KeyCorp (NYSE:KEY) Price Target Raised to $17.00

KeyCorp (NYSE:KEY) had its target price upped by Wedbush from $16.00 to $17.00 in a research report report published on Tuesday morning, Benzinga reports. The firm currently has a neutral rating on the financial services provider’s stock. Wedbush also issued estimates for KeyCorp’s Q3 2024 earnings at $0.26 EPS, Q4 2024 earnings at $0.34 EPS, FY2024 earnings at $1.06 EPS, Q1 2025 earnings at ($0.90) EPS, Q2 2025 earnings at $0.40 EPS, Q3 2025 earnings at $0.44 EPS, Q4 2025 earnings at $0.44 EPS and FY2025 earnings at $0.38 EPS.

A number of other research firms also recently issued reports on KEY. UBS Group downgraded KeyCorp from a buy rating to a neutral rating and lowered their price target for the company from $16.00 to $15.00 in a research report on Monday, July 8th. Evercore ISI lowered their price target on KeyCorp from $17.50 to $16.50 and set an outperform rating for the company in a research report on Tuesday, June 25th. Morgan Stanley upped their target price on KeyCorp from $16.00 to $18.00 and gave the stock an equal weight rating in a research report on Monday, August 5th. JPMorgan Chase & Co. decreased their target price on KeyCorp from $17.50 to $16.50 and set a neutral rating for the company in a research report on Thursday, June 27th. Finally, Argus upped their target price on KeyCorp from $15.00 to $16.00 and gave the stock a buy rating in a research report on Friday, April 19th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $16.59.

KeyCorp Price Performance

KEY stock opened at $16.20 on Tuesday. The stock has a 50-day moving average price of $14.71 and a two-hundred day moving average price of $14.67. KeyCorp has a 12-month low of $9.50 and a 12-month high of $17.09. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.37. The company has a market cap of $15.28 billion, a PE ratio of 20.51, a price-to-earnings-growth ratio of 0.87 and a beta of 1.26.

KeyCorp (NYSE:KEY) last posted its quarterly earnings results on Thursday, July 18th. The financial services provider reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.01. KeyCorp had a return on equity of 8.64% and a net margin of 7.35%. The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter in the previous year, the business earned $0.27 earnings per share. The firm’s quarterly revenue was down 4.3% compared to the same quarter last year. As a group, research analysts predict that KeyCorp will post 1.1 EPS for the current year.

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Tuesday, August 27th will be issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 5.06%. The ex-dividend date is Tuesday, August 27th. KeyCorp’s dividend payout ratio is currently 103.80%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. boosted its holdings in KeyCorp by 35.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 329,655 shares of the financial services provider’s stock valued at $4,747,000 after purchasing an additional 86,579 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in KeyCorp by 1.3% in the fourth 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 purchasing an additional 289,258 shares during the last quarter. Aigen Investment Management LP acquired a new stake in KeyCorp during the fourth quarter valued at approximately $1,556,000. Freestone Capital Holdings LLC acquired a new stake in KeyCorp during the first quarter valued at approximately $561,000. Finally, Commerce Bank raised its stake in KeyCorp by 399.7% during the first quarter. Commerce Bank now owns 456,136 shares of the financial services provider’s stock valued at $7,212,000 after buying an additional 364,850 shares in the last quarter. Hedge funds and other 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.