Morgan Stanley Lowers KeyCorp (NYSE:KEY) Price Target to $20.00

KeyCorp (NYSE:KEY) had its price objective dropped by equities researchers at Morgan Stanley from $22.00 to $20.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price objective would suggest a potential upside of 27.59% from the company’s previous close.

A number of other research analysts have also recently weighed in on the stock. Truist Financial started coverage on shares of KeyCorp in a report on Tuesday, January 7th. They issued a “hold” rating and a $19.00 price objective for the company. The Goldman Sachs Group lifted their price objective on shares of KeyCorp from $20.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Royal Bank of Canada reiterated an “outperform” rating and issued a $18.00 target price on shares of KeyCorp in a research report on Wednesday, January 22nd. Barclays lifted their target price on shares of KeyCorp from $19.00 to $21.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of KeyCorp from $22.00 to $21.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 22nd. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $19.64.

KeyCorp Trading Up 3.5 %

Shares of KeyCorp stock opened at $15.68 on Thursday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. The firm has a fifty day moving average price of $17.19 and a 200 day moving average price of $17.43. KeyCorp has a 1 year low of $13.11 and a 1 year high of $20.04. The stock has a market cap of $17.32 billion, a PE ratio of -52.25, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26.

KeyCorp announced that its board has initiated a share repurchase plan on Thursday, March 13th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other KeyCorp news, Director Of Nova Scotia Bank bought 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The shares were purchased at an average cost of $17.85 per share, with a total value of $892,500.00. Following the purchase, the director now directly owns 162,983,726 shares in the company, valued at approximately $2,909,259,509.10. This represents a 0.03 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.61% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Whittier Trust Co. boosted its holdings in shares of KeyCorp by 110.3% in the 4th quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock valued at $26,000 after buying an additional 800 shares in the last quarter. Ethos Financial Group LLC purchased a new position in KeyCorp during the 4th quarter worth $27,000. Fourth Dimension Wealth LLC purchased a new position in KeyCorp during the 4th quarter worth $28,000. Larson Financial Group LLC raised its position in KeyCorp by 90.8% during the 3rd quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider’s stock worth $32,000 after buying an additional 918 shares during the last quarter. Finally, SBI Securities Co. Ltd. purchased a new position in KeyCorp during the 4th quarter worth $34,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

KeyCorp Company Profile

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.