Morgan Stanley Raises KeyCorp (NYSE:KEY) Price Target to $18.00

KeyCorp (NYSE:KEY) had its price target increased by Morgan Stanley from $16.00 to $18.00 in a research report released on Monday, Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

A number of other equities research analysts have also recently commented on the stock. Royal Bank of Canada increased their target price on shares of KeyCorp from $16.00 to $17.00 and gave the company an outperform rating in a research report on Friday, July 19th. UBS Group cut KeyCorp from a buy rating to a neutral rating and lowered their price objective for the stock from $16.00 to $15.00 in a research report on Monday, July 8th. JPMorgan Chase & Co. reduced their target price on KeyCorp from $17.50 to $16.50 and set a neutral rating on the stock in a research report on Thursday, June 27th. Wedbush increased their price target on KeyCorp from $15.00 to $16.00 and gave the company a neutral rating in a research note on Friday, July 19th. Finally, DA Davidson boosted their price target on KeyCorp from $16.00 to $18.00 and gave the stock a buy rating in a research note on Friday, July 19th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $16.25.

KeyCorp Trading Up 2.5 %

Shares of NYSE:KEY opened at $14.54 on Monday. The company has a market capitalization of $13.71 billion, a PE ratio of 18.41, a P/E/G ratio of 0.77 and a beta of 1.26. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.37. KeyCorp has a 12-month low of $9.50 and a 12-month high of $16.50. The business’s fifty day simple moving average is $14.55 and its 200-day simple moving average is $14.63.

KeyCorp (NYSE:KEY) last posted its earnings results on Thursday, July 18th. The financial services provider reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.01. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.52 billion. KeyCorp had a return on equity of 8.64% and a net margin of 7.35%. The firm’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.27 earnings per share. As a group, equities research analysts predict that KeyCorp will post 1.12 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Tuesday, August 27th will be given a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 5.64%. The ex-dividend date is Tuesday, August 27th. KeyCorp’s dividend payout ratio is currently 103.80%.

Institutional Trading of KeyCorp

Hedge funds have recently modified their holdings of the stock. Diamond Hill Capital Management Inc. lifted its holdings in KeyCorp by 12.2% in the second quarter. Diamond Hill Capital Management Inc. now owns 20,295,788 shares of the financial services provider’s stock valued at $288,403,000 after acquiring an additional 2,213,872 shares during the period. Envestnet Asset Management Inc. increased its holdings in shares of KeyCorp by 4.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 1,922,921 shares of the financial services provider’s stock valued at $27,325,000 after purchasing an additional 78,856 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its stake in shares of KeyCorp by 40.3% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 82,111 shares of the financial services provider’s stock valued at $1,167,000 after purchasing an additional 23,604 shares during the period. Meeder Advisory Services Inc. boosted its holdings in KeyCorp by 45.2% during the second quarter. Meeder Advisory Services Inc. now owns 31,050 shares of the financial services provider’s stock worth $441,000 after buying an additional 9,660 shares in the last quarter. Finally, Beverly Hills Private Wealth LLC grew its position in KeyCorp by 13.7% during the second quarter. Beverly Hills Private Wealth LLC now owns 22,341 shares of the financial services provider’s stock valued at $317,000 after buying an additional 2,687 shares during the period. 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.