Citigroup Upgrades KeyCorp (NYSE:KEY) to Buy

KeyCorp (NYSE:KEY) was upgraded by equities researchers at Citigroup from a “neutral” rating to a “buy” rating in a report released on Monday,Briefing.com Automated Import reports. The firm presently has a $20.00 price objective on the financial services provider’s stock. Citigroup’s target price points to a potential upside of 27.02% from the company’s previous close.

Several other equities research analysts also recently issued reports on KEY. Stephens reaffirmed an “overweight” rating and set a $20.00 price target on shares of KeyCorp in a research note on Wednesday, January 22nd. Piper Sandler lifted their target price on KeyCorp from $19.00 to $22.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Royal Bank of Canada reissued an “outperform” rating and issued a $18.00 price target on shares of KeyCorp in a report on Wednesday, January 22nd. Morgan Stanley dropped their price objective on KeyCorp from $23.00 to $22.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 22nd. Finally, Wells Fargo & Company upped their target price on KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, KeyCorp currently has an average rating of “Moderate Buy” and a consensus price target of $19.75.

KeyCorp Trading Down 1.2 %

KEY opened at $15.75 on Monday. The firm’s 50 day moving average is $17.37 and its 200-day moving average is $17.49. KeyCorp has a 52-week low of $13.11 and a 52-week high of $20.04. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $17.40 billion, a P/E ratio of -52.48, a P/E/G ratio of 0.65 and a beta of 1.26.

Insider Activity

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

Institutional Trading of KeyCorp

Several hedge funds have recently bought and sold shares of KEY. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in KeyCorp in the 4th quarter worth about $7,141,000. LifeWealth Investments LLC bought a new stake in shares of KeyCorp during the fourth quarter valued at approximately $362,000. B. Riley Wealth Advisors Inc. boosted its position in shares of KeyCorp by 17.0% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 30,516 shares of the financial services provider’s stock worth $523,000 after buying an additional 4,432 shares during the period. AlphaCore Capital LLC grew its holdings in KeyCorp by 38.8% in the 4th quarter. AlphaCore Capital LLC now owns 12,587 shares of the financial services provider’s stock worth $216,000 after buying an additional 3,521 shares in the last quarter. Finally, Mackenzie Financial Corp increased its position in KeyCorp by 4.7% in the 4th quarter. Mackenzie Financial Corp now owns 280,479 shares of the financial services provider’s stock valued at $4,807,000 after acquiring an additional 12,701 shares during the period. 79.69% of the stock is currently owned by institutional investors.

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.