TD Cowen Reaffirms “Buy” Rating for KeyCorp (NYSE:KEY)

KeyCorp (NYSE:KEY)‘s stock had its “buy” rating reissued by research analysts at TD Cowen in a report released on Thursday, Benzinga reports. They presently have a $23.00 price target on the financial services provider’s stock. TD Cowen’s target price points to a potential upside of 16.31% from the stock’s previous close.

Several other research firms have also recently issued reports on KEY. Royal Bank Of Canada boosted their target price on KeyCorp from $24.00 to $25.00 and gave the company an “outperform” rating in a research note on Wednesday, July 22nd. Robert W. Baird raised their price target on KeyCorp from $22.00 to $23.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 22nd. Weiss Ratings reiterated a “buy (b)” rating on shares of KeyCorp in a report on Friday, August 7th. Jefferies Financial Group decreased their price objective on shares of KeyCorp from $24.00 to $22.00 and set a “hold” rating for the company in a report on Thursday, September 24th. Finally, Evercore reaffirmed an “outperform” rating and issued a $24.00 target price on shares of KeyCorp in a research report on Thursday, October 1st. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $46.33.

KeyCorp Stock Performance

Shares of NYSE:KEY opened at $19.77 on Thursday. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The company has a 50-day moving average price of $21.66 and a 200-day moving average price of $21.81. The company has a market cap of $21.10 billion, a price-to-earnings ratio of 11.49, a price-to-earnings-growth ratio of 0.76 and a beta of 1.08. KeyCorp has a 12 month low of $16.47 and a 12 month high of $24.07.

KeyCorp (NYSE:KEY) last posted its earnings results 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 return on equity of 11.23% and a net margin of 17.83%.The company had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $1.97 billion. During the same period last year, the firm earned $0.35 earnings per share. KeyCorp’s quarterly revenue was up 6.7% on a year-over-year basis. As a group, equities analysts anticipate that KeyCorp will post 1.83 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in KEY. Bank of Nova Scotia grew its holdings in shares of KeyCorp by 0.6% during the first quarter. Bank of Nova Scotia now owns 162,996,326 shares of the financial services provider’s stock valued at $3,268,076,000 after buying an additional 900,951 shares during the last quarter. BlackRock Inc. bought a new position in shares of KeyCorp during the second quarter valued at $2,039,113,000. State Street Corp lifted its holdings in shares of KeyCorp by 9.0% during the second quarter. State Street Corp now owns 51,368,660 shares of the financial services provider’s stock valued at $1,184,048,000 after purchasing an additional 4,238,225 shares in the last quarter. Deutsche Bank AG purchased a new stake in shares of KeyCorp during the second quarter valued at $380,244,000. Finally, North Reef Capital Management LP bought a new stake in KeyCorp in the 1st quarter worth about $253,632,000. Hedge funds and other institutional investors own 79.69% of the company’s stock.

KeyCorp Company Profile

KeyCorp (NYSE:KEY) is a financial services company headquartered in Cleveland, Ohio, and the parent company of KeyBank National Association. Through KeyBank, the company provides banking and financial services to individuals, families, businesses, institutions and government entities.

KeyBank’s offerings include consumer and business deposit accounts, residential and commercial lending, mortgage and home equity products, credit cards, payments services, treasury management, wealth management and investment services.