Royal Bank of Canada Reiterates Outperform Rating for KeyCorp (NYSE:KEY)

KeyCorp (NYSE:KEY)‘s stock had its “outperform” rating restated by equities research analysts at Royal Bank of Canada in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $41.00 price target on the financial services provider’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 203.03% from the stock’s previous close.

KEY has been the subject of several other research reports. Argus increased their price objective on shares of KeyCorp from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Friday, April 19th. Wells Fargo & Company increased their target price on KeyCorp from $16.00 to $18.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Evercore ISI boosted their price target on KeyCorp from $17.00 to $18.00 and gave the company an “outperform” rating in a report on Thursday, March 28th. Keefe, Bruyette & Woods upped their price objective on KeyCorp from $16.00 to $18.00 and gave the stock an “outperform” rating in a research report on Friday, April 5th. Finally, JPMorgan Chase & Co. dropped their target price on KeyCorp from $18.00 to $17.50 and set a “neutral” rating on the stock in a research report on Friday, June 14th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.44.

KeyCorp Stock Performance

Shares of KeyCorp stock opened at $13.53 on Tuesday. The stock’s fifty day simple moving average is $14.42 and its 200 day simple moving average is $14.46. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.72. The company has a market capitalization of $12.76 billion, a PE ratio of 17.13, a PEG ratio of 0.69 and a beta of 1.28. KeyCorp has a 12 month low of $9.10 and a 12 month high of $15.86.

KeyCorp (NYSE:KEY) last released its quarterly earnings results on Thursday, April 18th. The financial services provider reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.01). KeyCorp had a return on equity of 8.89% and a net margin of 7.53%. The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.51 billion. During the same period in the prior year, the business earned $0.44 EPS. The company’s revenue for the quarter was down 10.6% compared to the same quarter last year. On average, research analysts predict that KeyCorp will post 1.13 EPS for the current year.

Institutional Trading of KeyCorp

A number of hedge funds have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. raised its stake in KeyCorp by 1.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 23,416,018 shares of the financial services provider’s stock valued at $337,191,000 after acquiring an additional 289,258 shares during the period. Ontario Teachers Pension Plan Board raised its position in shares of KeyCorp by 8.8% in the first quarter. Ontario Teachers Pension Plan Board now owns 21,690,319 shares of the financial services provider’s stock valued at $342,924,000 after purchasing an additional 1,748,633 shares during the period. Northern Trust Corp lifted its stake in shares of KeyCorp by 8.8% during the 3rd quarter. Northern Trust Corp now owns 10,845,886 shares of the financial services provider’s stock worth $116,702,000 after buying an additional 880,139 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of KeyCorp by 9.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 10,284,913 shares of the financial services provider’s stock worth $148,116,000 after buying an additional 902,032 shares during the period. Finally, Earnest Partners LLC boosted its holdings in shares of KeyCorp by 12.7% during the 1st quarter. Earnest Partners LLC now owns 10,090,594 shares of the financial services provider’s stock worth $159,532,000 after buying an additional 1,137,374 shares during the period. 79.69% of the stock is owned by institutional investors and hedge funds.

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.