JPMorgan Chase & Co. Has Lowered Expectations for KeyCorp (NYSE:KEY) Stock Price

KeyCorp (NYSE:KEY) had its price objective cut by equities research analysts at JPMorgan Chase & Co. from $18.50 to $16.50 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 2.61% from the stock’s current price.

KEY has been the topic of a number of other reports. Wells Fargo & Company dropped their price target on shares of KeyCorp from $22.00 to $20.00 and set an “overweight” rating on the stock in a research report on Friday, March 28th. Morgan Stanley cut their price target 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 reiterated an “overweight” rating and issued a $20.00 price objective on shares of KeyCorp in a research note on Wednesday, January 22nd. Truist Financial decreased their price target on KeyCorp from $19.00 to $18.00 and set a “hold” rating on the stock in a research report on Friday, March 21st. Finally, DA Davidson decreased their price target on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday, January 22nd. Eight research 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 has an average rating of “Moderate Buy” and an average target price of $19.31.

KeyCorp Stock Up 1.8 %

KeyCorp stock opened at $16.08 on Thursday. The firm has a market capitalization of $17.77 billion, a price-to-earnings ratio of -53.60, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26. 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 has a 1-year low of $13.11 and a 1-year high of $20.04. The firm’s fifty day moving average price is $16.82 and its two-hundred day moving average price is $17.41.

KeyCorp announced that its board has authorized a stock buyback plan on Thursday, March 13th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Transactions at KeyCorp

In other KeyCorp news, Director Of Nova Scotia Bank bought 50,000 shares of the stock in a transaction dated Wednesday, February 5th. The stock was purchased at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the completion of the acquisition, the director now owns 162,983,726 shares of the company’s stock, valued at approximately $2,909,259,509.10. This trade represents a 0.03 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.61% of the company’s stock.

Hedge Funds Weigh In On KeyCorp

Several large investors have recently modified their holdings of KEY. 111 Capital purchased a new stake in KeyCorp during the 4th quarter valued at $238,000. Wealth Enhancement Advisory Services LLC grew its holdings in KeyCorp by 22.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 102,451 shares of the financial services provider’s stock valued at $1,756,000 after purchasing an additional 18,790 shares during the period. Centaurus Financial Inc. increased its holdings in KeyCorp by 11.2% in the 4th quarter. Centaurus Financial Inc. now owns 7,218 shares of the financial services provider’s stock worth $124,000 after acquiring an additional 728 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of KeyCorp in the fourth quarter worth $7,141,000. Finally, LifeWealth Investments LLC purchased a new stake in KeyCorp in the 4th quarter worth $362,000. 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.