Wells Fargo & Company Issues Positive Forecast for KeyCorp (NYSE:KEY) Stock Price

KeyCorp (NYSE:KEY) had its price target lifted by Wells Fargo & Company from $24.00 to $27.00 in a research report sent to investors on Monday, Marketbeat.com reports. They currently have an overweight rating on the financial services provider’s stock.

Other equities research analysts also recently issued reports about the stock. Susquehanna upped their price objective on shares of KeyCorp from $300.00 to $415.00 and gave the stock a “positive” rating in a research report on Monday, May 18th. JPMorgan Chase & Co. dropped their target price on shares of KeyCorp from $24.50 to $22.50 and set a “neutral” rating on the stock in a research report on Tuesday, April 7th. Evercore restated an “outperform” rating on shares of KeyCorp in a research note on Tuesday, April 21st. Morgan Stanley upped their target price on KeyCorp from $24.00 to $25.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. Finally, Piper Sandler increased their price target on KeyCorp from $23.00 to $24.00 and gave the company an “overweight” rating in a research report on Friday, April 17th. Thirteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $47.34.

KeyCorp Price Performance

Shares of NYSE:KEY opened at $23.43 on Monday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. The stock has a market cap of $25.30 billion, a PE ratio of 14.38, a price-to-earnings-growth ratio of 0.72 and a beta of 1.02. The stock’s fifty day simple moving average is $22.02 and its two-hundred day simple moving average is $21.38. KeyCorp has a 1-year low of $16.47 and a 1-year high of $23.72.

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

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Tuesday, June 2nd were paid a $0.205 dividend. The ex-dividend date was Tuesday, June 2nd. This represents a $0.82 annualized dividend and a yield of 3.5%. KeyCorp’s dividend payout ratio is presently 50.31%.

KeyCorp announced that its board has initiated a share buyback program on Wednesday, May 13th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 13% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at KeyCorp

In other news, insider Angela G. Mago sold 22,826 shares of the 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 approximately $6,098,676.24. This represents a 7.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.56% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On KeyCorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. MCF Advisors LLC raised its holdings in KeyCorp by 31.6% during the 4th quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 456 shares during the period. Prime Capital Investment Advisors LLC raised its stake in shares of KeyCorp by 1.7% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 28,498 shares of the financial services provider’s stock valued at $588,000 after purchasing an additional 486 shares during the period. Harbour Investments Inc. lifted its holdings in KeyCorp by 19.0% during the 4th quarter. Harbour Investments Inc. now owns 3,180 shares of the financial services provider’s stock worth $66,000 after purchasing an additional 508 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in KeyCorp by 5.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 10,265 shares of the financial services provider’s stock worth $206,000 after purchasing an additional 522 shares during the period. Finally, Centennial Wealth Advisory LLC grew its holdings in KeyCorp by 1.2% during the 4th quarter. Centennial Wealth Advisory LLC now owns 44,986 shares of the financial services provider’s stock valued at $929,000 after buying an additional 524 shares in the last quarter. Institutional investors 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.