Jefferies Financial Group Cuts KeyCorp (NYSE:KEY) Price Target to $22.00

KeyCorp (NYSE:KEY) had its price target decreased by Jefferies Financial Group from $24.00 to $22.00 in a report released on Thursday morning. Jefferies Financial Group currently has a hold rating on the financial services provider’s stock.

Several other analysts also recently issued reports on KEY. Wells Fargo & Company increased their price target on KeyCorp from $24.00 to $27.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Morgan Stanley boosted their price objective on KeyCorp from $24.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. Argus raised KeyCorp to a “strong-buy” rating in a research report on Wednesday, July 29th. Robert W. Baird upped their target price on KeyCorp from $22.00 to $23.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 22nd. Finally, Citigroup reiterated a “neutral” rating on shares of KeyCorp in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $49.03.

KeyCorp Trading Up 1.7%

Shares of KEY stock opened at $20.59 on Thursday. The stock has a market cap of $21.97 billion, a price-to-earnings ratio of 11.97, a price-to-earnings-growth ratio of 0.78 and a beta of 1.02. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.63. KeyCorp has a fifty-two week low of $16.47 and a fifty-two week high of $24.07. The firm’s 50 day moving average price is $22.09 and its two-hundred day moving average price is $21.75.

KeyCorp (NYSE:KEY) last released its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.02. KeyCorp had a net margin of 17.83% and a return on equity of 11.23%. The company had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same period in the previous year, the firm earned $0.35 earnings per share. KeyCorp’s revenue for the quarter was up 6.7% on a year-over-year basis. On average, analysts anticipate that KeyCorp will post 1.83 EPS for the current year.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were issued a dividend of $0.2050 per share. This represents a $0.82 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend was Tuesday, September 1st. KeyCorp’s dividend payout ratio (DPR) is currently 47.67%.

Institutional Investors Weigh In On KeyCorp

Institutional investors have recently made changes to their positions in the company. Bank of Nova Scotia bought a new position in KeyCorp during the second quarter worth $3,636,436,000. BlackRock Inc. bought a new stake in KeyCorp during the second quarter valued at $2,039,113,000. Deutsche Bank AG acquired a new stake in shares of KeyCorp during the second quarter worth $380,244,000. Norges Bank acquired a new stake in shares of KeyCorp during the fourth quarter worth $262,688,000. Finally, North Reef Capital Management LP bought a new position in shares of KeyCorp in the 1st quarter worth about $253,632,000. 79.69% of the stock is currently owned by institutional investors.

About KeyCorp

KeyCorp is a financial services company headquartered in Cleveland, Ohio, and the parent company of KeyBank National Association. Founded in 1825, KeyBank is one of the largest regional banks in the United States and provides banking and financial services to individuals, businesses, institutions and government entities.

KeyBank’s consumer banking activities include checking and savings accounts, residential mortgages, home equity lending, personal loans, credit cards and financial planning.