KeyCorp (NYSE:KEY) Earns “Buy” Rating from TD Cowen

KeyCorp (NYSE:KEY)‘s stock had its “buy” rating restated by TD Cowen in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $68.00 price target on the financial services provider’s stock. TD Cowen’s price objective would indicate a potential upside of 195.87% from the stock’s current price.

Several other brokerages have also recently commented on KEY. Piper Sandler raised their target price on shares of KeyCorp from $23.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, April 17th. Morgan Stanley decreased their price objective on shares of KeyCorp from $26.00 to $24.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 31st. Royal Bank Of Canada lifted their price objective on shares of KeyCorp from $22.00 to $24.00 and gave the stock an “outperform” rating in a research report on Friday, April 17th. Jefferies Financial Group boosted their target price on shares of KeyCorp from $21.00 to $23.00 and gave the company a “hold” rating in a research note on Friday, April 17th. Finally, Wall Street Zen lowered KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Twelve research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, KeyCorp has an average rating of “Moderate Buy” and a consensus price target of $46.39.

KeyCorp Price Performance

Shares of NYSE KEY traded up $0.15 during midday trading on Tuesday, reaching $22.98. The company’s stock had a trading volume of 2,796,861 shares, compared to its average volume of 14,490,953. 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 company has a 50 day moving average price of $21.75 and a 200 day moving average price of $21.16. KeyCorp has a one year low of $16.47 and a one year high of $23.34. The company has a market cap of $24.92 billion, a price-to-earnings ratio of 14.10, a price-to-earnings-growth ratio of 0.71 and a beta of 1.03.

KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.03. The company had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.93 billion. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.KeyCorp’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.38 earnings per share. On average, equities research analysts expect that KeyCorp will post 1.82 EPS for the current year.

KeyCorp announced that its board has initiated a share repurchase plan on Wednesday, May 13th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 13% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In related news, insider Angela G. Mago sold 22,826 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $21.66, for a total value of $494,411.16. Following 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.56% of the stock is currently owned by insiders.

Institutional Investors Weigh In On KeyCorp

Several institutional investors and hedge funds have recently modified their holdings of the business. DV Equities LLC acquired a new position in KeyCorp during the fourth quarter worth $27,000. Maseco LLP bought a new stake in shares of KeyCorp during the 4th quarter worth about $27,000. GoalVest Advisory LLC bought a new stake in shares of KeyCorp during the 4th quarter worth about $30,000. Smithfield Trust Co acquired a new position in shares of KeyCorp during the 4th quarter valued at about $31,000. Finally, True Wealth Design LLC increased its holdings in shares of KeyCorp by 1,263.5% during the 4th quarter. True Wealth Design LLC now owns 1,718 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 1,592 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.