KeyCorp (NYSE:KEY) Stock Price Target Cut by JPMorgan Chase & Co.

Key Points

• JPMorgan cut KeyCorp’s price target from $24.50 to $23.00 while maintaining a “neutral” rating, implying 14.51% upside from the prior close.
• Analyst opinions remain broadly positive: MarketBeat reports a “Moderate Buy” consensus, with a consensus price target of $48.94, despite ratings ranging from Hold to Strong Buy.
• KeyCorp reported quarterly EPS of $0.44, beating estimates by $0.02, while revenue totaled $1.96 billion and rose 6.7% year over year.

KeyCorp (NYSE:KEY - Get Free Report) had its target price cut by stock analysts at JPMorgan Chase & Co. from $24.50 to $23.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has a "neutral" rating on the financial services provider's stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 14.51% from the company's previous close.

Several other brokerages also recently issued reports on KEY. Evercore reiterated an "outperform" rating and set a $24.00 price objective on shares of KeyCorp in a research report on Thursday. Robert W. Baird increased 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 restated a "buy (b)" rating on shares of KeyCorp in a research note on Friday, August 7th. UBS Group upped their price objective on shares of KeyCorp from $25.00 to $27.00 and gave the stock a "buy" rating in a report on Tuesday, July 7th. Finally, DA Davidson reissued a "buy" rating and set a $28.00 target price on shares of KeyCorp in a research note on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, KeyCorp presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.94.

KeyCorp Stock Performance

Shares of KEY traded up $0.04 during midday trading on Friday, hitting $20.09. 4,911,352 shares of the stock traded hands, compared to its average volume of 13,447,358. The business's 50 day moving average price is $21.86 and its two-hundred day moving average price is $21.79. The firm has a market capitalization of $21.43 billion, a PE ratio of 11.67, a price-to-earnings-growth ratio of 0.76 and a beta of 1.08. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 0.84. KeyCorp has a 1-year low of $16.47 and a 1-year high of $24.07.

KeyCorp (NYSE:KEY - Get Free Report) last issued its quarterly earnings data 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. KeyCorp had a net margin of 17.83% and a return on equity of 11.23%. The firm had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same period last year, the firm posted $0.35 EPS. KeyCorp's quarterly revenue was up 6.7% compared to the same quarter last year. Equities research analysts predict that KeyCorp will post 1.83 EPS for the current fiscal year.

Institutional Trading of KeyCorp

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of Nova Scotia bought a new position in shares of KeyCorp in the second quarter valued at $3,636,436,000. BlackRock Inc. acquired a new position in shares of KeyCorp in the 2nd quarter worth $2,039,113,000. State Street Corp raised its position 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 worth $1,184,048,000 after purchasing an additional 4,238,225 shares during the period. Capital World Investors lifted its holdings in shares of KeyCorp by 1.1% during the fourth quarter. Capital World Investors now owns 21,027,471 shares of the financial services provider's stock valued at $434,007,000 after purchasing an additional 238,514 shares during the last quarter. Finally, Deutsche Bank AG acquired a new position in shares of KeyCorp in the 2nd quarter valued at $380,244,000. 79.69% of the stock is currently owned by institutional investors.

About KeyCorp

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.

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