Piper Sandler Raises KeyCorp (NYSE:KEY) Price Target to $22.00

KeyCorp (NYSE:KEY) had its price objective increased by Piper Sandler from $19.00 to $22.00 in a report released on Tuesday,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

Several other equities analysts have also recently issued reports on the company. Jefferies Financial Group upped their price objective on KeyCorp from $18.00 to $19.00 and gave the company a “buy” rating in a research report on Monday, August 19th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $18.00 price objective on shares of KeyCorp in a research report on Tuesday, September 10th. Evercore ISI boosted their target price on KeyCorp from $18.50 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 2nd. Barclays lifted their price target on shares of KeyCorp from $16.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th. Finally, Citigroup downgraded shares of KeyCorp from a “buy” rating to a “neutral” rating and set a $19.00 price objective on the stock. in a research report on Thursday, November 7th. Nine investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $18.56.

KeyCorp Price Performance

Shares of NYSE:KEY opened at $18.79 on Tuesday. The business has a fifty day moving average price of $17.92 and a 200-day moving average price of $16.17. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market capitalization of $18.63 billion, a PE ratio of 1,879.00, a PEG ratio of 1.05 and a beta of 1.25. KeyCorp has a 1-year low of $12.76 and a 1-year high of $20.04.

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

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Tuesday, December 3rd will be issued a $0.205 dividend. This represents a $0.82 annualized dividend and a yield of 4.36%. The ex-dividend date of this dividend is Tuesday, December 3rd. KeyCorp’s dividend payout ratio is 8,200.00%.

Insiders Place Their Bets

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 completion of the sale, the insider now owns 234,582 shares in the company, valued at approximately $4,595,461.38. This trade represents a 6.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Carlton L. Highsmith sold 9,000 shares of the business’s stock in a transaction that occurred on 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 directly owns 37,864 shares in the company, valued at approximately $648,988.96. This represents a 19.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.67% of the stock is owned by company insiders.

Hedge Funds Weigh In On KeyCorp

Several institutional investors have recently bought and sold shares of the stock. Wolff Wiese Magana LLC lifted its stake in KeyCorp by 285.5% in the 3rd quarter. Wolff Wiese Magana LLC now owns 1,542 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 1,142 shares in the last quarter. American Capital Advisory LLC bought a new stake in shares of KeyCorp in the third quarter worth about $28,000. Larson Financial Group LLC lifted its position in shares of KeyCorp by 90.8% in the third quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider’s stock worth $32,000 after buying an additional 918 shares in the last quarter. Catalyst Capital Advisors LLC bought a new position in KeyCorp during the third quarter valued at approximately $35,000. Finally, Capital Performance Advisors LLP purchased a new position in KeyCorp during the 3rd quarter valued at approximately $38,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

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.