UBS Group Forecasts Strong Price Appreciation for KeyCorp (NYSE:KEY) Stock

KeyCorp (NYSE:KEY) had its price target increased by analysts at UBS Group from $25.00 to $27.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the financial services provider’s stock. UBS Group’s price objective would indicate a potential upside of 14.75% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. JPMorgan Chase & Co. boosted their price target on KeyCorp from $22.50 to $24.50 and gave the stock a “neutral” rating in a report on Monday. Stephens initiated coverage on shares of KeyCorp in a report on Monday, June 15th. They issued an “overweight” rating and a $26.00 target price for the company. Susquehanna raised their price target on shares of KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a research note on Monday, May 18th. Wells Fargo & Company lifted their price target on shares of KeyCorp from $24.00 to $27.00 and gave the company an “overweight” rating in a report on Monday. Finally, Jefferies Financial Group upped their price objective on shares of KeyCorp from $21.00 to $23.00 and gave the stock a “hold” rating in a research report on Friday, April 17th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $47.34.

KeyCorp Price Performance

KEY stock opened at $23.53 on Tuesday. The company’s 50-day moving average price is $22.02 and its two-hundred day moving average price is $21.38. The firm has a market cap of $25.40 billion, a P/E ratio of 14.40, a P/E/G ratio of 0.72 and a beta of 1.02. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62. KeyCorp has a 12 month low of $16.47 and a 12 month high of $23.72.

KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Thursday, April 16th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.03. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The business had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $1.93 billion. During the same period last year, the firm posted $0.38 earnings per share. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. On average, analysts anticipate that KeyCorp will post 1.82 earnings per share for the current fiscal year.

KeyCorp announced that its Board of Directors has approved a share repurchase plan on Wednesday, May 13th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 13% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at KeyCorp

In other news, insider Angela G. Mago sold 22,826 shares of KeyCorp stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $21.66, for a total transaction of $494,411.16. Following the completion of the transaction, the insider directly owned 281,564 shares in the company, valued at $6,098,676.24. This trade represents a 7.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On KeyCorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. M&T Bank Corp boosted its holdings in KeyCorp by 5,317.0% in the 4th quarter. M&T Bank Corp now owns 1,350,519 shares of the financial services provider’s stock valued at $27,875,000 after purchasing an additional 1,325,588 shares during the period. Gradient Investments LLC boosted its holdings in KeyCorp by 797.9% during the 4th quarter. Gradient Investments LLC now owns 897,563 shares of the financial services provider’s stock valued at $18,526,000 after acquiring an additional 797,599 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in shares of KeyCorp by 68.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 204,993 shares of the financial services provider’s stock valued at $4,428,000 after acquiring an additional 83,367 shares during the period. Bank of New York Mellon Corp increased its stake in shares of KeyCorp by 14.8% during the fourth quarter. Bank of New York Mellon Corp now owns 5,602,637 shares of the financial services provider’s stock valued at $115,638,000 after buying an additional 721,421 shares during the period. Finally, Brevan Howard Capital Management LP raised its holdings in shares of KeyCorp by 130.6% during the third quarter. Brevan Howard Capital Management LP now owns 584,471 shares of the financial services provider’s stock valued at $10,924,000 after acquiring an additional 330,967 shares in the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

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.