Brokerages Set KeyCorp (NYSE:KEY) PT at $46.50

KeyCorp (NYSE:KEY) has earned a consensus recommendation of “Moderate Buy” from the twenty brokerages that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation and twelve have issued a buy recommendation on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $46.5526.

Several equities research analysts have recently commented on KEY shares. DA Davidson increased their price objective on KeyCorp from $26.00 to $27.00 and gave the company a “buy” rating in a report on Monday, May 4th. Piper Sandler boosted 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. The Goldman Sachs Group upped their price target on shares of KeyCorp from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, April 17th. Morgan Stanley increased their price target on shares of KeyCorp from $24.00 to $25.00 and gave the company an “equal weight” rating in a research note on Monday. Finally, Wall Street Zen downgraded shares of KeyCorp from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th.

Insider Transactions at KeyCorp

In related news, insider Angela G. Mago sold 22,826 shares of KeyCorp stock in a transaction dated 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 trade represents a 7.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.56% of the company’s stock.

Institutional Trading of KeyCorp

Several institutional investors and hedge funds have recently bought and sold shares of KEY. Wellington Management Group LLP raised its stake in 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 purchasing an additional 17,245,128 shares in the last quarter. Capital World Investors lifted its stake in KeyCorp by 169.2% during the third quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider’s stock worth $388,546,000 after purchasing an additional 13,067,326 shares during the last quarter. Norges Bank bought a new stake in shares of KeyCorp during the 4th quarter worth $262,688,000. North Reef Capital Management LP bought a new position in shares of KeyCorp in the first quarter worth about $253,632,000. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in KeyCorp in the fourth quarter valued at approximately $150,843,000. Institutional investors own 79.69% of the company’s stock.

KeyCorp Stock Performance

Shares of NYSE KEY opened at $22.99 on Monday. The stock has a 50 day moving average price of $21.99 and a 200 day moving average price of $21.36. KeyCorp has a 52 week low of $16.47 and a 52 week high of $23.72. 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 stock has a market capitalization of $24.82 billion, a PE ratio of 14.11, a price-to-earnings-growth ratio of 0.72 and a beta of 1.02.

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

KeyCorp announced that its Board of Directors has initiated a stock buyback 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 purchase up to 13% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd were issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend was Tuesday, June 2nd. KeyCorp’s dividend payout ratio is presently 50.31%.

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.