KeyCorp (NYSE:KEY) Price Target Cut to $20.00 by Analysts at Wells Fargo & Company

KeyCorp (NYSE:KEY) had its price objective cut by equities researchers at Wells Fargo & Company from $22.00 to $20.00 in a report released on Friday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 25.75% from the company’s previous close.

KEY has been the topic of several other reports. Morgan Stanley decreased their target price on shares of KeyCorp from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. DA Davidson dropped their price target on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, January 22nd. Piper Sandler increased their price objective on shares of KeyCorp from $19.00 to $22.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Truist Financial decreased their price target on KeyCorp from $19.00 to $18.00 and set a “hold” rating on the stock in a research note on Friday, March 21st. Finally, Stephens reissued an “overweight” rating and issued a $20.00 price objective on shares of KeyCorp in a research report on Wednesday, January 22nd. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, KeyCorp presently has an average rating of “Moderate Buy” and an average price target of $19.42.

KeyCorp Price Performance

Shares of NYSE:KEY traded down $0.27 during midday trading on Friday, hitting $15.91. The company had a trading volume of 415,418 shares, compared to its average volume of 12,080,949. KeyCorp has a twelve month low of $13.11 and a twelve month high of $20.04. The stock has a market cap of $17.58 billion, a price-to-earnings ratio of -52.91, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. The business’s 50-day simple moving average is $16.98 and its 200-day simple moving average is $17.40.

KeyCorp announced that its Board of Directors has approved a share repurchase plan on Thursday, March 13th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In related news, Director Of Nova Scotia Bank bought 50,000 shares of KeyCorp stock in a transaction that occurred on Wednesday, February 5th. The stock was purchased at an average cost of $17.85 per share, with a total value of $892,500.00. Following the purchase, the director now 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.61% of the company’s stock.

Institutional Trading of KeyCorp

A number of institutional investors have recently modified their holdings of the company. TCTC Holdings LLC lifted its stake in KeyCorp by 38.6% in 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 in the last quarter. Signaturefd LLC grew its position in KeyCorp by 16.0% in the fourth quarter. Signaturefd LLC now owns 4,453 shares of the financial services provider’s stock valued at $76,000 after purchasing an additional 614 shares in the last quarter. Modera Wealth Management LLC increased its position in shares of KeyCorp by 3.9% in the fourth quarter. Modera Wealth Management LLC now owns 16,521 shares of the financial services provider’s stock valued at $283,000 after acquiring an additional 627 shares during the last quarter. Integrated Wealth Concepts LLC raised its holdings in shares of KeyCorp by 2.6% in the 4th 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 during the period. Finally, Ballentine Partners LLC boosted its position in KeyCorp by 5.7% during the fourth 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 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.