Royal Bank Of Canada Issues Positive Forecast for KeyCorp (NYSE:KEY) Stock Price

KeyCorp (NYSE:KEY) had its price objective boosted by Royal Bank Of Canada from $20.00 to $22.00 in a report released on Friday,MarketScreener reports. They currently have an outperform rating on the financial services provider’s stock.

KEY has been the subject of several other research reports. TD Cowen upgraded shares of KeyCorp from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research note on Tuesday. Wells Fargo & Company lifted their price objective on KeyCorp from $20.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, October 3rd. Morgan Stanley upped their target price on KeyCorp from $20.00 to $24.00 and gave the company an “underperform” rating in a research note on Monday, September 29th. Cowen upgraded shares of KeyCorp from a “hold” rating to a “buy” rating in a research note on Tuesday. Finally, The Goldman Sachs Group restated a “positive” rating on shares of KeyCorp in a research note on Wednesday. Twelve analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, KeyCorp has a consensus rating of “Moderate Buy” and an average target price of $21.26.

KeyCorp Stock Performance

NYSE KEY traded down $0.07 during trading on Friday, hitting $20.62. The company’s stock had a trading volume of 17,219,369 shares, compared to its average volume of 17,143,762. KeyCorp has a 52 week low of $12.73 and a 52 week high of $20.84. The firm has a market cap of $22.54 billion, a P/E ratio of 25.46, a price-to-earnings-growth ratio of 0.62 and a beta of 1.11. The firm has a 50 day moving average price of $18.07 and a 200 day moving average price of $17.97. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62.

KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Thursday, October 16th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.03. The business had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.87 billion. KeyCorp had a net margin of 10.08% and a return on equity of 10.14%. KeyCorp’s quarterly revenue was up 172.7% on a year-over-year basis. During the same quarter last year, the company posted ($0.47) earnings per share. Equities research analysts forecast that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Tuesday, December 2nd will be paid a $0.205 dividend. The ex-dividend date is Tuesday, December 2nd. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.0%. KeyCorp’s payout ratio is 101.23%.

Hedge Funds Weigh In On KeyCorp

Several institutional investors have recently bought and sold shares of KEY. Swiss Life Asset Management Ltd lifted its holdings in KeyCorp by 1.5% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 1,326,580 shares of the financial services provider’s stock worth $24,794,000 after buying an additional 18,962 shares in the last quarter. Groupama Asset Managment lifted its stake in shares of KeyCorp by 37.5% during the third quarter. Groupama Asset Managment now owns 32,016 shares of the financial services provider’s stock valued at $598,000 after acquiring an additional 8,738 shares during the period. Prana Capital Management LP boosted its holdings in KeyCorp by 1.8% in the third quarter. Prana Capital Management LP now owns 4,135,751 shares of the financial services provider’s stock valued at $77,297,000 after acquiring an additional 72,261 shares during the last quarter. CIBC Bancorp USA Inc. acquired a new stake in KeyCorp in the third quarter worth about $2,403,000. Finally, Danske Bank A S acquired a new position in KeyCorp during the 3rd quarter valued at about $7,134,000. 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.