KeyCorp (NYSE:KEY) Given New $19.00 Price Target at Citigroup

KeyCorp (NYSE:KEY) had its price objective trimmed by Citigroup from $20.00 to $19.00 in a research report report published on Monday morning,Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock.

Other equities research analysts have also issued research reports about the stock. JPMorgan Chase & Co. restated a “neutral” rating and issued a $18.50 price target on shares of KeyCorp in a report on Monday, February 3rd. Keefe, Bruyette & Woods reduced their price objective on shares of KeyCorp from $22.00 to $21.00 and set an “outperform” rating for the company in a research note on Wednesday, January 22nd. Truist Financial cut their price target on KeyCorp from $19.00 to $18.00 and set a “hold” rating on the stock in a report on Friday. Morgan Stanley reduced their price target on KeyCorp from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Thursday, March 13th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $18.00 price objective on shares of KeyCorp in a research report on Wednesday, January 22nd. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $19.53.

KeyCorp Stock Performance

KEY stock opened at $16.62 on Monday. KeyCorp has a 1-year low of $13.11 and a 1-year high of $20.04. The business has a 50-day moving average price of $17.07 and a 200 day moving average price of $17.41. The company has a market capitalization of $18.36 billion, a P/E ratio of -55.38, a PEG ratio of 0.65 and a beta of 1.26. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84.

KeyCorp announced that its Board of Directors has authorized a share repurchase plan on Thursday, March 13th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

KeyCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Tuesday, March 4th were paid a dividend of $0.205 per share. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $0.82 annualized dividend and a dividend yield of 4.94%. KeyCorp’s payout ratio is currently -273.33%.

Insider Activity at KeyCorp

In other news, Director Of Nova Scotia Bank bought 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The shares were purchased at an average price of $17.85 per share, for a total transaction of $892,500.00. Following the completion of the transaction, the director now directly 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 purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.61% of the stock is owned by insiders.

Institutional Trading of KeyCorp

Institutional investors and hedge funds have recently bought and sold shares of the business. Pathstone Holdings LLC boosted its holdings in KeyCorp by 1.2% in the third quarter. Pathstone Holdings LLC now owns 205,485 shares of the financial services provider’s stock valued at $3,442,000 after purchasing an additional 2,477 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of KeyCorp in the third quarter worth about $582,000. Raymond James Trust N.A. grew its holdings in KeyCorp by 54.9% during the third quarter. Raymond James Trust N.A. now owns 46,721 shares of the financial services provider’s stock worth $783,000 after acquiring an additional 16,566 shares during the period. Nwam LLC raised its position in KeyCorp by 17.7% during the third quarter. Nwam LLC now owns 18,719 shares of the financial services provider’s stock valued at $314,000 after acquiring an additional 2,821 shares in the last quarter. Finally, Cerity Partners LLC lifted its holdings in KeyCorp by 31.5% in the third quarter. Cerity Partners LLC now owns 195,456 shares of the financial services provider’s stock valued at $3,274,000 after acquiring an additional 46,835 shares during the period. 79.69% of the stock is currently owned by institutional investors and hedge funds.

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.