526 shares of the financial services provider’s stock valued at $761,556,000 after purchasing an additional 2,938,405 shares during the period. Institutional investors own 79.69% of the company’s stock.

KeyCorp Company Profile

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.