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

KeyCorp (NYSE:KEY) has been assigned an average rating of “Moderate Buy” from the nineteen research 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 1 year price objective among brokers that have updated their coverage on the stock in the last year is $19.64.

KEY has been the topic of a number of research reports. Piper Sandler boosted 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. Citigroup upgraded KeyCorp from a “neutral” rating to a “buy” rating and set a $20.00 target price on the stock in a report on Monday. Barclays boosted 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 issued a $18.00 target price on shares of KeyCorp in a research report on Wednesday, January 22nd. Finally, Stephens reaffirmed an “overweight” rating and issued a $20.00 price objective on shares of KeyCorp in a research note on Wednesday, January 22nd.

Insider Activity at KeyCorp

In other news, Director Of Nova Scotia Bank bought 50,000 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were acquired at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the completion of the acquisition, the director now owns 162,983,726 shares in the company, 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 SEC, which can be accessed through the SEC website. 0.61% of the stock is owned by insiders.

Hedge Funds Weigh In On KeyCorp

Several institutional investors and hedge funds have recently modified their holdings of KEY. Centaurus Financial Inc. grew 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 worth $124,000 after buying an additional 728 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in KeyCorp in the 4th quarter valued at approximately $7,141,000. LifeWealth Investments LLC bought a new stake in shares of KeyCorp during the fourth quarter worth $362,000. B. Riley Wealth Advisors Inc. increased its position in KeyCorp by 17.0% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 30,516 shares of the financial services provider’s stock valued at $523,000 after acquiring an additional 4,432 shares during the period. Finally, AlphaCore Capital LLC raised its position in shares of KeyCorp by 38.8% during the fourth quarter. AlphaCore Capital LLC now owns 12,587 shares of the financial services provider’s stock worth $216,000 after acquiring an additional 3,521 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Trading Down 2.2 %

Shares of KeyCorp stock opened at $15.15 on Tuesday. The business has a fifty day simple moving average of $17.22 and a 200-day simple moving average of $17.44. The firm has a market cap of $16.74 billion, a price-to-earnings ratio of -50.48, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26. KeyCorp has a fifty-two week low of $13.11 and a fifty-two 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.

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

KeyCorp Announces Dividend

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

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.