Truist Financial Initiates Coverage on KeyCorp (NYSE:KEY)

Equities researchers at Truist Financial initiated coverage on shares of KeyCorp (NYSE:KEY) in a report issued on Tuesday,Benzinga reports. The firm set a “hold” rating and a $19.00 price target on the financial services provider’s stock. Truist Financial’s target price points to a potential upside of 9.32% from the company’s previous close.

Other analysts have also issued research reports about the company. Evercore ISI upped their target price on KeyCorp from $18.50 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Baird R W lowered KeyCorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 14th. Royal Bank of Canada upped their target price on KeyCorp from $17.00 to $18.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Piper Sandler upped their target price on KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Finally, Keefe, Bruyette & Woods upped their target price on KeyCorp from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Ten equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $19.44.

KeyCorp Price Performance

KEY stock opened at $17.38 on Tuesday. The business has a 50 day moving average price of $18.27 and a 200 day moving average price of $16.78. The stock has a market cap of $17.23 billion, a price-to-earnings ratio of 1,738.00, a PEG ratio of 1.00 and a beta of 1.27. KeyCorp has a fifty-two week low of $12.94 and a fifty-two week high of $20.04. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.09.

KeyCorp (NYSE:KEY) last released its earnings results on Thursday, October 17th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.03. The business had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.59 billion. KeyCorp had a return on equity of 8.24% and a net margin of 0.76%. Equities research analysts anticipate that KeyCorp will post 1.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Angela G. Mago sold 15,011 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $19.59, for a total transaction of $294,065.49. Following the transaction, the insider now directly owns 234,582 shares in the company, valued at approximately $4,595,461.38. This represents a 6.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Carlton L. Highsmith sold 9,000 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $17.14, for a total value of $154,260.00. Following the completion of the transaction, the director now owns 37,864 shares in the company, valued at approximately $648,988.96. This trade represents a 19.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.61% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On KeyCorp

Large investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of KeyCorp by 14.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 657,913 shares of the financial services provider’s stock worth $10,928,000 after purchasing an additional 85,052 shares during the period. MBB Public Markets I LLC acquired a new stake in shares of KeyCorp in the second quarter valued at about $981,000. Dai ichi Life Insurance Company Ltd acquired a new stake in shares of KeyCorp in the third quarter valued at about $798,000. Prospector Partners LLC acquired a new stake in shares of KeyCorp in the third quarter valued at about $9,630,000. Finally, Natixis Advisors LLC grew its stake in shares of KeyCorp by 17.9% in the third quarter. Natixis Advisors LLC now owns 689,469 shares of the financial services provider’s stock valued at $11,549,000 after buying an additional 104,689 shares in the last quarter. 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.