Evercore Cuts KeyCorp (NYSE:KEY) Price Target to $24.00

KeyCorp (NYSE:KEY) had its target price dropped by equities research analysts at Evercore from $26.00 to $24.00 in a research note issued on Monday,MarketScreener reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Evercore’s price target suggests a potential upside of 16.25% from the stock’s current price.

Several other analysts also recently commented on KEY. Stephens increased their target price on shares of KeyCorp from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. Barclays upped their price objective on shares of KeyCorp from $20.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Monday, January 5th. Wells Fargo & Company set a $18.00 target price on KeyCorp and gave the stock an “underperform” rating in a research note on Tuesday, January 6th. JPMorgan Chase & Co. lifted their price target on KeyCorp from $22.00 to $24.50 and gave the stock a “neutral” rating in a report on Monday, February 9th. Finally, The Goldman Sachs Group upped their price objective on KeyCorp from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, January 21st. Twelve analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $22.76.

KeyCorp Stock Up 0.9%

Shares of NYSE:KEY opened at $20.65 on Monday. The business’s 50 day moving average is $20.84 and its 200 day moving average is $19.74. KeyCorp has a 12-month low of $12.78 and a 12-month high of $23.34. The stock has a market cap of $22.15 billion, a price-to-earnings ratio of 13.58, a PEG ratio of 0.66 and a beta of 1.07. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.55.

KeyCorp (NYSE:KEY) last released its quarterly earnings results on Tuesday, January 20th. The financial services provider reported $0.41 EPS for the quarter, beating 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 business had revenue of $5.45 billion during the quarter, compared to analyst estimates of $1.95 billion. During the same period in the prior year, the firm posted $0.30 EPS. KeyCorp’s quarterly revenue was up 131.8% compared to the same quarter last year. On average, sell-side analysts forecast that KeyCorp will post 1.5 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Andrew J. Paine III sold 65,961 shares of the stock in a transaction on Friday, February 6th. The stock was sold at an average price of $23.23, for a total transaction of $1,532,274.03. Following the completion of the transaction, the insider owned 166,583 shares in the company, valued at approximately $3,869,723.09. This represents a 28.36% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Angela G. Mago sold 62,850 shares of the business’s stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $21.55, for a total value of $1,354,417.50. Following the completion of the sale, the insider owned 261,415 shares in the company, valued at $5,633,493.25. This represents a 19.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 161,506 shares of company stock valued at $3,597,481 in the last 90 days. Insiders own 0.52% of the company’s stock.

Institutional Investors Weigh In On KeyCorp

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. United Community Bank bought a new position in shares of KeyCorp in the 3rd quarter worth $27,000. Maseco LLP purchased a new stake in shares of KeyCorp during the fourth quarter valued at approximately $27,000. DV Equities LLC purchased a new position in shares of KeyCorp in the fourth quarter worth $27,000. GoalVest Advisory LLC bought a new stake in KeyCorp during the 4th quarter valued at $30,000. Finally, Smithfield Trust Co purchased a new stake in KeyCorp during the 4th quarter valued at $31,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

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.