TD Cowen Forecasts Strong Price Appreciation for KeyCorp (NYSE:KEY) Stock

KeyCorp (NYSE:KEY) had its price objective upped by equities research analysts at TD Cowen from $24.00 to $25.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. TD Cowen’s target price would indicate a potential upside of 16.33% from the company’s previous close.

KEY has been the subject of several other reports. The Goldman Sachs Group upped their target price on KeyCorp from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Tuesday. Citigroup restated a “neutral” rating on shares of KeyCorp in a report on Wednesday, December 31st. Evercore ISI upped their price objective on shares of KeyCorp from $21.00 to $25.00 and gave the company an “outperform” rating in a research note on Tuesday. Keefe, Bruyette & Woods raised their target price on shares of KeyCorp from $21.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 17th. Finally, Stephens boosted their target price on shares of KeyCorp from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. Eleven equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, KeyCorp has an average rating of “Hold” and an average target price of $22.33.

KeyCorp Stock Up 0.9%

Shares of NYSE KEY opened at $21.49 on Wednesday. KeyCorp has a 1 year low of $12.73 and a 1 year high of $21.75. The firm’s 50 day moving average price is $19.35 and its 200 day moving average price is $18.63. The firm has a market cap of $23.49 billion, a P/E ratio of 26.53, a price-to-earnings-growth ratio of 0.53 and a beta of 1.09. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83.

KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Thursday, October 16th. The financial services provider reported $0.41 earnings per share 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 company had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same period in the previous year, the firm posted ($0.47) EPS. KeyCorp’s revenue was up 172.7% on a year-over-year basis. As a group, sell-side analysts anticipate that KeyCorp will post 1.5 earnings per share for the current year.

Institutional Investors Weigh In On KeyCorp

Several large investors have recently made changes to their positions in KEY. Kingsview Wealth Management LLC lifted its holdings in shares of KeyCorp by 2.7% during the 3rd quarter. Kingsview Wealth Management LLC now owns 21,255 shares of the financial services provider’s stock valued at $397,000 after acquiring an additional 568 shares in the last quarter. Dakota Wealth Management raised its position in KeyCorp by 2.2% in the second quarter. Dakota Wealth Management now owns 27,374 shares of the financial services provider’s stock valued at $477,000 after purchasing an additional 586 shares during the period. Bryn Mawr Trust Advisors LLC lifted its stake in shares of KeyCorp by 4.8% during the second quarter. Bryn Mawr Trust Advisors LLC now owns 13,363 shares of the financial services provider’s stock worth $233,000 after purchasing an additional 608 shares in the last quarter. NorthCrest Asset Manangement LLC boosted its position in shares of KeyCorp by 4.1% in the third quarter. NorthCrest Asset Manangement LLC now owns 15,912 shares of the financial services provider’s stock worth $293,000 after buying an additional 627 shares during the period. Finally, Investors Asset Management of Georgia Inc. GA ADV boosted its position in shares of KeyCorp by 2.9% in the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 22,412 shares of the financial services provider’s stock worth $389,000 after buying an additional 639 shares during the period. Institutional investors and hedge funds own 79.69% of the company’s stock.

Trending Headlines about 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.