Brokerages Set KeyCorp (NYSE:KEY) Price Target at $19.75

Shares of KeyCorp (NYSE:KEY) have been assigned an average recommendation of “Moderate Buy” from the nineteen ratings firms that are presently covering the company, Marketbeat reports. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $19.64.

A number of analysts have recently issued reports on KEY shares. Barclays boosted their price objective on KeyCorp from $19.00 to $21.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Citigroup raised shares of KeyCorp from a “neutral” rating to a “buy” rating and set a $20.00 price objective on the stock in a research note on Monday, March 10th. Royal Bank of Canada restated an “outperform” rating and set a $18.00 target price on shares of KeyCorp in a report on Wednesday, January 22nd. Piper Sandler increased their price objective on shares of KeyCorp from $19.00 to $22.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. Finally, Truist Financial began coverage on shares of KeyCorp in a research note on Tuesday, January 7th. They issued a “hold” rating and a $19.00 target price for the company.

Insider Activity

In other news, Director Of Nova Scotia Bank purchased 50,000 shares of the company’s stock in a transaction on Wednesday, February 5th. The shares were purchased at an average price of $17.85 per share, with a total value of $892,500.00. Following the purchase, the director now directly owns 162,983,726 shares of the company’s stock, valued at $2,909,259,509.10. This trade represents a 0.03 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On KeyCorp

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of KeyCorp by 7.1% in the fourth quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider’s stock valued at $2,004,228,000 after purchasing an additional 7,754,576 shares during the last quarter. FMR LLC increased its stake in KeyCorp by 7.1% in the 4th quarter. FMR LLC now owns 44,431,526 shares of the financial services provider’s stock valued at $761,556,000 after buying an additional 2,938,405 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in KeyCorp by 4.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 36,302,732 shares of the financial services provider’s stock worth $622,229,000 after buying an additional 1,645,296 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of KeyCorp by 4.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 33,058,682 shares of the financial services provider’s stock worth $566,626,000 after buying an additional 1,452,179 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. grew its holdings in shares of KeyCorp by 4.1% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 27,183,748 shares of the financial services provider’s stock valued at $465,929,000 after acquiring an additional 1,062,615 shares in the last quarter. Institutional investors and hedge funds own 79.69% of the company’s stock.

KeyCorp Trading Up 3.5 %

KeyCorp stock opened at $15.68 on Tuesday. The business’s 50-day simple moving average is $17.19 and its 200-day simple moving average is $17.43. KeyCorp has a 52 week low of $13.11 and a 52 week high of $20.04. The firm has a market capitalization of $17.32 billion, a PE ratio of -52.25, a PEG ratio of 0.65 and a beta of 1.26. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.84 and a current ratio of 0.85.

KeyCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were given a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $0.82 annualized dividend and a dividend yield of 5.23%. KeyCorp’s dividend payout ratio is presently -273.33%.

KeyCorp declared that its Board of Directors has authorized a share buyback plan on Thursday, March 13th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

About KeyCorp

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.