Wells Fargo & Company Forecasts Strong Price Appreciation for KeyCorp (NYSE:KEY) Stock

KeyCorp (NYSE:KEY) had its target price upped by stock analysts at Wells Fargo & Company from $20.00 to $22.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 14.82% from the stock’s previous close.

Other analysts also recently issued research reports about the company. The Goldman Sachs Group set a $19.00 price target on KeyCorp in a research note on Thursday, October 17th. Jefferies Financial Group boosted their price objective on KeyCorp from $18.00 to $19.00 and gave the company a “buy” rating in a report on Monday, August 19th. Evercore ISI boosted their price objective on KeyCorp from $18.50 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Wedbush boosted their price objective on KeyCorp from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Tuesday, September 24th. Finally, Barclays boosted their price objective on KeyCorp from $16.00 to $19.00 and gave the company an “equal weight” rating in a report on Friday, October 18th. Nine analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $18.03.

KeyCorp Stock Up 0.1 %

Shares of KEY stock opened at $19.16 on Friday. KeyCorp has a 1-year low of $11.64 and a 1-year high of $20.00. The stock’s fifty day moving average price is $17.23 and its 200 day moving average price is $15.80. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market cap of $18.99 billion, a price-to-earnings ratio of 1,916.00, a price-to-earnings-growth ratio of 1.05 and a beta of 1.24.

KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, October 17th. The financial services provider reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.03. The firm had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.59 billion. KeyCorp had a return on equity of 8.24% and a net margin of 0.76%. On average, research analysts expect that KeyCorp will post 1.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Carlton L. Highsmith sold 9,000 shares of KeyCorp stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $17.14, for a total value of $154,260.00. Following the completion of the transaction, the director now owns 37,864 shares in the company, valued at $648,988.96. The trade was a 19.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Angela G. Mago sold 15,011 shares of KeyCorp stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $19.59, for a total transaction of $294,065.49. Following the completion of the transaction, the insider now owns 234,582 shares of the company’s stock, valued at $4,595,461.38. This represents a 6.01 % decrease in their position. The disclosure for this sale can be found here. 0.61% of the stock is owned by insiders.

Institutional Trading of KeyCorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in KEY. Bleakley Financial Group LLC raised its holdings in KeyCorp by 11.2% during the first quarter. Bleakley Financial Group LLC now owns 12,578 shares of the financial services provider’s stock worth $199,000 after purchasing an additional 1,265 shares in the last quarter. State Board of Administration of Florida Retirement System raised its holdings in KeyCorp by 0.8% during the first quarter. State Board of Administration of Florida Retirement System now owns 1,082,272 shares of the financial services provider’s stock worth $17,111,000 after purchasing an additional 8,315 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of KeyCorp by 14.6% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,078,792 shares of the financial services provider’s stock valued at $17,056,000 after acquiring an additional 137,037 shares during the period. HBK Sorce Advisory LLC acquired a new position in shares of KeyCorp in the 1st quarter valued at $167,000. Finally, Intech Investment Management LLC acquired a new position in shares of KeyCorp in the 1st quarter valued at $207,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

About KeyCorp

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.