Wells Fargo & Company Cuts KeyCorp (NYSE:KEY) Price Target to $20.00

KeyCorp (NYSE:KEY) had its price objective cut by equities research analysts at Wells Fargo & Company from $22.00 to $20.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 26.62% from the stock’s previous close.

Other analysts also recently issued research reports about the company. Royal Bank of Canada restated an “outperform” rating and set a $18.00 price objective on shares of KeyCorp in a report on Wednesday, January 22nd. Citigroup cut their price target on shares of KeyCorp from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Barclays upped their price target on shares of KeyCorp from $19.00 to $21.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Stephens reiterated an “overweight” rating and set a $20.00 price objective on shares of KeyCorp in a research report on Wednesday, January 22nd. Finally, Morgan Stanley reduced their target price on KeyCorp from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Thursday, March 13th. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, KeyCorp currently has an average rating of “Moderate Buy” and an average price target of $19.42.

KeyCorp Stock Performance

Shares of NYSE KEY opened at $15.80 on Friday. The stock’s fifty day simple moving average is $16.93 and its 200 day simple moving average is $17.41. The stock has a market capitalization of $17.46 billion, a price-to-earnings ratio of -52.65, 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 has a 52-week low of $13.11 and a 52-week high of $20.04.

KeyCorp announced that its board has approved 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 purchase up to 6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at KeyCorp

In related news, Director Of Nova Scotia Bank purchased 50,000 shares of KeyCorp stock in a transaction on 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 transaction, the director now directly owns 162,983,726 shares of the company’s stock, valued at approximately $2,909,259,509.10. This represents a 0.03 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.61% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in KEY. Whittier Trust Co. boosted its position in KeyCorp by 110.3% during the fourth 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 during the period. Ethos Financial Group LLC bought a new stake in shares of KeyCorp during the 4th quarter worth $27,000. Fourth Dimension Wealth LLC bought a new stake in shares of KeyCorp during the 4th quarter worth $28,000. Larson Financial Group LLC raised its holdings in KeyCorp by 90.8% in the 3rd quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 918 shares during the period. Finally, SBI Securities Co. Ltd. acquired a new position in KeyCorp during the 4th quarter worth $34,000. 79.69% of the stock is owned by institutional investors.

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.