KeyCorp (NYSE:KEY) Price Target Raised to $25.00

KeyCorp (NYSE:KEY) had its price target raised by Argus from $21.00 to $25.00 in a report issued on Thursday morning,MarketScreener reports. They currently have a buy rating on the financial services provider’s stock.

KEY has been the subject of a number of other research reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of KeyCorp in a research report on Monday, December 29th. Piper Sandler boosted their price target on KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Tuesday, December 9th. Jefferies Financial Group upped their price target on KeyCorp from $19.00 to $22.00 and gave the company a “hold” rating in a report on Wednesday, December 10th. Keefe, Bruyette & Woods lifted their price objective on KeyCorp from $21.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, December 17th. Finally, The Goldman Sachs Group boosted their price objective on KeyCorp from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Tuesday, January 6th. Eleven investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $22.63.

KeyCorp Trading Down 2.2%

Shares of KeyCorp stock opened at $21.09 on Thursday. The company’s fifty day simple moving average is $20.11 and its 200-day simple moving average is $18.91. The company has a market cap of $23.05 billion, a price-to-earnings ratio of 13.88, a PEG ratio of 0.51 and a beta of 1.09. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.55. KeyCorp has a 1 year low of $12.73 and a 1 year high of $22.07.

KeyCorp (NYSE:KEY) last released its earnings results on Tuesday, January 20th. The financial services provider reported $0.41 EPS for the quarter, beating the consensus estimate of $0.39 by $0.02. KeyCorp had a net margin of 15.97% and a return on equity of 10.28%. The firm had revenue of $2.01 billion during the quarter, compared to analysts’ expectations of $1.95 billion. During the same period in the prior year, the company earned $0.30 EPS. The business’s quarterly revenue was up 131.8% compared to the same quarter last year. As a group, sell-side analysts expect that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd will be given a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Tuesday, March 3rd. KeyCorp’s dividend payout ratio is 53.95%.

Insider Transactions at KeyCorp

In other KeyCorp news, Director Trina M. Evans sold 32,695 shares of KeyCorp stock in a transaction 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 completion of the transaction, the director directly owned 58,719 shares of the company’s stock, valued at approximately $1,276,551.06. This trade represents a 35.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.52% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On KeyCorp

Hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP boosted its position in KeyCorp by 90.2% in 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 buying an additional 17,245,128 shares in the last quarter. Capital World Investors raised its stake in shares of KeyCorp by 169.2% in the third quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider’s stock valued at $388,546,000 after acquiring an additional 13,067,326 shares during the last quarter. Norges Bank bought a new position in shares of KeyCorp in the second quarter valued at approximately $195,642,000. HoldCo Asset Management LP acquired a new position in shares of KeyCorp in the 2nd quarter worth approximately $86,995,000. Finally, JPMorgan Chase & Co. grew its position in KeyCorp by 123.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 7,182,671 shares of the financial services provider’s stock worth $125,122,000 after acquiring an additional 3,967,544 shares during the last quarter. Institutional investors and hedge funds own 79.69% of the company’s stock.

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.