JPMorgan Chase & Co. Trims KeyCorp (NYSE:KEY) Target Price to $16.50

KeyCorp (NYSE:KEY) had its target price cut by JPMorgan Chase & Co. from $17.50 to $16.50 in a research report released on Thursday morning, Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

A number of other equities research analysts have also weighed in on the stock. Evercore ISI dropped their price objective on shares of KeyCorp from $17.50 to $16.50 and set an outperform rating on the stock in a report on Tuesday, June 25th. Royal Bank of Canada restated an outperform rating and set a $41.00 target price on shares of KeyCorp in a research report on Tuesday, June 25th. Wells Fargo & Company boosted their target price on shares of KeyCorp from $16.00 to $18.00 and gave the company an overweight rating in a research report on Thursday, March 28th. Keefe, Bruyette & Woods boosted their target price on shares of KeyCorp from $16.00 to $18.00 and gave the company an outperform rating in a research report on Friday, April 5th. Finally, Jefferies Financial Group boosted their target price on shares of KeyCorp from $17.00 to $18.00 and gave the company a buy rating in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $17.38.

KeyCorp Price Performance

Shares of KEY opened at $14.21 on Thursday. The firm has a market capitalization of $13.40 billion, a PE ratio of 17.99, a price-to-earnings-growth ratio of 0.69 and a beta of 1.28. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.87 and a quick ratio of 0.87. KeyCorp has a 1-year low of $9.10 and a 1-year high of $15.86. The company’s fifty day moving average price is $14.37 and its 200-day moving average price is $14.46.

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

KeyCorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Tuesday, May 28th were given a dividend of $0.205 per share. The ex-dividend date of this dividend was Friday, May 24th. This represents a $0.82 annualized dividend and a dividend yield of 5.77%. KeyCorp’s dividend payout ratio (DPR) is presently 103.80%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Pathway Financial Advisers LLC acquired a new position in shares of KeyCorp during the 1st quarter worth about $25,000. Bruce G. Allen Investments LLC acquired a new position in shares of KeyCorp during the 4th quarter worth about $26,000. Sound Income Strategies LLC raised its position in shares of KeyCorp by 3,600.0% during the 4th quarter. Sound Income Strategies LLC now owns 1,887 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 1,836 shares during the last quarter. Crewe Advisors LLC acquired a new position in shares of KeyCorp during the 1st quarter worth about $32,000. Finally, First United Bank & Trust acquired a new position in shares of KeyCorp during the 4th quarter worth about $29,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

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.