JPMorgan Chase & Co. Issues Pessimistic Forecast for KeyCorp (NYSE:KEY) Stock Price

KeyCorp (NYSE:KEY) had its price target cut by JPMorgan Chase & Co. from $18.50 to $16.50 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 22.68% from the stock’s current price.

Several other brokerages also recently commented on KEY. 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. Morgan Stanley dropped their target price on shares of KeyCorp from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. Barclays raised their price target on KeyCorp from $19.00 to $21.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Keefe, Bruyette & Woods cut their price objective on KeyCorp from $22.00 to $21.00 and set an “outperform” rating for the company in a research report on Wednesday, January 22nd. Finally, Citigroup lowered their target price on KeyCorp from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.31.

KeyCorp Stock Performance

KEY opened at $13.45 on Thursday. 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 company has a market cap of $14.74 billion, a PE ratio of -44.83, a price-to-earnings-growth ratio of 0.65 and a beta of 1.06. The stock has a 50-day moving average of $16.67 and a 200-day moving average of $17.36. KeyCorp has a 52-week low of $12.73 and a 52-week high of $20.04.

KeyCorp declared that its Board of Directors has approved a share repurchase program on Thursday, March 13th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at KeyCorp

In related news, Director Of Nova Scotia Bank acquired 50,000 shares of the business’s stock in a transaction on Wednesday, February 5th. The stock was 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 in the company, valued at $2,909,259,509.10. The trade was a 0.03 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On KeyCorp

Hedge funds have recently made changes to their positions in the company. Whittier Trust Co. increased its holdings in shares of 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 buying an additional 800 shares in the last quarter. Ethos Financial Group LLC acquired a new stake in KeyCorp during the 4th quarter valued at $27,000. Fourth Dimension Wealth LLC bought a new position in KeyCorp in the 4th quarter valued at $28,000. SBI Securities Co. Ltd. bought a new stake in shares of KeyCorp during the fourth quarter worth $34,000. Finally, TCTC Holdings LLC increased its stake in shares of KeyCorp by 38.6% in the fourth quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock valued at $38,000 after buying an additional 611 shares in the last quarter. 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.