Morgan Stanley Has Lowered Expectations for KeyCorp (NYSE:KEY) Stock Price

KeyCorp (NYSE:KEY) had its price target decreased by equities research analysts at Morgan Stanley from $26.00 to $24.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price objective would suggest a potential upside of 19.53% from the company’s previous close.

A number of other equities analysts also recently weighed in on KEY. Wells Fargo & Company set a $18.00 price target on KeyCorp and gave the stock an “underperform” rating in a research report on Tuesday, January 6th. Piper Sandler increased their price target on KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Tuesday, December 9th. Truist Financial reduced their price objective on shares of KeyCorp from $23.00 to $22.00 and set a “hold” rating for the company in a research report on Monday, March 23rd. Weiss Ratings raised shares of KeyCorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, February 25th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of KeyCorp from $21.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, December 17th. Twelve analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.87.

KeyCorp Stock Up 3.5%

KEY stock traded up $0.68 during mid-day trading on Tuesday, reaching $20.08. The company had a trading volume of 8,963,205 shares, compared to its average volume of 16,534,379. The company has a market capitalization of $21.88 billion, a price-to-earnings ratio of 13.21, a PEG ratio of 0.63 and a beta of 1.08. KeyCorp has a 52 week low of $12.73 and a 52 week high of $23.34. The stock has a 50 day simple moving average of $20.92 and a two-hundred day simple moving average of $19.70. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.82.

KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Tuesday, January 20th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.02. KeyCorp had a return on equity of 10.28% and a net margin of 15.97%.The company had revenue of $5.45 billion for the quarter, compared to analysts’ expectations of $1.95 billion. During the same quarter in the prior year, the business posted $0.30 EPS. The business’s revenue was up 131.8% compared to the same quarter last year. As a group, equities analysts predict that KeyCorp will post 1.5 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Trina M. Evans sold 32,695 shares of the company’s stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $21.74, for a total transaction of $710,789.30. Following the completion of the sale, the director owned 58,719 shares of the company’s stock, valued at approximately $1,276,551.06. This represents a 35.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Angela G. Mago sold 62,850 shares of KeyCorp stock in a transaction that occurred on Thursday, January 29th. The shares were sold at an average price of $21.55, for a total transaction of $1,354,417.50. Following the completion of the transaction, the insider directly owned 261,415 shares in the company, valued at $5,633,493.25. This trade represents a 19.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 161,506 shares of company stock worth $3,597,481. 0.52% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Brighton Jones LLC bought a new position in KeyCorp in the 4th quarter valued at approximately $476,000. Woodline Partners LP increased its holdings in shares of KeyCorp by 41.4% during the first quarter. Woodline Partners LP now owns 84,156 shares of the financial services provider’s stock worth $1,346,000 after buying an additional 24,627 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of KeyCorp by 10.3% in the 2nd quarter. American Century Companies Inc. now owns 471,450 shares of the financial services provider’s stock valued at $8,213,000 after acquiring an additional 43,860 shares during the last quarter. CreativeOne Wealth LLC acquired a new stake in shares of KeyCorp during the 2nd quarter valued at $197,000. Finally, Russell Investments Group Ltd. grew its position in KeyCorp by 1.7% during the 2nd quarter. Russell Investments Group Ltd. now owns 315,593 shares of the financial services provider’s stock worth $5,490,000 after acquiring an additional 5,243 shares during the last quarter. Institutional investors and hedge funds own 79.69% of the company’s stock.

KeyCorp Company Profile

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank’s offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company’s product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.