Wells Fargo & Company Boosts KeyCorp (NYSE:KEY) Price Target to $30.00

KeyCorp (NYSE:KEY) had its price objective raised by Wells Fargo & Company from $29.00 to $30.00 in a research note released on Thursday morning, PriceTargets.com reports. Wells Fargo & Company currently has an overweight rating on the financial services provider’s stock.

A number of other research analysts also recently issued reports on the company. Royal Bank of Canada lifted their price target on KeyCorp from $20.00 to $23.00 and gave the company an outperform rating in a report on Wednesday, April 21st. Jefferies Financial Group reissued a buy rating and issued a $24.00 target price on shares of KeyCorp in a research report on Friday, May 7th. Morgan Stanley lifted their price target on KeyCorp from $24.00 to $26.00 and gave the stock an equal weight rating in a research report on Wednesday, May 5th. Zacks Investment Research upgraded KeyCorp from a hold rating to a strong-buy rating and set a $25.00 price objective for the company in a research note on Monday, May 3rd. Finally, Stephens upped their target price on KeyCorp from $20.00 to $23.00 and gave the company an equal weight rating in a research report on Tuesday, March 30th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of Hold and an average price target of $24.04.

Shares of NYSE:KEY opened at $23.39 on Thursday. KeyCorp has a 12-month low of $9.60 and a 12-month high of $23.45. The business’s fifty day simple moving average is $21.08 and its 200-day simple moving average is $18.32. The company has a market capitalization of $22.70 billion, a PE ratio of 20.34 and a beta of 1.58. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.80.

KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Monday, April 19th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.13. KeyCorp had a return on equity of 7.87% and a net margin of 16.38%. The business had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period last year, the business posted $0.12 EPS. The business’s revenue was up 19.4% compared to the same quarter last year. Research analysts predict that KeyCorp will post 1.14 EPS for the current year.

KeyCorp declared that its Board of Directors has initiated a share repurchase program on Thursday, January 21st that allows the company to buyback $900.00 million in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 5.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 15th. Investors of record on Tuesday, June 1st will be paid a $0.185 dividend. The ex-dividend date of this dividend is Friday, May 28th. This represents a $0.74 annualized dividend and a dividend yield of 3.16%. KeyCorp’s dividend payout ratio is presently 41.11%.

In related news, insider Andrew J. Paine III sold 35,218 shares of the business’s stock in a transaction on Monday, April 26th. The shares were sold at an average price of $21.34, for a total value of $751,552.12. Following the completion of the sale, the insider now owns 223,446 shares of the company’s stock, valued at approximately $4,768,337.64. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Mark W. Midkiff sold 23,801 shares of the company’s stock in a transaction on Thursday, April 29th. The stock was sold at an average price of $21.86, for a total transaction of $520,289.86. Following the transaction, the insider now owns 68,836 shares of the company’s stock, valued at $1,504,754.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 160,897 shares of company stock worth $3,451,012. 0.70% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in KEY. Louisiana State Employees Retirement System raised its position in shares of KeyCorp by 22.2% during the 4th quarter. Louisiana State Employees Retirement System now owns 60,600 shares of the financial services provider’s stock worth $994,000 after purchasing an additional 11,000 shares during the last quarter. Sowell Financial Services LLC raised its holdings in shares of KeyCorp by 18.2% during the fourth quarter. Sowell Financial Services LLC now owns 31,078 shares of the financial services provider’s stock valued at $510,000 after acquiring an additional 4,785 shares during the last quarter. IFM Investors Pty Ltd lifted its position in shares of KeyCorp by 16.6% in the fourth quarter. IFM Investors Pty Ltd now owns 94,368 shares of the financial services provider’s stock valued at $1,549,000 after acquiring an additional 13,439 shares in the last quarter. Strategic Investment Advisors MI acquired a new stake in shares of KeyCorp in the fourth quarter worth approximately $529,000. Finally, Raymond James Trust N.A. increased its position in shares of KeyCorp by 5.3% during the fourth quarter. Raymond James Trust N.A. now owns 14,130 shares of the financial services provider’s stock worth $232,000 after purchasing an additional 713 shares in the last quarter. Institutional investors and hedge funds own 80.96% 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; 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.

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