Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for KeyCorp (NYSE:KEY) Stock

KeyCorp (NYSE:KEY) had its price target hoisted by equities research analysts at Keefe, Bruyette & Woods from $19.00 to $22.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price indicates a potential upside of 17.49% from the stock’s previous close.

A number of other equities research analysts have also weighed in on KEY. The Goldman Sachs Group boosted their target price on KeyCorp from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Piper Sandler boosted their price objective on KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a research report on Tuesday. Royal Bank of Canada increased their price objective on KeyCorp from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Baird R W downgraded shares of KeyCorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 14th. Finally, Wedbush increased their price target on shares of KeyCorp from $17.00 to $18.00 and gave the company a “neutral” rating in a research report on Tuesday, September 24th. Nine research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.16.

KeyCorp Trading Down 0.1 %

KEY stock opened at $18.73 on Wednesday. The company has a market capitalization of $18.56 billion, a PE ratio of 1,872.50, a price-to-earnings-growth ratio of 1.04 and a beta of 1.25. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.88 and a current ratio of 0.88. KeyCorp has a one year low of $12.94 and a one year high of $20.04. The company’s 50 day moving average price is $18.01 and its two-hundred day moving average price is $16.21.

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

Insider Activity

In other KeyCorp news, insider Angela G. Mago sold 15,011 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $19.59, for a total value of $294,065.49. Following the completion of the transaction, the insider now owns 234,582 shares in the company, valued at approximately $4,595,461.38. This represents a 6.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Carlton L. Highsmith sold 9,000 shares of the business’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $17.14, for a total transaction of $154,260.00. Following the sale, the director now owns 37,864 shares in the company, valued at approximately $648,988.96. This trade represents a 19.20 % decrease in their position. The disclosure for this sale can be found here. 0.61% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On KeyCorp

Institutional investors and hedge funds have recently made changes to their positions in the business. Assenagon Asset Management S.A. grew its stake in shares of KeyCorp by 87.5% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,308,797 shares of the financial services provider’s stock worth $18,598,000 after buying an additional 610,688 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in KeyCorp by 14.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 657,913 shares of the financial services provider’s stock worth $10,928,000 after acquiring an additional 85,052 shares in the last quarter. MBB Public Markets I LLC purchased a new stake in shares of KeyCorp in the second quarter worth $981,000. Dai ichi Life Insurance Company Ltd bought a new position in shares of KeyCorp during the third quarter valued at $798,000. Finally, Cetera Investment Advisers raised its position in shares of KeyCorp by 274.4% in the 1st quarter. Cetera Investment Advisers now owns 332,140 shares of the financial services provider’s stock worth $5,251,000 after purchasing an additional 243,437 shares during the last quarter. 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.