KeyCorp (NYSE:KEY) Hits New 52-Week High After Analyst Upgrade

KeyCorp (NYSE:KEY) shares reached a new 52-week high on Wednesday after Keefe, Bruyette & Woods raised their price target on the stock from $21.00 to $24.00. Keefe, Bruyette & Woods currently has an outperform rating on the stock. KeyCorp traded as high as $20.88 and last traded at $20.8650, with a volume of 3840211 shares changing hands. The stock had previously closed at $20.58.

A number of other research firms have also recently weighed in on KEY. 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, October 3rd. Truist Financial dropped their price objective on KeyCorp from $20.00 to $19.00 and set a “hold” rating on the stock in a research note on Friday, October 17th. Weiss Ratings reissued a “hold (c+)” rating on shares of KeyCorp in a report on Monday. Cowen upgraded KeyCorp from a “hold” rating to a “buy” rating in a research note on Tuesday, December 9th. Finally, Evercore ISI upped their price target on KeyCorp from $21.00 to $22.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. Twelve investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $21.44.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in KEY. Activest Wealth Management raised its stake in KeyCorp by 8,775.0% in the second quarter. Activest Wealth Management now owns 1,420 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 1,404 shares in the last quarter. United Community Bank bought a new position in shares of KeyCorp in the 3rd quarter worth $27,000. Tompkins Financial Corp purchased a new stake in shares of KeyCorp during the 2nd quarter valued at $26,000. Sachetta LLC increased its stake in KeyCorp by 1,246.1% in the third quarter. Sachetta LLC now owns 1,723 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 1,595 shares during the last quarter. Finally, Kelleher Financial Advisors purchased a new stake in KeyCorp during the third quarter valued at about $32,000. Institutional investors own 79.69% of the company’s stock.

KeyCorp Stock Performance

The company has a 50 day simple moving average of $18.26 and a 200-day simple moving average of $18.10. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a market cap of $22.94 billion, a P/E ratio of 25.91, a price-to-earnings-growth ratio of 0.62 and a beta of 1.11.

KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Thursday, October 16th. The financial services provider reported $0.41 EPS for the quarter, beating the consensus estimate of $0.38 by $0.03. The firm had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.87 billion. KeyCorp had a return on equity of 10.14% and a net margin of 10.08%.The company’s revenue was up 172.7% on a year-over-year basis. During the same period in the prior year, the company earned ($0.47) EPS. On average, equities analysts expect that KeyCorp will post 1.5 earnings per share for the current fiscal year.

KeyCorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Tuesday, December 2nd were issued a dividend of $0.205 per share. The ex-dividend date of this dividend was Tuesday, December 2nd. This represents a $0.82 annualized dividend and a dividend yield of 3.9%. KeyCorp’s dividend payout ratio (DPR) is currently 101.23%.

About KeyCorp

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank’s offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company’s product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.