KeyCorp's (KEY) "Overweight" Rating Reiterated at Stephens

Key Points

• Stephens reiterated its “Overweight” rating on KeyCorp and maintained a $26 price target, implying approximately 18.5% upside from the prior close.
• KeyCorp reported quarterly EPS of $0.44, topping estimates of $0.42, while revenue reached $1.96 billion and increased 6.7% year over year.
• Institutional investors own approximately 79.7% of KeyCorp’s shares, with several funds recently increasing their positions or initiating new stakes.

KeyCorp (NYSE:KEY - Get Free Report)'s stock had its "overweight" rating reiterated by analysts at Stephens in a research report issued to clients and investors on Tuesday, Benzinga reports. They currently have a $26.00 price objective on the financial services provider's stock. Stephens' price target points to a potential upside of 18.53% from the company's previous close.

Several other equities analysts have also recently weighed in on KEY. Keefe, Bruyette & Woods lifted their price objective on shares of KeyCorp from $25.00 to $26.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 22nd. JPMorgan Chase & Co. raised their target price on KeyCorp from $22.50 to $24.50 and gave the stock a "neutral" rating in a research report on Monday, July 6th. Morgan Stanley lifted their price target on KeyCorp from $24.00 to $25.00 and gave the company an "equal weight" rating in a report on Monday, June 29th. Weiss Ratings reissued a "buy (b)" rating on shares of KeyCorp in a research report on Friday, August 7th. Finally, DA Davidson reissued a "buy" rating and issued a $28.00 price objective 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 issued a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $49.14.

KeyCorp Stock Up 0.4%

KEY stock opened at $21.94 on Tuesday. The firm has a market cap of $23.41 billion, a PE ratio of 12.75, a P/E/G ratio of 0.82 and a beta of 1.02. KeyCorp has a 12 month low of $16.47 and a 12 month high of $24.07. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.84 and a quick ratio of 0.83. The firm has a 50 day simple moving average of $22.56 and a 200 day simple moving average of $21.76.

KeyCorp (NYSE:KEY - Get Free Report) last posted its quarterly 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 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 analyst estimates of $1.97 billion. During the same quarter in the previous year, the business posted $0.35 earnings per share. The firm's quarterly revenue was up 6.7% compared to the same quarter last year. Equities research analysts forecast that KeyCorp will post 1.83 earnings per share for the current fiscal year.

Hedge Funds Weigh In On KeyCorp

Several institutional investors and hedge funds have recently modified their holdings of KEY. North Reef Capital Management LP bought a new stake in shares of KeyCorp in the 1st quarter valued at approximately $253,632,000. Jefferies Financial Group Inc. boosted its stake in KeyCorp by 62.1% in the 4th quarter. Jefferies Financial Group Inc. now owns 220,523 shares of the financial services provider's stock valued at $4,552,000 after buying an additional 84,497 shares in the last quarter. Bank of New York Mellon Corp grew its position in 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 valued at $115,638,000 after acquiring an additional 721,421 shares during the period. Mattson Financial Services LLC raised its stake in KeyCorp by 298.1% during 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 in the last quarter. Finally, Cibc World Market Inc. bought a new position in shares of KeyCorp during the fourth quarter valued at $2,640,000. 79.69% of the stock is currently owned by hedge funds and other institutional investors.

KeyCorp Company Profile

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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