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

KeyCorp (NYSE:KEY) had its price target increased by Truist Financial from $22.00 to $23.00 in a report released on Monday, MarketBeat.com reports. They currently have a hold rating on the financial services provider’s stock.

KEY has been the subject of a number of other reports. Stephens raised their price target on shares of KeyCorp from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. Morgan Stanley upped their price objective on shares of KeyCorp from $20.00 to $24.00 and gave the company an “underperform” rating in a research report on Monday, September 29th. Robert W. Baird downgraded KeyCorp from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 6th. Barclays boosted their price target on KeyCorp from $20.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Monday, January 5th. Finally, Keefe, Bruyette & Woods raised their price objective on KeyCorp from $21.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, December 17th. Eleven investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, KeyCorp presently has a consensus rating of “Hold” and an average target price of $22.68.

KeyCorp Price Performance

KEY stock opened at $21.30 on Monday. The stock has a 50-day simple moving average of $20.36 and a 200-day simple moving average of $18.97. The firm has a market cap of $23.28 billion, a P/E ratio of 14.01, a price-to-earnings-growth ratio of 0.52 and a beta of 1.09. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.82 and a current ratio of 0.83. KeyCorp has a 1 year low of $12.73 and a 1 year high of $22.07.

KeyCorp (NYSE:KEY) last released its quarterly earnings results on Tuesday, January 20th. The financial services provider reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.02. The firm had revenue of $2.01 billion during the quarter, compared to analysts’ expectations of $1.95 billion. KeyCorp had a return on equity of 10.28% and a net margin of 15.97%.KeyCorp’s quarterly revenue was up 131.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.30 EPS. On average, equities analysts predict that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Tuesday, March 3rd will be issued a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Tuesday, March 3rd. KeyCorp’s payout ratio is currently 53.95%.

Insider Buying and Selling

In other KeyCorp news, Director Trina M. Evans sold 32,695 shares of the stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $21.74, for a total transaction of $710,789.30. Following the transaction, the director owned 58,719 shares of the company’s stock, valued at $1,276,551.06. This trade represents a 35.77% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.52% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On KeyCorp

Several large investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its stake in KeyCorp by 90.2% during the third quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock valued at $679,768,000 after purchasing an additional 17,245,128 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of KeyCorp by 1.5% in the 2nd quarter. Geode Capital Management LLC now owns 24,676,571 shares of the financial services provider’s stock valued at $428,084,000 after buying an additional 359,573 shares during the period. Invesco Ltd. grew its position in shares of KeyCorp by 2.4% during the 2nd quarter. Invesco Ltd. now owns 21,112,659 shares of the financial services provider’s stock valued at $367,783,000 after buying an additional 488,730 shares during the last quarter. Capital World Investors grew its position in shares of 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 buying an additional 13,067,326 shares during the last quarter. Finally, Franklin Resources Inc. raised its stake in KeyCorp by 2.6% during the third quarter. Franklin Resources Inc. now owns 15,799,619 shares of the financial services provider’s stock worth $295,295,000 after acquiring an additional 397,523 shares during the period. 79.69% of the stock is currently owned by institutional investors.

About KeyCorp

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.