Citigroup Upgrades KeyCorp (NYSE:KEY) to Buy

Citigroup upgraded shares of KeyCorp (NYSE:KEY) from a neutral rating to a buy rating in a research note issued to investors on Monday morning, Marketbeat reports. Citigroup currently has $20.00 target price on the financial services provider’s stock.

Several other brokerages have also issued reports on KEY. DA Davidson decreased their price target on KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Wednesday, January 22nd. Wells Fargo & Company lifted their target price on KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Piper Sandler increased their target price on shares of KeyCorp from $19.00 to $22.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. Stephens restated an “overweight” rating and issued a $20.00 price target on shares of KeyCorp in a research note on Wednesday, January 22nd. Finally, Morgan Stanley lowered their price objective on shares of KeyCorp from $23.00 to $22.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 22nd. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.75.

KeyCorp Stock Performance

Shares of KeyCorp stock opened at $15.15 on Monday. The company has a 50 day moving average of $17.33 and a 200-day moving average of $17.48. The company has a market cap of $16.74 billion, a PE ratio of -50.48, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77. KeyCorp has a 1-year low of $13.11 and a 1-year high of $20.04.

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th will be given a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 5.41%. The ex-dividend date is Tuesday, March 4th. KeyCorp’s dividend payout ratio is presently -273.33%.

Insider Activity at KeyCorp

In related news, Director Of Nova Scotia Bank bought 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The shares were acquired at an average cost of $17.85 per share, with a total value of $892,500.00. Following the completion of the purchase, the director now directly owns 162,983,726 shares in the company, valued at $2,909,259,509.10. The trade was a 0.03 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.61% of the stock is owned by company insiders.

Institutional Trading of KeyCorp

Large investors have recently made changes to their positions in the company. Whittier Trust Co. lifted its holdings in shares of KeyCorp by 110.3% in the 4th quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 800 shares in the last quarter. Ethos Financial Group LLC bought a new stake in KeyCorp in the 4th quarter worth about $27,000. Fourth Dimension Wealth LLC purchased a new stake in shares of KeyCorp during the fourth quarter valued at approximately $28,000. Larson Financial Group LLC raised its stake in shares of KeyCorp by 90.8% during the 3rd quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 918 shares during the period. Finally, SBI Securities Co. Ltd. bought a new stake in KeyCorp in the fourth quarter worth about $34,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

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.