Brokerages Set KeyCorp (NYSE:KEY) PT at $49.14

Shares of KeyCorp (NYSE:KEY) have been given an average rating of “Moderate Buy” by the twenty ratings firms that are presently covering the stock, Marketbeat reports. Seven analysts have rated the stock with a hold recommendation and thirteen have assigned a buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $49.1389.

A number of equities analysts recently weighed in on KEY shares. Wall Street Zen lowered shares of KeyCorp from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Piper Sandler upped their price objective on KeyCorp from $23.00 to $24.00 and gave the stock an “overweight” rating in a research report on Friday, April 17th. Keefe, Bruyette & Woods lifted their target price on KeyCorp from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Wednesday, July 22nd. Weiss Ratings raised KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Finally, Jefferies Financial Group lifted their price objective on shares of KeyCorp from $21.00 to $23.00 and gave the company a “hold” rating in a report on Friday, April 17th.

KeyCorp Stock Performance

Shares of KEY opened at $22.64 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 0.84. KeyCorp has a twelve month low of $16.47 and a twelve month high of $24.07. The firm’s 50 day moving average price is $22.54 and its two-hundred day moving average price is $21.62. The firm has a market cap of $24.44 billion, a P/E ratio of 13.17, a PEG ratio of 0.74 and a beta of 1.02.

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

KeyCorp announced that its Board of Directors has approved a stock repurchase program on Wednesday, May 13th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 13% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

KeyCorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 3.6%. The ex-dividend date is Tuesday, September 1st. KeyCorp’s payout ratio is presently 47.67%.

Insider Activity at KeyCorp

In other news, insider Angela G. Mago sold 22,826 shares of the firm’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $21.66, for a total value of $494,411.16. Following the completion of the transaction, the insider owned 281,564 shares in the company, valued at $6,098,676.24. This trade represents a 7.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.56% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On KeyCorp

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Brighton Jones LLC bought a new stake in KeyCorp during the fourth quarter worth $476,000. Woodline Partners LP raised its holdings in shares of KeyCorp by 41.4% in the 1st quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider’s stock valued at $1,346,000 after purchasing an additional 24,627 shares during the period. EverSource Wealth Advisors LLC lifted its stake in KeyCorp by 58.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider’s stock valued at $90,000 after purchasing an additional 1,890 shares during the last quarter. Cresset Asset Management LLC lifted its stake in KeyCorp by 6.5% in the 2nd quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider’s stock valued at $263,000 after purchasing an additional 926 shares during the last quarter. Finally, Federated Hermes Inc. bought a new position in KeyCorp during the second quarter worth about $186,000. Institutional investors 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.