KeyCorp (NYSE:KEY) Reaches New 12-Month High Following Analyst Upgrade

KeyCorp (NYSE:KEY)’s share price hit a new 52-week high on Monday after Wells Fargo & Company raised their price target on the stock from $22.00 to $24.00. Wells Fargo & Company currently has an overweight rating on the stock. KeyCorp traded as high as $21.57 and last traded at $21.6450, with a volume of 2068088 shares trading hands. The stock had previously closed at $20.98.

Several other equities analysts have also weighed in on KEY. Stephens raised their price objective on shares of KeyCorp from $21.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, December 18th. Truist Financial raised their target price on shares of KeyCorp from $19.00 to $22.00 and gave the stock a “hold” rating in a report on Monday, December 22nd. Cowen upgraded shares of KeyCorp from a “hold” rating to a “buy” rating in a research report on Tuesday, December 9th. Evercore ISI increased their price objective on KeyCorp from $21.00 to $22.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. Finally, DA Davidson raised 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. Twelve analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, KeyCorp presently has an average rating of “Moderate Buy” and a consensus price target of $22.15.

Institutional Investors Weigh In On KeyCorp

Several hedge funds have recently bought and sold shares of the business. Activest Wealth Management grew its stake in KeyCorp by 8,775.0% during the 2nd quarter. Activest Wealth Management now owns 1,420 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 1,404 shares in the last quarter. United Community Bank acquired a new stake in shares of KeyCorp during the third quarter worth approximately $27,000. Tompkins Financial Corp acquired a new stake in shares of KeyCorp during the second quarter worth approximately $26,000. Sachetta LLC grew its position in KeyCorp by 1,246.1% during the third quarter. Sachetta LLC now owns 1,723 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 1,595 shares in the last quarter. Finally, Kelleher Financial Advisors acquired a new position in KeyCorp in the 3rd quarter valued at approximately $32,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

KeyCorp Trading Up 3.5%

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 company has a market cap of $23.72 billion, a PE ratio of 26.78, a P/E/G ratio of 0.52 and a beta of 1.09. The business’s 50-day simple moving average is $19.04 and its 200-day simple moving average is $18.52.

KeyCorp (NYSE:KEY) last posted its quarterly earnings results on Thursday, October 16th. The financial services provider reported $0.41 EPS for the quarter, beating the consensus estimate of $0.38 by $0.03. KeyCorp had a net margin of 10.08% and a return on equity of 10.14%. The business had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.87 billion. During the same period in the previous year, the company posted ($0.47) EPS. KeyCorp’s revenue was up 172.7% on a year-over-year basis. As a group, analysts expect that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Tuesday, December 2nd were issued a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Tuesday, December 2nd. KeyCorp’s payout ratio is currently 101.23%.

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.