KeyCorp (NYSE:KEY) Price Target Cut to $16.00 by Analysts at Truist Financial

KeyCorp (NYSE:KEY) had its price objective lowered by Truist Financial from $18.00 to $16.00 in a research report report published on Tuesday morning,Benzinga reports. The brokerage currently has a hold rating on the financial services provider’s stock.

A number of other analysts have also issued reports on KEY. Citigroup reiterated a “buy” rating on shares of KeyCorp in a report on Thursday, April 17th. DA Davidson lowered their price objective on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Wednesday, January 22nd. Keefe, Bruyette & Woods lowered their price target on shares of KeyCorp from $20.00 to $18.00 and set an “outperform” rating for the company in a research report on Monday. Wells Fargo & Company reissued an “overweight” rating on shares of KeyCorp in a report on Thursday, April 17th. Finally, Barclays reduced their price target on KeyCorp from $21.00 to $20.00 and set an “equal weight” rating for the company in a research report on Monday. Eight research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, KeyCorp currently has an average rating of “Moderate Buy” and a consensus price target of $19.15.

KeyCorp Stock Up 2.4 %

Shares of NYSE KEY opened at $14.87 on Tuesday. The company has a market cap of $16.29 billion, a P/E ratio of -49.57, a PEG ratio of 0.65 and a beta of 1.06. The firm has a 50-day simple moving average of $15.49 and a two-hundred day simple moving average of $17.07. KeyCorp has a 1 year low of $12.73 and a 1 year high of $20.04. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84.

KeyCorp (NYSE:KEY) last released its earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.01. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. KeyCorp had a positive return on equity of 8.73% and a negative net margin of 2.52%. During the same quarter last year, the firm posted $0.20 earnings per share. Research analysts anticipate that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp announced that its board has authorized a stock buyback plan on Thursday, March 13th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Insider Activity

In related news, insider Mohit Ramani purchased 10,000 shares of the firm’s stock in a transaction on Monday, April 21st. The stock was bought at an average cost of $13.75 per share, with a total value of $137,500.00. Following the completion of the acquisition, the insider now owns 10,000 shares of the company’s stock, valued at $137,500. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Of Nova Scotia Bank acquired 50,000 shares of the company’s stock in a transaction dated Wednesday, February 5th. The shares were purchased at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the purchase, the director now directly owns 162,983,726 shares in the company, valued at approximately $2,909,259,509.10. This trade represents a 0.03 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 60,180 shares of company stock valued at $1,032,525. Company insiders own 0.52% of the company’s stock.

Institutional Trading of KeyCorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. TCTC Holdings LLC grew its position in shares of KeyCorp by 38.6% during the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 611 shares during the period. Signaturefd LLC lifted its position in shares of KeyCorp by 16.0% during the 4th quarter. Signaturefd LLC now owns 4,453 shares of the financial services provider’s stock valued at $76,000 after buying an additional 614 shares in the last quarter. Modera Wealth Management LLC increased its holdings in KeyCorp by 3.9% in the 4th quarter. Modera Wealth Management LLC now owns 16,521 shares of the financial services provider’s stock worth $283,000 after acquiring an additional 627 shares in the last quarter. Integrated Wealth Concepts LLC lifted its holdings in KeyCorp by 2.6% during the fourth quarter. Integrated Wealth Concepts LLC now owns 24,679 shares of the financial services provider’s stock valued at $423,000 after purchasing an additional 631 shares in the last quarter. Finally, Ballentine Partners LLC raised its position in shares of KeyCorp by 5.7% during the 4th quarter. Ballentine Partners LLC now owns 12,855 shares of the financial services provider’s stock worth $220,000 after purchasing an additional 692 shares during the last quarter. Institutional investors and hedge funds own 79.69% of the company’s stock.

About KeyCorp

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.