KeyCorp (NYSE:KEY) Given New $20.00 Price Target at Morgan Stanley

KeyCorp (NYSE:KEY) had its target price cut by Morgan Stanley from $22.00 to $20.00 in a research note released on Thursday morning,Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Other equities research analysts have also issued reports about the company. Citigroup upgraded KeyCorp from a “neutral” rating to a “buy” rating and set a $20.00 price objective on the stock in a research note on Monday, March 10th. 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. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $18.50 price objective on shares of KeyCorp in a research note on Monday, February 3rd. Wells Fargo & Company boosted their target price on shares of KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of KeyCorp from $22.00 to $21.00 and set an “outperform” rating for the company in a research report on Wednesday, January 22nd. 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, KeyCorp has a consensus rating of “Moderate Buy” and an average target price of $19.64.

KeyCorp Price Performance

Shares of KeyCorp stock opened at $15.68 on Thursday. The firm has a market cap of $17.32 billion, a P/E ratio of -52.25, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26. The firm’s 50-day simple moving average is $17.19 and its 200-day simple moving average is $17.43. KeyCorp has a twelve month low of $13.11 and a twelve month high of $20.04. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.84 and a current ratio of 0.85.

KeyCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were given a $0.205 dividend. The ex-dividend date was Tuesday, March 4th. This represents a $0.82 dividend on an annualized basis and a yield of 5.23%. KeyCorp’s payout ratio is -273.33%.

KeyCorp declared that its board has initiated a share repurchase plan 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 repurchase up to 6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity

In related news, Director Of Nova Scotia Bank purchased 50,000 shares of KeyCorp stock in a transaction dated 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 transaction, the director now directly 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.61% of the company’s stock.

Hedge Funds Weigh In On KeyCorp

Several hedge funds have recently added to or reduced their stakes in KEY. Whittier Trust Co. grew its position in shares of KeyCorp by 110.3% during the 4th quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock worth $26,000 after buying an additional 800 shares during the period. Ethos Financial Group LLC acquired a new position in KeyCorp during the fourth quarter valued at approximately $27,000. Fourth Dimension Wealth LLC bought a new stake in KeyCorp in the fourth quarter valued at approximately $28,000. Larson Financial Group LLC raised its holdings in KeyCorp by 90.8% in the third 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 position in shares of KeyCorp during the fourth quarter worth $34,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

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.