KeyCorp (NYSE:KEY) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

KeyCorp (NYSE:KEY) had its price objective lifted by Wells Fargo & Company from $24.00 to $27.00 in a research note issued on Monday, MarketBeat reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 17.43% from the company’s current price.

A number of other brokerages have also recently weighed in on KEY. TD Cowen reiterated a “buy” rating and issued a $68.00 price target on shares of KeyCorp in a research report on Tuesday, June 23rd. Stephens assumed coverage on KeyCorp in a report on Monday, June 15th. They set an “overweight” rating and a $26.00 price objective for the company. Piper Sandler boosted their target price on shares of KeyCorp from $23.00 to $24.00 and gave the company an “overweight” rating in a research note on Friday, April 17th. Jefferies Financial Group upped their target price on shares of KeyCorp from $21.00 to $23.00 and gave the stock a “hold” rating in a report on Friday, April 17th. Finally, Truist Financial increased their target price on shares of KeyCorp from $23.00 to $24.00 and gave the stock a “hold” rating in a research report on Wednesday, June 24th. Thirteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, KeyCorp presently has an average rating of “Moderate Buy” and an average price target of $47.03.

KeyCorp Stock Down 0.1%

Shares of KEY opened at $22.99 on Monday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62. The company has a 50-day moving average price of $21.99 and a two-hundred day moving average price of $21.36. The stock has a market cap of $24.82 billion, a price-to-earnings ratio of 14.11, a P/E/G ratio of 0.72 and a beta of 1.02. KeyCorp has a 12 month low of $16.47 and a 12 month high of $23.72.

KeyCorp (NYSE:KEY) last released its quarterly earnings data on Thursday, April 16th. The financial services provider reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.03. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.The company had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.93 billion. During the same period in the prior year, the company posted $0.38 EPS. The company’s revenue was up 10.2% compared to the same quarter last year. Equities analysts predict that KeyCorp will post 1.82 EPS for the current fiscal year.

KeyCorp announced that its Board of Directors has approved a stock repurchase program on Wednesday, May 13th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 13% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at KeyCorp

In other news, insider Angela G. Mago sold 22,826 shares of the firm’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $21.66, for a total value of $494,411.16. Following the completion of the sale, the insider directly owned 281,564 shares in the company, valued at approximately $6,098,676.24. This trade represents a 7.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On KeyCorp

Hedge funds have recently added to or reduced their stakes in the stock. Bank of Nova Scotia increased its position in KeyCorp by 0.6% in the 1st quarter. Bank of Nova Scotia now owns 162,996,326 shares of the financial services provider’s stock valued at $3,268,076,000 after acquiring an additional 900,951 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of KeyCorp by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 124,811,543 shares of the financial services provider’s stock worth $2,576,110,000 after purchasing an additional 1,192,323 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of KeyCorp by 90.2% during the third quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock valued at $679,768,000 after purchasing an additional 17,245,128 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of KeyCorp by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 23,983,690 shares of the financial services provider’s stock valued at $493,048,000 after purchasing an additional 115,968 shares during the last quarter. Finally, Capital World Investors increased its holdings in shares of KeyCorp by 1.1% in the fourth quarter. Capital World Investors now owns 21,027,471 shares of the financial services provider’s stock valued at $434,007,000 after purchasing an additional 238,514 shares in the last quarter. Institutional investors 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.