KeyCorp (NYSE:KEY) Hits New 1-Year High Following Analyst Upgrade

KeyCorp (NYSE:KEY) reached a new 52-week high on Wednesday after Keefe, Bruyette & Woods raised their price target on the stock from $21.00 to $24.00. Keefe, Bruyette & Woods currently has an outperform rating on the stock. KeyCorp traded as high as $20.88 and last traded at $20.8650, with a volume of 3840211 shares. The stock had previously closed at $20.58.

Other analysts also recently issued research reports about the stock. Truist Financial decreased their price target on shares of KeyCorp from $20.00 to $19.00 and set a “hold” rating for the company in a research report on Friday, October 17th. The Goldman Sachs Group reissued a “positive” rating on shares of KeyCorp in a report on Wednesday, December 10th. Royal Bank Of Canada upped their target price on shares of KeyCorp from $20.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of KeyCorp in a research report on Monday. Finally, JPMorgan Chase & Co. boosted their price objective on KeyCorp from $19.00 to $19.50 and gave the company a “neutral” rating in a report on Friday, October 10th. Twelve analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, KeyCorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.44.

Institutional Investors Weigh In On KeyCorp

A number of hedge funds have recently added to or reduced their stakes in KEY. Activest Wealth Management increased its holdings in shares of KeyCorp by 8,775.0% in the 2nd quarter. Activest Wealth Management now owns 1,420 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 1,404 shares during the period. United Community Bank bought a new stake in shares of KeyCorp during the third quarter valued at approximately $27,000. Tompkins Financial Corp acquired a new position in shares of KeyCorp during the second quarter worth approximately $26,000. Sachetta LLC grew its holdings in KeyCorp by 1,246.1% in the 3rd quarter. Sachetta LLC now owns 1,723 shares of the financial services provider’s stock worth $32,000 after buying an additional 1,595 shares in the last quarter. Finally, Kelleher Financial Advisors bought a new position in KeyCorp in the 3rd quarter worth approximately $32,000. 79.69% of the stock is currently owned by institutional investors.

KeyCorp Trading Up 0.2%

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 firm has a 50-day moving average of $18.26 and a 200 day moving average of $18.10. The stock has a market capitalization of $22.94 billion, a price-to-earnings ratio of 25.91, a PEG ratio of 0.62 and a beta of 1.11.

KeyCorp (NYSE:KEY) last released its earnings results on Thursday, October 16th. The financial services provider reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.03. KeyCorp had a return on equity of 10.14% and a net margin of 10.08%.The firm had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same period in the prior year, the firm posted ($0.47) earnings per share. The firm’s revenue for the quarter was up 172.7% compared to the same quarter last year. As a group, equities analysts predict that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Tuesday, December 2nd were given a dividend of $0.205 per share. The ex-dividend date was Tuesday, December 2nd. This represents a $0.82 annualized dividend and a dividend yield of 3.9%. KeyCorp’s dividend payout ratio (DPR) is 101.23%.

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.