Truist Financial Cuts KeyCorp (NYSE:KEY) Price Target to $18.00

KeyCorp (NYSE:KEY) had its price target trimmed by Truist Financial from $19.00 to $18.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a hold rating on the financial services provider’s stock.

A number of other equities analysts have also issued reports on the company. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $18.50 target price on shares of KeyCorp in a research report on Monday, February 3rd. Keefe, Bruyette & Woods cut their target price on KeyCorp from $22.00 to $21.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 22nd. The Goldman Sachs Group upped their price target on KeyCorp from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Piper Sandler upped their price target on KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Finally, Morgan Stanley dropped their price target on KeyCorp from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 13th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, KeyCorp has an average rating of “Moderate Buy” and an average price target of $19.58.

KeyCorp Stock Performance

Shares of KEY opened at $16.14 on Friday. The business’s 50 day moving average is $17.08 and its two-hundred day moving average is $17.41. KeyCorp has a 52-week low of $13.11 and a 52-week high of $20.04. The firm has a market cap of $17.83 billion, a price-to-earnings ratio of -53.78, a PEG ratio of 0.65 and a beta of 1.26. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77.

KeyCorp declared that its board has initiated a stock buyback program on Thursday, March 13th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were paid a dividend of $0.205 per share. The ex-dividend date was Tuesday, March 4th. This represents a $0.82 dividend on an annualized basis and a yield of 5.08%. KeyCorp’s payout ratio is currently -273.33%.

Insider Transactions at KeyCorp

In other KeyCorp news, Director Of Nova Scotia Bank purchased 50,000 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The stock was bought at an average price of $17.85 per share, with a total value of $892,500.00. Following the completion of the purchase, the director now owns 162,983,726 shares in the company, 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 Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.61% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. 111 Capital bought a new position in shares of KeyCorp in the fourth quarter worth $238,000. Wealth Enhancement Advisory Services LLC boosted its stake in KeyCorp by 22.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 102,451 shares of the financial services provider’s stock valued at $1,756,000 after buying an additional 18,790 shares in the last quarter. Centaurus Financial Inc. boosted its stake in KeyCorp by 11.2% during the fourth quarter. Centaurus Financial Inc. now owns 7,218 shares of the financial services provider’s stock valued at $124,000 after buying an additional 728 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in KeyCorp during the fourth quarter valued at about $7,141,000. Finally, LifeWealth Investments LLC bought a new position in KeyCorp during the fourth quarter valued at about $362,000. Institutional investors own 79.69% of the company’s stock.

KeyCorp Company Profile

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.