KeyCorp (NYSE:KEY) Price Target Cut to $23.00 by Analysts at Truist Financial

Key Points

• Truist Financial cut KeyCorp’s price target from $24 to $23 while maintaining a “hold” rating, implying 12.55% potential upside from the prior close.
• Analyst sentiment remains broadly positive, with KeyCorp holding a consensus “Moderate Buy” rating, although target prices vary widely among firms.
• KeyCorp shares recently traded at $20.44, down 0.2%. The company beat quarterly earnings estimates with EPS of $0.44 versus the $0.42 consensus, while revenue reached $1.96 billion.

KeyCorp (NYSE:KEY - Get Free Report) had its price target dropped by analysts at Truist Financial from $24.00 to $23.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a "hold" rating on the financial services provider's stock. Truist Financial's target price indicates a potential upside of 12.55% from the stock's previous close.

Several other research analysts have also weighed in on KEY. Weiss Ratings reissued a "buy (b)" rating on shares of KeyCorp in a research note on Friday, August 7th. Wells Fargo & Company upped their target price on shares of KeyCorp from $24.00 to $27.00 and gave the company an "overweight" rating in a research note on Monday, July 6th. Stephens reiterated an "overweight" rating and issued a $26.00 target price on shares of KeyCorp in a report on Tuesday, September 15th. JPMorgan Chase & Co. lifted their price target on shares of KeyCorp from $22.50 to $24.50 and gave the stock a "neutral" rating in a research report on Monday, July 6th. Finally, Citigroup reissued a "neutral" rating on shares of KeyCorp in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, KeyCorp currently has a consensus rating of "Moderate Buy" and a consensus target price of $49.08.

KeyCorp Trading Down 0.2%

Shares of NYSE:KEY traded down $0.04 during midday trading on Wednesday, hitting $20.44. The company had a trading volume of 5,388,050 shares, compared to its average volume of 13,386,942. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. KeyCorp has a 12 month low of $16.47 and a 12 month high of $24.07. The firm has a fifty day simple moving average of $22.29 and a 200 day simple moving average of $21.76. The stock has a market cap of $21.81 billion, a price-to-earnings ratio of 11.89, a PEG ratio of 0.79 and a beta of 1.02.

KeyCorp (NYSE:KEY - Get Free Report) last released its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.02. The firm had revenue of $1.96 billion for the quarter, compared to analyst estimates of $1.97 billion. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.The company's quarterly revenue was up 6.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.35 earnings per share. On average, analysts predict that KeyCorp will post 1.83 EPS for the current year.

Institutional Trading of KeyCorp

Hedge funds have recently made changes to their positions in the business. North Reef Capital Management LP bought a new position in KeyCorp in the first quarter valued at about $253,632,000. Bank of New York Mellon Corp lifted its holdings in shares of KeyCorp by 14.8% in the fourth quarter. Bank of New York Mellon Corp now owns 5,602,637 shares of the financial services provider's stock worth $115,638,000 after acquiring an additional 721,421 shares during the last quarter. Mattson Financial Services LLC lifted its holdings in shares of KeyCorp by 298.1% in the fourth quarter. Mattson Financial Services LLC now owns 75,771 shares of the financial services provider's stock worth $1,564,000 after acquiring an additional 56,736 shares during the last quarter. Weiss Asset Management LP acquired a new stake in shares of KeyCorp in the 1st quarter valued at approximately $7,040,000. Finally, Cibc World Market Inc. bought a new stake in shares of KeyCorp during the 4th quarter valued at approximately $2,640,000. 79.69% of the stock is owned by institutional investors and hedge funds.

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.

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