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

KeyCorp (NYSE:KEY) had its price target dropped by Wells Fargo & Company from $22.00 to $20.00 in a report issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 37.79% from the stock’s previous close.

Other analysts have also recently issued reports about the company. Citigroup reduced 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. Morgan Stanley reduced their price objective on KeyCorp from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Thursday, March 13th. Stephens restated an “overweight” rating and set a $20.00 target price on shares of KeyCorp in a research report on Wednesday, January 22nd. Keefe, Bruyette & Woods reduced their target price on KeyCorp from $22.00 to $21.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 22nd. Finally, 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. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.31.

KeyCorp Trading Down 9.7 %

NYSE:KEY traded down $1.56 during trading hours on Friday, hitting $14.52. 3,467,907 shares of the stock were exchanged, compared to its average volume of 12,576,268. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $16.04 billion, a P/E ratio of -48.56, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26. The company’s 50 day moving average is $16.82 and its two-hundred day moving average is $17.41. KeyCorp has a twelve month low of $13.11 and a twelve month high of $20.04.

KeyCorp announced that its Board of Directors has initiated a stock buyback program on Thursday, March 13th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other KeyCorp news, Director Of Nova Scotia Bank bought 50,000 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were acquired at an average price of $17.85 per share, with a total value of $892,500.00. Following the transaction, the director now owns 162,983,726 shares of the company’s stock, valued at approximately $2,909,259,509.10. The trade was a 0.03 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.61% of the stock is owned by insiders.

Hedge Funds Weigh In On KeyCorp

Several hedge funds have recently made changes to their positions in KEY. TCTC Holdings LLC increased its holdings in shares of KeyCorp by 38.6% in the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 611 shares during the period. Signaturefd LLC increased its position in KeyCorp by 16.0% during the 4th quarter. Signaturefd LLC now owns 4,453 shares of the financial services provider’s stock worth $76,000 after purchasing an additional 614 shares during the period. Modera Wealth Management LLC increased its holdings in shares of KeyCorp by 3.9% in the 4th quarter. Modera Wealth Management LLC now owns 16,521 shares of the financial services provider’s stock valued at $283,000 after purchasing an additional 627 shares in the last quarter. Integrated Wealth Concepts LLC boosted its stake in shares of KeyCorp by 2.6% during the 4th quarter. Integrated Wealth Concepts LLC now owns 24,679 shares of the financial services provider’s stock worth $423,000 after acquiring an additional 631 shares in the last quarter. Finally, Ballentine Partners LLC boosted its position in KeyCorp by 5.7% during the fourth quarter. Ballentine Partners LLC now owns 12,855 shares of the financial services provider’s stock worth $220,000 after purchasing an additional 692 shares in the last quarter. Hedge funds and other institutional investors 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.