KeyCorp (NYSE:KEY) Price Target Raised to $23.00

KeyCorp (NYSE:KEY) had its target price increased by analysts at The Goldman Sachs Group from $20.00 to $23.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the financial services provider’s stock. The Goldman Sachs Group’s price objective indicates a potential upside of 17.83% from the company’s previous close.

Other equities research analysts have also recently issued reports about the stock. Baird R W cut shares of KeyCorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 14th. Morgan Stanley upped their target price on shares of KeyCorp from $18.00 to $20.00 and gave the company an “equal weight” rating in a report on Wednesday, August 14th. Wells Fargo & Company upped their target price on shares of KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Jefferies Financial Group increased their price target on shares of KeyCorp from $18.00 to $19.00 and gave the stock a “buy” rating in a report on Monday, August 19th. Finally, Barclays increased their price target on shares of KeyCorp from $16.00 to $19.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. Nine analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $18.26.

KeyCorp Stock Performance

NYSE KEY opened at $19.52 on Tuesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.88 and a quick ratio of 0.88. KeyCorp has a 1 year low of $11.64 and a 1 year high of $20.04. The company has a market capitalization of $19.35 billion, a PE ratio of 1,952.00, a P/E/G ratio of 1.09 and a beta of 1.24. The company has a fifty day moving average of $17.74 and a two-hundred day moving average of $16.06.

KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, October 17th. The financial services provider reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.03. KeyCorp had a net margin of 0.76% and a return on equity of 8.24%. The business had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.59 billion. As a group, analysts expect that KeyCorp will post 1.09 earnings per share for the current year.

Insider Activity

In other news, Director Carlton L. Highsmith sold 9,000 shares of the stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $17.14, for a total value of $154,260.00. Following the sale, the director now directly owns 37,864 shares in the company, valued at $648,988.96. This represents a 19.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Angela G. Mago sold 15,011 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $19.59, for a total transaction of $294,065.49. Following the completion of the sale, the insider now owns 234,582 shares in the company, valued at $4,595,461.38. This represents a 6.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.67% of the company’s stock.

Institutional Trading of KeyCorp

Several large investors have recently modified their holdings of KEY. Assenagon Asset Management S.A. boosted its position in KeyCorp by 87.5% during the second quarter. Assenagon Asset Management S.A. now owns 1,308,797 shares of the financial services provider’s stock worth $18,598,000 after acquiring an additional 610,688 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in KeyCorp by 14.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 657,913 shares of the financial services provider’s stock worth $10,928,000 after acquiring an additional 85,052 shares during the last quarter. MBB Public Markets I LLC acquired a new stake in KeyCorp during the second quarter worth approximately $981,000. Cetera Investment Advisers boosted its position in KeyCorp by 274.4% during the first quarter. Cetera Investment Advisers now owns 332,140 shares of the financial services provider’s stock worth $5,251,000 after acquiring an additional 243,437 shares during the last quarter. Finally, Gateway Investment Advisers LLC boosted its position in KeyCorp by 92.6% during the second quarter. Gateway Investment Advisers LLC now owns 302,681 shares of the financial services provider’s stock worth $4,301,000 after acquiring an additional 145,555 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

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.