KeyCorp (NYSE:KEY) Price Target Lowered to $19.00 at Citigroup

KeyCorp (NYSE:KEY) had its target price reduced by Citigroup from $20.00 to $19.00 in a research note published on Monday morning,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

Other research analysts have also recently issued research reports about the stock. Keefe, Bruyette & Woods lowered their target price on shares of KeyCorp from $22.00 to $21.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $18.50 price objective on shares of KeyCorp in a research note on Monday, February 3rd. Royal Bank of Canada reiterated an “outperform” rating and set a $18.00 target price on shares of KeyCorp in a research report on Wednesday, January 22nd. DA Davidson lowered their price target on KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday, January 22nd. Finally, Truist Financial cut their price objective on shares of KeyCorp from $19.00 to $18.00 and set a “hold” rating for the company in a report on Friday. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, KeyCorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.53.

KeyCorp Price Performance

NYSE KEY opened at $16.62 on Monday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77. KeyCorp has a 12 month low of $13.11 and a 12 month high of $20.04. The stock has a market cap of $18.36 billion, a price-to-earnings ratio of -55.38, a PEG ratio of 0.65 and a beta of 1.26. The company’s 50 day moving average is $17.07 and its two-hundred day moving average is $17.41.

KeyCorp declared that its board has authorized a stock buyback plan on Thursday, March 13th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 6% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Tuesday, March 4th were paid a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 4.94%. The ex-dividend date was Tuesday, March 4th. KeyCorp’s payout ratio is -273.33%.

Insider Activity at KeyCorp

In other news, Director Of Nova Scotia Bank acquired 50,000 shares of the firm’s stock in a transaction on Wednesday, February 5th. The stock was acquired at an average price of $17.85 per share, with a total value of $892,500.00. Following the completion of the purchase, the director now directly owns 162,983,726 shares in the company, valued at approximately $2,909,259,509.10. This trade represents a 0.03 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.61% of the stock is currently owned by insiders.

Institutional Investors Weigh In On KeyCorp

Hedge funds and other institutional investors have recently modified their holdings of the business. Whittier Trust Co. grew its position in 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 acquiring an additional 800 shares during the last quarter. Ethos Financial Group LLC purchased a new stake in shares of KeyCorp during the fourth quarter valued at $27,000. Fourth Dimension Wealth LLC bought a new position in shares of KeyCorp in the fourth quarter worth about $28,000. Larson Financial Group LLC increased its stake in KeyCorp by 90.8% in 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 period. Finally, SBI Securities Co. Ltd. bought a new stake in KeyCorp during the 4th quarter valued at about $34,000. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

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.