KeyCorp (NYSE:KEY) Price Target Raised to $415.00 at Susquehanna

KeyCorp (NYSE:KEY) had its target price raised by Susquehanna from $300.00 to $415.00 in a report issued on Monday morning,MarketScreener reports. The brokerage currently has a positive rating on the financial services provider’s stock.

KEY has been the subject of several other research reports. Jefferies Financial Group increased their target price on KeyCorp from $21.00 to $23.00 and gave the stock a “hold” rating in a research report on Friday, April 17th. Robert W. Baird raised their price target on KeyCorp from $19.00 to $22.00 and gave the company a “neutral” rating in a report on Friday, April 17th. Morgan Stanley cut their price target on KeyCorp from $26.00 to $24.00 and set an “equal weight” rating for the company in a report on Tuesday, March 31st. The Goldman Sachs Group raised their price target on KeyCorp from $25.00 to $26.00 and gave the company a “buy” rating in a report on Friday, April 17th. Finally, Piper Sandler raised their price target on KeyCorp from $23.00 to $24.00 and gave the company an “overweight” rating in a report on Friday, April 17th. Thirteen research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, KeyCorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.78.

KeyCorp Stock Up 0.2%

KEY stock opened at $21.08 on Monday. KeyCorp has a fifty-two week low of $15.28 and a fifty-two week high of $23.34. The business’s 50-day moving average is $20.76 and its two-hundred day moving average is $20.44. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83. The company has a market cap of $22.86 billion, a price-to-earnings ratio of 12.93, a P/E/G ratio of 0.67 and a beta of 1.06.

KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Thursday, April 16th. The financial services provider reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.03. The business had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $1.93 billion. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.The business’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.38 earnings per share. As a group, analysts forecast that KeyCorp will post 1.82 earnings per share for the current year.

KeyCorp declared that its board has initiated a share buyback plan on Wednesday, May 13th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 13% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

KeyCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Tuesday, June 2nd will be issued a dividend of $0.205 per share. The ex-dividend date is Tuesday, June 2nd. This represents a $0.82 dividend on an annualized basis and a yield of 3.9%. KeyCorp’s payout ratio is presently 50.31%.

Insider Transactions at KeyCorp

In related news, insider Angela G. Mago sold 22,826 shares of the business’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $21.66, for a total transaction of $494,411.16. Following the completion of the transaction, the insider owned 281,564 shares in the company, valued at $6,098,676.24. The trade was a 7.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.56% of the stock is currently owned by insiders.

Institutional Investors Weigh In On KeyCorp

A number of institutional investors and hedge funds have recently bought and sold shares 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 acquiring an additional 17,245,128 shares in the last quarter. Capital World Investors raised its position in shares of KeyCorp by 169.2% in the 3rd quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider’s stock worth $388,546,000 after acquiring an additional 13,067,326 shares in the last quarter. Norges Bank bought a new position in shares of KeyCorp in the 4th quarter worth $262,688,000. North Reef Capital Management LP bought a new position in shares of KeyCorp in the 1st quarter worth $253,632,000. Finally, Eurizon Capital SGR S.p.A. bought a new position in shares of KeyCorp in the 4th quarter worth $150,843,000. 79.69% of the stock is owned by institutional investors.

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.