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

KeyCorp (NYSE:KEY) had its price objective reduced by research analysts at Wells Fargo & Company from $22.00 to $20.00 in a report released on Friday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 26.62% from the company’s previous close.

Other research analysts also recently issued research reports about the company. DA Davidson reduced their price target on KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a report on Wednesday, January 22nd. Royal Bank of Canada reissued an “outperform” rating and set a $18.00 price target on shares of KeyCorp in a research report on Wednesday, January 22nd. Truist Financial cut their price target on shares of KeyCorp from $19.00 to $18.00 and set a “hold” rating on the stock in a report on Friday, March 21st. Keefe, Bruyette & Woods decreased their price objective on shares of KeyCorp from $22.00 to $21.00 and set an “outperform” rating for the company in a report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. restated a “neutral” rating and issued a $18.50 target price on shares of KeyCorp in a research note on Monday, February 3rd. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $19.42.

KeyCorp Stock Performance

Shares of KEY stock opened at $15.80 on Friday. 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 company’s fifty day moving average price is $16.93 and its two-hundred day moving average price is $17.41. The firm has a market capitalization of $17.46 billion, a P/E ratio of -52.65, a P/E/G ratio of 0.65 and a beta of 1.26. KeyCorp has a 12 month low of $13.11 and a 12 month high of $20.04.

KeyCorp announced that its Board of Directors has approved a stock repurchase plan on Thursday, March 13th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other KeyCorp news, Director Of Nova Scotia Bank purchased 50,000 shares of the stock in a transaction dated Wednesday, February 5th. The shares were bought at an average cost of $17.85 per share, with a total value of $892,500.00. Following the completion of the acquisition, the director now owns 162,983,726 shares of the company’s stock, valued at approximately $2,909,259,509.10. This trade represents a 0.03 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On KeyCorp

Institutional investors have recently bought and sold shares of the stock. Norges Bank acquired a new stake in shares of KeyCorp in the 4th quarter worth approximately $153,235,000. Vanguard Group Inc. lifted its position in KeyCorp by 7.1% in the fourth quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider’s stock worth $2,004,228,000 after purchasing an additional 7,754,576 shares during the period. Azora Capital LP bought a new position in KeyCorp during the 3rd quarter valued at $92,413,000. Freestone Grove Partners LP acquired a new position in shares of KeyCorp during the 4th quarter valued at $63,540,000. Finally, FMR LLC raised its stake in shares of KeyCorp by 7.1% in the 4th quarter. FMR LLC now owns 44,431,526 shares of the financial services provider’s stock worth $761,556,000 after buying an additional 2,938,405 shares in the last quarter. 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.