KeyCorp (NYSE:KEY) Price Target Cut to $18.00 by Analysts at Truist Financial

KeyCorp (NYSE:KEY) had its price target trimmed by Truist Financial from $19.00 to $18.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a hold rating on the financial services provider’s stock.

A number of other equities research analysts have also recently commented on KEY. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $18.50 target price on shares of KeyCorp in a research note on Monday, February 3rd. DA Davidson cut their target price on KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Wednesday, January 22nd. Barclays increased their target price on KeyCorp from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Monday, January 6th. Morgan Stanley cut their target price on KeyCorp from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 13th. Finally, Piper Sandler upped their price target on KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, KeyCorp currently has a consensus rating of “Moderate Buy” and an average price target of $19.58.

KeyCorp Trading Up 0.3 %

NYSE KEY opened at $16.14 on Friday. KeyCorp has a 12 month low of $13.11 and a 12 month high of $20.04. The stock has a market cap of $17.83 billion, a P/E ratio of -53.78, a P/E/G ratio of 0.65 and a beta of 1.26. The stock’s fifty day moving average price is $17.08 and its 200-day moving average price is $17.40. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th were issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 5.08%. The ex-dividend date of this dividend was Tuesday, March 4th. KeyCorp’s dividend payout ratio is -273.33%.

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

Insiders Place Their Bets

In related news, Director Of Nova Scotia Bank purchased 50,000 shares of KeyCorp stock in a transaction on Wednesday, February 5th. The stock was acquired at an average price of $17.85 per share, for a total transaction of $892,500.00. Following the completion of the transaction, the director now directly owns 162,983,726 shares in the company, valued at $2,909,259,509.10. This represents a 0.03 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.61% of the company’s stock.

Institutional Trading of KeyCorp

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Principal Financial Group Inc. grew its position in shares of KeyCorp by 3.4% during the fourth quarter. Principal Financial Group Inc. now owns 1,117,238 shares of the financial services provider’s stock worth $19,149,000 after purchasing an additional 36,424 shares in the last quarter. Truist Financial Corp grew its position in shares of KeyCorp by 27.1% during the fourth quarter. Truist Financial Corp now owns 95,856 shares of the financial services provider’s stock worth $1,643,000 after purchasing an additional 20,424 shares in the last quarter. Avanza Fonder AB purchased a new stake in shares of KeyCorp during the fourth quarter worth about $1,618,000. Dai ichi Life Insurance Company Ltd purchased a new stake in shares of KeyCorp during the third quarter worth about $798,000. Finally, Prospector Partners LLC purchased a new stake in shares of KeyCorp during the third quarter worth about $9,630,000. 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.