KeyCorp’s (KEY) Buy Rating Reaffirmed at TD Cowen

KeyCorp (NYSE:KEY)‘s stock had its “buy” rating reaffirmed by investment analysts at TD Cowen in a report released on Tuesday,Benzinga reports. They currently have a $68.00 price objective on the financial services provider’s stock. TD Cowen’s target price would suggest a potential upside of 195.87% from the company’s previous close.

KEY has been the topic of a number of other reports. Truist Financial cut their target price on KeyCorp from $23.00 to $22.00 and set a “hold” rating on the stock in a research report on Monday, March 23rd. DA Davidson upped their price target on shares of KeyCorp from $26.00 to $27.00 and gave the company a “buy” rating in a report on Monday, May 4th. Wall Street Zen lowered shares of KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Robert W. Baird boosted their target price on shares of KeyCorp from $19.00 to $22.00 and gave the stock a “neutral” rating in a research report on Friday, April 17th. Finally, JPMorgan Chase & Co. reduced their price target on shares of KeyCorp from $24.50 to $22.50 and set a “neutral” rating on the stock in a research report on Tuesday, April 7th. Twelve research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, KeyCorp currently has an average rating of “Moderate Buy” and a consensus price target of $46.39.

KeyCorp Stock Up 0.7%

NYSE:KEY traded up $0.15 during trading hours on Tuesday, hitting $22.98. The stock had a trading volume of 2,796,861 shares, compared to its average volume of 14,490,953. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. KeyCorp has a 1-year low of $16.47 and a 1-year high of $23.34. The business has a 50 day simple moving average of $21.75 and a two-hundred day simple moving average of $21.16. The company has a market cap of $24.92 billion, a PE ratio of 14.10, a price-to-earnings-growth ratio of 0.71 and a beta of 1.03.

KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Thursday, April 16th. The financial services provider reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.03. The firm had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.93 billion. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The firm’s revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.38 EPS. Analysts predict that KeyCorp will post 1.82 EPS for the current year.

KeyCorp declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 13th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 13% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

Insider Activity at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of the business’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $21.66, for a total transaction of $494,411.16. Following the completion of the transaction, the insider directly owned 281,564 shares of the company’s stock, valued at $6,098,676.24. The trade was a 7.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On KeyCorp

Hedge funds and other institutional investors have recently made changes to their positions in the business. MCF Advisors LLC boosted its position in KeyCorp by 31.6% during the 4th quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 456 shares during the period. Prime Capital Investment Advisors LLC lifted its holdings in KeyCorp by 1.7% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 28,498 shares of the financial services provider’s stock worth $588,000 after purchasing an additional 486 shares during the period. Harbour Investments Inc. lifted its holdings in KeyCorp by 19.0% in the fourth quarter. Harbour Investments Inc. now owns 3,180 shares of the financial services provider’s stock worth $66,000 after purchasing an additional 508 shares during the period. EverSource Wealth Advisors LLC increased its stake in KeyCorp by 5.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 10,265 shares of the financial services provider’s stock valued at $206,000 after buying an additional 522 shares during the period. Finally, Centennial Wealth Advisory LLC raised its position in shares of KeyCorp by 1.2% during the 4th quarter. Centennial Wealth Advisory LLC now owns 44,986 shares of the financial services provider’s stock worth $929,000 after buying an additional 524 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Company Profile

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.