Brokerages Set KeyCorp (NYSE:KEY) PT at $49.14

Shares of KeyCorp (NYSE:KEY) have been given an average rating of “Moderate Buy” by the twenty research firms that are currently covering the company, MarketBeat Ratings reports. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $49.1389.

KEY has been the subject of several recent research reports. The Goldman Sachs Group increased their target price on shares of KeyCorp from $25.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, April 17th. TD Cowen reaffirmed a “buy” rating and issued a $68.00 target price on shares of KeyCorp in a report on Tuesday, June 23rd. Wall Street Zen lowered shares of KeyCorp from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Susquehanna increased their price target on shares of KeyCorp from $300.00 to $415.00 and gave the stock a “positive” rating in a report on Monday, May 18th. Finally, DA Davidson restated a “buy” rating and issued a $28.00 price objective on shares of KeyCorp in a research report on Wednesday.

KeyCorp Price Performance

Shares of NYSE KEY opened at $22.64 on Friday. The stock has a market cap of $24.43 billion, a P/E ratio of 13.16, a P/E/G ratio of 0.74 and a beta of 1.02. KeyCorp has a twelve month low of $16.47 and a twelve month high of $24.07. The stock has a 50 day moving average of $22.47 and a two-hundred day moving average of $21.60. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63.

KeyCorp (NYSE:KEY) last announced its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.02. KeyCorp had a net margin of 17.83% and a return on equity of 11.23%. The business had revenue of $1.96 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same period last year, the firm posted $0.35 earnings per share. The company’s revenue for the quarter was up 6.7% compared to the same quarter last year. On average, research analysts forecast that KeyCorp will post 1.83 earnings per share for the current year.

KeyCorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a dividend of $0.205 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.6%. KeyCorp’s dividend payout ratio is 47.67%.

KeyCorp declared that its board has authorized a share buyback program on Wednesday, May 13th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 13% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, insider Angela G. Mago sold 22,826 shares of the firm’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $21.66, for a total value of $494,411.16. Following the completion of the sale, the insider owned 281,564 shares in the company, valued at $6,098,676.24. This trade represents a 7.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.56% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On KeyCorp

Several institutional investors have recently modified their holdings of KEY. MCF Advisors LLC increased its position in shares of KeyCorp by 31.6% in the fourth quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider’s stock valued at $39,000 after buying an additional 456 shares in the last quarter. Prime Capital Investment Advisors LLC boosted its stake in shares of KeyCorp by 1.7% during the fourth quarter. Prime Capital Investment Advisors LLC now owns 28,498 shares of the financial services provider’s stock valued at $588,000 after acquiring an additional 486 shares during the last quarter. Harbour Investments Inc. lifted its holdings in KeyCorp by 19.0% in the 4th quarter. Harbour Investments Inc. now owns 3,180 shares of the financial services provider’s stock valued at $66,000 after purchasing an additional 508 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in KeyCorp by 5.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 10,265 shares of the financial services provider’s stock valued at $206,000 after purchasing an additional 522 shares in the last quarter. Finally, Centennial Wealth Advisory LLC boosted its stake in shares of KeyCorp by 1.2% during the 4th quarter. Centennial Wealth Advisory LLC now owns 44,986 shares of the financial services provider’s stock worth $929,000 after purchasing an additional 524 shares during the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

About KeyCorp

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.