Wells Fargo & Company Cuts KeyCorp (NYSE:KEY) Price Target to $20.00

KeyCorp (NYSE:KEY) had its price target reduced by research analysts at Wells Fargo & Company from $22.00 to $20.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 37.55% from the stock’s previous close.

A number of other equities analysts have also weighed in on the stock. DA Davidson cut their target price on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. restated a “neutral” rating and set a $18.50 price objective on shares of KeyCorp in a research report on Monday, February 3rd. Royal Bank of Canada reissued an “outperform” rating and issued a $18.00 price target on shares of KeyCorp in a research note on Wednesday, January 22nd. Truist Financial cut their target price on KeyCorp from $19.00 to $18.00 and set a “hold” rating on the stock in a research note on Friday, March 21st. Finally, Keefe, Bruyette & Woods lowered their target price on KeyCorp from $22.00 to $21.00 and set an “outperform” rating for the company in a research note on Wednesday, January 22nd. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, KeyCorp has a consensus rating of “Moderate Buy” and an average target price of $19.31.

KeyCorp Trading Down 9.5 %

Shares of NYSE:KEY traded down $1.53 during trading on Friday, reaching $14.54. The stock had a trading volume of 9,772,629 shares, compared to its average volume of 12,598,658. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.84 and a current ratio of 0.85. The stock has a market cap of $16.07 billion, a price-to-earnings ratio of -48.47, a P/E/G ratio of 0.65 and a beta of 1.26. The firm’s fifty day moving average is $16.82 and its 200 day moving average is $17.41. KeyCorp has a 52 week low of $13.11 and a 52 week high of $20.04.

KeyCorp declared that its board has authorized a share repurchase program on Thursday, March 13th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at KeyCorp

In other news, Director Of Nova Scotia Bank bought 50,000 shares of KeyCorp 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 acquisition, the director now directly owns 162,983,726 shares of the company’s stock, valued at $2,909,259,509.10. The trade was a 0.03 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.61% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On KeyCorp

A number of large investors have recently made changes to their positions in the stock. Whittier Trust Co. raised its stake in KeyCorp by 110.3% during the fourth quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 800 shares during the period. Ethos Financial Group LLC acquired a new stake in shares of KeyCorp during the fourth quarter valued at about $27,000. Fourth Dimension Wealth LLC acquired a new position in shares of KeyCorp in the 4th quarter worth approximately $28,000. Larson Financial Group LLC increased its holdings 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 valued at $32,000 after purchasing an additional 918 shares during the last quarter. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of KeyCorp in the fourth quarter valued at $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.