Truist Financial Cuts KeyCorp (NYSE:KEY) Price Target to $22.00

KeyCorp (NYSE:KEY) had its price objective cut by Truist Financial from $23.00 to $22.00 in a report released on Monday,Benzinga reports. They currently have a hold rating on the financial services provider’s stock.

KEY has been the topic of a number of other reports. TD Cowen reiterated a “buy” rating on shares of KeyCorp in a research note on Wednesday, January 7th. Argus raised their target price on KeyCorp from $21.00 to $25.00 and gave the company a “buy” rating in a report on Thursday, January 22nd. DA Davidson set a $25.00 price target on KeyCorp in a research report on Wednesday, January 21st. Piper Sandler upped their price target on KeyCorp from $20.00 to $22.00 and gave the stock an “overweight” rating in a report on Tuesday, December 9th. Finally, The Goldman Sachs Group increased their price objective on KeyCorp from $25.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, January 21st. Twelve research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $22.97.

KeyCorp Stock Performance

NYSE:KEY opened at $19.99 on Monday. KeyCorp has a 1 year low of $12.73 and a 1 year high of $23.34. The firm’s fifty day simple moving average is $21.02 and its 200 day simple moving average is $19.68. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $21.78 billion, a PE ratio of 13.15, a PEG ratio of 0.59 and a beta of 1.08.

KeyCorp (NYSE:KEY) last announced its earnings results on Tuesday, January 20th. The financial services provider reported $0.41 EPS for the quarter, topping the consensus estimate of $0.39 by $0.02. KeyCorp had a net margin of 15.97% and a return on equity of 10.28%. The firm had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $1.95 billion. During the same quarter last year, the firm posted $0.30 EPS. The business’s quarterly revenue was up 131.8% on a year-over-year basis. On average, sell-side analysts anticipate that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Tuesday, March 3rd were given a dividend of $0.205 per share. The ex-dividend date of this dividend was Tuesday, March 3rd. This represents a $0.82 dividend on an annualized basis and a yield of 4.1%. KeyCorp’s dividend payout ratio (DPR) is 53.95%.

Insider Activity at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 62,850 shares of the firm’s stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $21.55, for a total value of $1,354,417.50. Following the completion of the sale, the insider owned 261,415 shares in the company, valued at approximately $5,633,493.25. This trade represents a 19.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Andrew J. Paine III sold 65,961 shares of KeyCorp stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $23.23, for a total value of $1,532,274.03. Following the sale, the insider directly owned 166,583 shares in the company, valued at $3,869,723.09. The trade was a 28.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 161,506 shares of company stock worth $3,597,481 over the last three months. Company insiders own 0.52% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Rockefeller Capital Management L.P. increased its holdings in KeyCorp by 1.9% in the 4th quarter. Rockefeller Capital Management L.P. now owns 229,568 shares of the financial services provider’s stock valued at $4,738,000 after buying an additional 4,266 shares during the period. World Investment Advisors lifted its holdings in shares of KeyCorp by 55.5% during the 4th quarter. World Investment Advisors now owns 22,381 shares of the financial services provider’s stock worth $462,000 after acquiring an additional 7,987 shares during the period. Demming Financial Services Corp ADV bought a new position in shares of KeyCorp during the 4th quarter worth about $971,000. Tempo Wealth LLC acquired a new stake in shares of KeyCorp during the 4th quarter valued at about $470,000. Finally, Virtu Financial LLC acquired a new stake in shares of KeyCorp during the 4th quarter valued at about $789,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

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.