Wedbush Boosts KeyCorp (NYSE:KEY) Price Target to $18.00

KeyCorp (NYSE:KEY) had its price target upped by Wedbush from $17.00 to $18.00 in a research note published on Tuesday, Benzinga reports. They currently have a neutral rating on the financial services provider’s stock. Wedbush also issued estimates for KeyCorp’s Q3 2024 earnings at $0.24 EPS, Q4 2024 earnings at $0.33 EPS, FY2024 earnings at $1.04 EPS, Q2 2025 earnings at $0.36 EPS, Q3 2025 earnings at $0.40 EPS, Q4 2025 earnings at $0.42 EPS and FY2026 earnings at $1.65 EPS.

A number of other analysts also recently commented on KEY. Jefferies Financial Group boosted their price target on shares of KeyCorp from $18.00 to $19.00 and gave the stock a buy rating in a research report on Monday, August 19th. UBS Group lowered shares of KeyCorp from a buy rating to a neutral rating and dropped their price objective for the company from $16.00 to $15.00 in a research note on Monday, July 8th. DA Davidson lifted their price target on KeyCorp from $16.00 to $18.00 and gave the company a buy rating in a report on Friday, July 19th. Evercore ISI dropped their price target on shares of KeyCorp from $17.50 to $16.50 and set an outperform rating on the stock in a research note on Tuesday, June 25th. Finally, Morgan Stanley upped their price target on shares of KeyCorp from $18.00 to $20.00 and gave the company an equal weight rating in a report on Wednesday, August 14th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $16.71.

KeyCorp Stock Performance

Shares of KEY stock opened at $16.56 on Tuesday. The company’s fifty day moving average price is $16.09 and its two-hundred day moving average price is $15.14. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.85 and a quick ratio of 0.85. The firm has a market capitalization of $15.61 billion, a P/E ratio of 20.96, a P/E/G ratio of 0.92 and a beta of 1.25. KeyCorp has a 12 month low of $9.50 and a 12 month high of $17.39.

KeyCorp (NYSE:KEY) last released its earnings results on Thursday, July 18th. The financial services provider reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.01. The company had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.52 billion. KeyCorp had a net margin of 7.35% and a return on equity of 8.64%. The company’s revenue was down 4.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.27 EPS. On average, research analysts anticipate that KeyCorp will post 1.09 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Tuesday, August 27th were given a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.95%. The ex-dividend date of this dividend was Tuesday, August 27th. KeyCorp’s payout ratio is currently 103.80%.

Insider Activity

In other news, Director Carlton L. Highsmith sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $16.21, for a total value of $162,100.00. Following the sale, the director now directly owns 46,864 shares in the company, valued at approximately $759,665.44. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.61% of the company’s stock.

Hedge Funds Weigh In On KeyCorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pathway Financial Advisers LLC bought a new position in KeyCorp during the 1st quarter worth $25,000. Crewe Advisors LLC bought a new position in shares of KeyCorp during the first quarter worth about $32,000. Quarry LP bought a new stake in KeyCorp in the fourth quarter valued at approximately $38,000. Fidelis Capital Partners LLC acquired a new stake in KeyCorp during the 1st quarter valued at approximately $39,000. Finally, Centerpoint Advisors LLC raised its holdings in KeyCorp by 127.7% during the 1st quarter. Centerpoint Advisors LLC now owns 3,757 shares of the financial services provider’s stock worth $59,000 after purchasing an additional 2,107 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

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.