KeyCorp (NYSE:KEY) Price Target Raised to $22.00

KeyCorp (NYSE:KEY) had its price target upped by JPMorgan Chase & Co. from $19.50 to $22.00 in a research report report published on Tuesday,MarketScreener reports. JPMorgan Chase & Co. currently has a neutral rating on the financial services provider’s stock.

Several other research firms have also recently commented on KEY. Wells Fargo & Company set a $18.00 target price on shares of KeyCorp and gave the stock an “underperform” rating in a research report on Tuesday. TD Cowen raised KeyCorp from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a research report on Tuesday, December 9th. Jefferies Financial Group upped their target price on KeyCorp from $19.00 to $22.00 and gave the stock a “hold” rating in a report on Wednesday, December 10th. Piper Sandler increased their target price on KeyCorp from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 9th. Finally, Citigroup reaffirmed a “neutral” rating on shares of KeyCorp in a research note on Wednesday, December 31st. Eleven equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, KeyCorp has a consensus rating of “Hold” and an average target price of $22.33.

KeyCorp Trading Up 0.9%

KEY opened at $21.49 on Tuesday. KeyCorp has a one year low of $12.73 and a one year high of $21.75. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.83. The business has a 50 day simple moving average of $19.35 and a two-hundred day simple moving average of $18.63. The firm has a market capitalization of $23.49 billion, a price-to-earnings ratio of 26.53, a PEG ratio of 0.53 and a beta of 1.09.

KeyCorp (NYSE:KEY) last posted its earnings results on Thursday, October 16th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.03. KeyCorp had a return on equity of 10.14% and a net margin of 10.08%.The firm had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.87 billion. During the same period in the previous year, the firm earned ($0.47) earnings per share. The business’s revenue was up 172.7% compared to the same quarter last year. Analysts predict that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Tuesday, December 2nd were paid a dividend of $0.205 per share. The ex-dividend date was Tuesday, December 2nd. This represents a $0.82 dividend on an annualized basis and a yield of 3.8%. KeyCorp’s payout ratio is presently 101.23%.

Hedge Funds Weigh In On KeyCorp

Several institutional investors and hedge funds have recently modified their holdings of KEY. Wellington Management Group LLP raised its position in shares of KeyCorp by 90.2% in the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock worth $679,768,000 after purchasing an additional 17,245,128 shares during the last quarter. Capital World Investors increased its stake in KeyCorp by 169.2% during the 3rd quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider’s stock valued at $388,546,000 after purchasing an additional 13,067,326 shares in the last quarter. Norges Bank purchased a new stake in shares of KeyCorp during the second quarter valued at $195,642,000. HoldCo Asset Management LP bought a new stake in KeyCorp in the 2nd quarter worth approximately $86,995,000. Finally, JPMorgan Chase & Co. lifted its holdings in KeyCorp by 123.4% in the second quarter. JPMorgan Chase & Co. now owns 7,182,671 shares of the financial services provider’s stock valued at $125,122,000 after acquiring an additional 3,967,544 shares during the period. 79.69% of the stock is currently owned by institutional investors.

Key Stories Impacting KeyCorp

Here are the key news stories impacting KeyCorp this week:

• Positive Sentiment: Goldman Sachs raised its price target on KeyCorp to $25.00, signaling stronger analyst confidence in the bank’s outlook. The Goldman Sachs Group Boosts KeyCorp (NYSE:KEY) Price Target to $25.00
• Positive Sentiment: JPMorgan raised its price target to $22.00, another ratification of improved expectations for KeyCorp’s earnings trajectory. JPMorgan Chase & Co. Raises KeyCorp (NYSE:KEY) Price Target to $22.00
• Positive Sentiment: TD Cowen bumped its target to $25 and set a Buy rating, representing material upside from current levels and supporting upward momentum. Benzinga
• Positive Sentiment: Wells Fargo raised its price target to $24, adding further analyst support to the recent re-rating of the shares. Wells Fargo & Company Boosts KeyCorp (NYSE:KEY) Price Target to $24.00
• Positive Sentiment: Coverage and commentary note a shifting narrative — fresh management guidance and activist pressure are being interpreted as catalysts for operational/strategic improvements. Why The Narrative Around KeyCorp (KEY) Is Shifting After Fresh Guidance And Activist Pressure
• Neutral Sentiment: Analysts and research outlets point to KeyCorp’s strong earnings surprise history and the potential to beat again, which is supportive but not certain ahead of results. Will KeyCorp (KEY) Beat Estimates Again in Its Next Earnings Report?
• Negative Sentiment: KeyBank (a KeyCorp unit) agreed to pay $7.77M to resolve U.S. allegations tied to PPP loan forgiveness fraud — a modest hit financially but a reputational/regulatory headwind to monitor. KeyCorp unit to pay $7.77 million to resolve US fraud claims
• Negative Sentiment: Robert W. Baird has maintained / reiterated negative ratings (recently downgrading/reaffirming underperform/strong-sell), creating mixed sell-side signals that add volatility risk. Robert W. Baird Reaffirms Underperform Rating for KeyCorp (NYSE:KEY)

KeyCorp Company Profile

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank’s offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company’s product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.