JPMorgan Chase & Co. Cuts KeyCorp (NYSE:KEY) Price Target to $16.50

KeyCorp (NYSE:KEY) had its price target reduced by JPMorgan Chase & Co. from $18.50 to $16.50 in a research note published on Thursday,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

KEY has been the topic of several other reports. Stephens reaffirmed an “overweight” rating and set a $20.00 price objective on shares of KeyCorp in a report on Wednesday, January 22nd. Barclays lifted their price objective on KeyCorp from $19.00 to $21.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. Royal Bank of Canada reissued an “outperform” rating and set a $18.00 target price on shares of KeyCorp in a report on Wednesday, January 22nd. Wells Fargo & Company lowered their price target on KeyCorp from $22.00 to $20.00 and set an “overweight” rating on the stock in a research note on Friday, March 28th. Finally, Morgan Stanley reduced their price objective on KeyCorp from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Thursday, March 13th. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.31.

KeyCorp Price Performance

NYSE:KEY opened at $13.45 on Thursday. The stock has a market capitalization of $14.74 billion, a PE ratio of -44.83, a price-to-earnings-growth ratio of 0.65 and a beta of 1.06. KeyCorp has a 52 week low of $12.73 and a 52 week high of $20.04. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77. The stock’s 50-day moving average price is $16.67 and its 200-day moving average price is $17.37.

KeyCorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders 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 dividend on an annualized basis and a yield of 6.10%. KeyCorp’s dividend payout ratio is currently -273.33%.

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

Insider Buying and Selling

In related news, Director Of Nova Scotia Bank acquired 50,000 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was purchased at an average price of $17.85 per share, with a total value of $892,500.00. Following the transaction, the director now owns 162,983,726 shares of the company’s stock, valued at approximately $2,909,259,509.10. This trade represents a 0.03 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.61% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Public Sector Pension Investment Board lifted its stake in KeyCorp by 1.2% during the 3rd quarter. Public Sector Pension Investment Board now owns 161,783 shares of the financial services provider’s stock worth $2,710,000 after acquiring an additional 1,900 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of KeyCorp during the third quarter worth about $185,000. Benjamin Edwards Inc. purchased a new position in shares of KeyCorp in the third quarter valued at approximately $406,000. Hilltop Holdings Inc. acquired a new position in shares of KeyCorp in the third quarter valued at approximately $393,000. Finally, HighTower Advisors LLC increased its stake in KeyCorp by 9.2% during the 3rd quarter. HighTower Advisors LLC now owns 202,681 shares of the financial services provider’s stock worth $3,391,000 after buying an additional 17,140 shares during the period. 79.69% of the stock is currently owned by institutional investors and hedge funds.

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.