KeyCorp (KEY) Given New $20.00 Price Target at Citigroup Inc.

KeyCorp (NYSE:KEY) had its price objective upped by Citigroup Inc. from $19.00 to $20.00 in a research report released on Monday morning, MarketBeat.com reports. Citigroup Inc. currently has a neutral rating on the financial services provider’s stock.

Other analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods set a $20.00 target price on shares of KeyCorp and gave the stock a hold rating in a research report on Saturday, June 24th. Oppenheimer Holdings, Inc. reissued a hold rating on shares of KeyCorp in a research report on Saturday, July 22nd. Piper Jaffray Companies reissued a buy rating and set a $20.50 target price on shares of KeyCorp in a research report on Friday, July 21st. Zacks Investment Research raised shares of KeyCorp from a hold rating to a buy rating and set a $22.00 target price for the company in a research report on Tuesday, July 11th. Finally, Instinet reissued a buy rating and set a $23.00 target price on shares of KeyCorp in a research report on Wednesday, July 12th. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and sixteen have given a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $20.03.

KeyCorp (NYSE:KEY) opened at 18.24 on Monday. KeyCorp has a 1-year low of $12.33 and a 1-year high of $19.53. The stock has a market cap of $19.84 billion, a price-to-earnings ratio of 18.11 and a beta of 1.13. The stock has a 50 day moving average of $17.94 and a 200 day moving average of $18.11.

KeyCorp (NYSE:KEY) last posted its earnings results on Thursday, July 20th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.34. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.53 billion. KeyCorp had a net margin of 16.62% and a return on equity of 9.88%. The company’s revenue was up 52.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.27 EPS. Equities analysts expect that KeyCorp will post $1.35 earnings per share for the current year.

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KeyCorp announced that its board has initiated a stock buyback plan on Wednesday, June 28th that permits the company to buyback $800.00 million in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 4% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.

In other news, Director Ruth Ann M. Gillis purchased 3,000 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The shares were acquired at an average cost of $18.00 per share, with a total value of $54,000.00. Following the transaction, the director now owns 10,551 shares in the company, valued at approximately $189,918. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Alexander M. Cutler purchased 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 25th. The shares were purchased at an average cost of $18.55 per share, for a total transaction of $92,750.00. Following the completion of the transaction, the director now owns 55,000 shares in the company, valued at approximately $1,020,250. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 16,000 shares of company stock worth $290,540 and have sold 259,409 shares worth $4,794,449. Corporate insiders own 0.65% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. Caisse DE Depot ET Placement DU Quebec raised its position in shares of KeyCorp by 447.1% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,182,062 shares of the financial services provider’s stock valued at $21,040,000 after acquiring an additional 966,000 shares in the last quarter. Trust Co. of Toledo NA OH raised its position in shares of KeyCorp by 0.4% during the 2nd quarter. Trust Co. of Toledo NA OH now owns 42,951 shares of the financial services provider’s stock valued at $805,000 after acquiring an additional 178 shares in the last quarter. Flippin Bruce & Porter Inc. raised its position in shares of KeyCorp by 3.9% during the 2nd quarter. Flippin Bruce & Porter Inc. now owns 451,881 shares of the financial services provider’s stock valued at $8,468,000 after acquiring an additional 17,103 shares in the last quarter. Greenwood Capital Associates LLC raised its position in shares of KeyCorp by 1.3% during the 2nd quarter. Greenwood Capital Associates LLC now owns 41,874 shares of the financial services provider’s stock valued at $785,000 after acquiring an additional 534 shares in the last quarter. Finally, BlackRock Inc. raised its position in shares of KeyCorp by 2.7% during the 2nd quarter. BlackRock Inc. now owns 86,694,342 shares of the financial services provider’s stock valued at $1,624,654,000 after acquiring an additional 2,280,450 shares in the last quarter. 80.80% of the stock is currently owned by institutional investors and hedge funds.

About KeyCorp

KeyCorp is a bank holding company. The Company is a bank-based financial services company. The Company operates through its subsidiary, KeyBank National Association (KeyBank), which is engaged in providing banking services. Through KeyBank and other subsidiaries, it provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, and investment banking products and services to individual, corporate and institutional clients.

Analyst Recommendations for KeyCorp (NYSE:KEY)

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