JPMorgan Chase & Co. Cuts KeyCorp (NYSE:KEY) Price Target to $23.00

KeyCorp (NYSE:KEY) had its target price lowered by JPMorgan Chase & Co. from $24.50 to $23.00 in a research report sent to investors on Friday morning,Benzinga reports. The brokerage currently has a neutral rating on the financial services provider’s stock.

A number of other equities analysts have also recently weighed in on the stock. Evercore reissued an “outperform” rating and issued a $24.00 price objective on shares of KeyCorp in a research report on Thursday. TD Cowen reaffirmed a “buy” rating and issued a $68.00 price target on shares of KeyCorp in a report on Tuesday, June 23rd. Citigroup reiterated a “neutral” rating on shares of KeyCorp in a report on Tuesday, September 22nd. Keefe, Bruyette & Woods increased their price objective on shares of KeyCorp from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 22nd. Finally, Jefferies Financial Group dropped their target price on KeyCorp from $24.00 to $22.00 and set a “hold” rating on the stock in a research report on Thursday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, KeyCorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.94.

KeyCorp Stock Up 0.0%

Shares of NYSE:KEY opened at $20.09 on Friday. The company has a 50 day moving average of $21.81 and a two-hundred day moving average of $21.79. KeyCorp has a 52-week low of $16.47 and a 52-week high of $24.07. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $21.43 billion, a price-to-earnings ratio of 11.68, a price-to-earnings-growth ratio of 0.76 and a beta of 1.08.

KeyCorp (NYSE:KEY) last announced its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.02. The business had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $1.97 billion. KeyCorp had a net margin of 17.83% and a return on equity of 11.23%. The business’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.35 earnings per share. As a group, analysts forecast that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were issued a $0.2050 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend was Tuesday, September 1st. KeyCorp’s dividend payout ratio is 47.67%.

Institutional Trading of KeyCorp

Hedge funds have recently added to or reduced their stakes in the business. Bank of Nova Scotia bought a new position in shares of KeyCorp in the second quarter worth $3,636,436,000. BlackRock Inc. bought a new stake in shares of KeyCorp during the second quarter valued at about $2,039,113,000. State Street Corp lifted its holdings in KeyCorp by 9.0% in the second quarter. State Street Corp now owns 51,368,660 shares of the financial services provider’s stock worth $1,184,048,000 after purchasing an additional 4,238,225 shares during the period. Capital World Investors lifted its holdings in KeyCorp by 1.1% in the fourth quarter. Capital World Investors now owns 21,027,471 shares of the financial services provider’s stock worth $434,007,000 after purchasing an additional 238,514 shares during the period. Finally, Deutsche Bank AG bought a new position in KeyCorp in the 2nd quarter valued at about $380,244,000. Institutional investors own 79.69% of the company’s stock.

KeyCorp Company Profile

KeyCorp (NYSE:KEY) is a financial services company headquartered in Cleveland, Ohio, and the parent company of KeyBank National Association. Through KeyBank, the company provides banking and financial services to individuals, families, businesses, institutions and government entities.

KeyBank’s offerings include consumer and business deposit accounts, residential and commercial lending, mortgage and home equity products, credit cards, payments services, treasury management, wealth management and investment services.