KeyCorp (NYSE:KEY) Given New $24.00 Price Target at Wells Fargo & Company

KeyCorp (NYSE:KEY) had its price target boosted by stock analysts at Wells Fargo & Company from $22.00 to $24.00 in a report released on Monday,MarketScreener reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 12.76% from the stock’s current price.

Several other research analysts have also recently issued reports on the company. DA Davidson increased their price objective on KeyCorp from $21.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, December 10th. Jefferies Financial Group upped their target price on KeyCorp from $19.00 to $22.00 and gave the stock a “hold” rating in a report on Wednesday, December 10th. Keefe, Bruyette & Woods increased their price target on KeyCorp from $21.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 17th. Evercore ISI upped their price objective on shares of KeyCorp from $21.00 to $22.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 30th. Finally, Citigroup reiterated a “neutral” rating on shares of KeyCorp in a report on Wednesday. Twelve research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $22.15.

KeyCorp Trading Up 1.4%

NYSE KEY opened at $21.28 on Monday. The stock has a market cap of $23.26 billion, a PE ratio of 26.25, a PEG ratio of 0.52 and a beta of 1.09. KeyCorp has a 12 month low of $12.73 and a 12 month high of $21.25. The company’s 50-day moving average price is $19.04 and its 200-day moving average price is $18.52. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62.

KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Thursday, October 16th. The financial services provider reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.03. The company had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.87 billion. KeyCorp had a net margin of 10.08% and a return on equity of 10.14%. The firm’s revenue for the quarter was up 172.7% on a year-over-year basis. During the same quarter last year, the business posted ($0.47) EPS. Equities research analysts forecast that KeyCorp will post 1.5 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of KEY. Wellington Management Group LLP raised its holdings 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 during the period. Geode Capital Management LLC grew its position in shares of KeyCorp by 1.5% in the second quarter. Geode Capital Management LLC now owns 24,676,571 shares of the financial services provider’s stock valued at $428,084,000 after purchasing an additional 359,573 shares in the last quarter. Invesco Ltd. raised its holdings in shares of KeyCorp by 2.4% during the 2nd quarter. Invesco Ltd. now owns 21,112,659 shares of the financial services provider’s stock worth $367,783,000 after acquiring an additional 488,730 shares during the period. Capital World Investors grew its holdings in shares of KeyCorp by 169.2% in the third quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider’s stock valued at $388,546,000 after purchasing an additional 13,067,326 shares during the period. Finally, Franklin Resources Inc. raised its stake in KeyCorp by 2.6% during the third quarter. Franklin Resources Inc. now owns 15,799,619 shares of the financial services provider’s stock worth $295,295,000 after purchasing an additional 397,523 shares during the period. 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.