KeyCorp (NYSE:KEY) PT Raised to $17.00 at Wedbush

KeyCorp (NYSE:KEY) had its target price boosted by Wedbush from $16.00 to $17.00 in a research report sent to investors on Tuesday morning, Benzinga reports. The brokerage 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 analysts have also issued reports on KEY. Argus lifted their price objective on shares of KeyCorp from $15.00 to $16.00 and gave the company a buy rating in a research note on Friday, April 19th. Morgan Stanley boosted their price objective on shares of KeyCorp from $16.00 to $18.00 and gave the stock an equal weight rating in a report on Monday, August 5th. JPMorgan Chase & Co. lowered their target price on KeyCorp from $17.50 to $16.50 and set a neutral rating for the company in a research note on Thursday, June 27th. UBS Group cut KeyCorp from a buy rating to a neutral rating and cut their price target for the stock from $16.00 to $15.00 in a research note on Monday, July 8th. Finally, Evercore ISI lowered their price objective on KeyCorp from $17.50 to $16.50 and set an outperform rating for the company in a research note on Tuesday, June 25th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, KeyCorp presently has an average rating of Moderate Buy and a consensus price target of $16.59.

KeyCorp Price Performance

KEY opened at $16.39 on Tuesday. KeyCorp has a 52-week low of $9.50 and a 52-week high of $17.09. The company has a 50 day moving average of $14.76 and a two-hundred day moving average of $14.68. The company has a market cap of $15.46 billion, a P/E ratio of 20.75, a P/E/G ratio of 0.87 and a beta of 1.26. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.37.

KeyCorp (NYSE:KEY) last issued 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 return on equity of 8.64% and a net margin of 7.35%. The company’s revenue was down 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.27 earnings per share. On average, analysts expect that KeyCorp will post 1.1 earnings per share for the current year.

KeyCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Tuesday, August 27th will be paid a dividend of $0.205 per share. The ex-dividend date is Tuesday, August 27th. This represents a $0.82 annualized dividend and a yield of 5.00%. KeyCorp’s dividend payout ratio (DPR) is 103.80%.

Institutional Trading of KeyCorp

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. lifted its position in KeyCorp by 35.6% in the 4th 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. raised its holdings in shares of KeyCorp by 1.3% during 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 buying an additional 289,258 shares during the last quarter. Aigen Investment Management LP acquired a new position in shares of KeyCorp during the fourth quarter worth approximately $1,556,000. Freestone Capital Holdings LLC bought a new position in KeyCorp in the 1st quarter worth approximately $561,000. Finally, Commerce Bank raised its stake in KeyCorp by 399.7% during the 1st quarter. Commerce Bank now owns 456,136 shares of the financial services provider’s stock valued at $7,212,000 after acquiring an additional 364,850 shares in 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.