Bank of America Raises KeyCorp (NYSE:KEY) Price Target to $20.00

KeyCorp (NYSE:KEY - Get Free Report) had its price target increased by stock analysts at Bank of America from $18.00 to $20.00 in a report released on Monday,Benzinga reports. The firm presently has a "buy" rating on the financial services provider's stock. Bank of America's price target indicates a potential upside of 24.88% from the company's previous close.

Other research analysts also recently issued research reports about the company. Evercore ISI set a $17.00 target price on KeyCorp in a report on Monday, April 28th. Keefe, Bruyette & Woods dropped their price objective on shares of KeyCorp from $20.00 to $18.00 and set an "outperform" rating on the stock in a report on Monday, April 21st. TD Cowen initiated coverage on shares of KeyCorp in a report on Thursday, May 15th. They set a "hold" rating and a $18.00 target price for the company. Citigroup reiterated a "buy" rating on shares of KeyCorp in a research note on Thursday, April 17th. Finally, JPMorgan Chase & Co. reduced their price objective on KeyCorp from $18.50 to $16.50 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. Eleven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, KeyCorp has an average rating of "Moderate Buy" and an average target price of $18.92.

KeyCorp Stock Up 2.3%

NYSE KEY traded up $0.37 during mid-day trading on Monday, reaching $16.02. The stock had a trading volume of 1,170,762 shares, compared to its average volume of 12,905,592. The stock has a market cap of $17.55 billion, a PE ratio of -53.39, a price-to-earnings-growth ratio of 0.65 and a beta of 1.09. KeyCorp has a 1 year low of $12.73 and a 1 year high of $20.04. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. The company has a fifty day moving average price of $15.34 and a 200 day moving average price of $16.46.

KeyCorp (NYSE:KEY - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.32 by $0.01. The firm had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.77 billion. KeyCorp had a negative net margin of 2.52% and a positive return on equity of 8.73%. During the same quarter last year, the firm posted $0.20 EPS. On average, research analysts expect that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp announced that its Board of Directors has initiated a stock buyback program on Thursday, March 13th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

Insider Activity

In other KeyCorp news, Director Carlton L. Highsmith sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $16.60, for a total transaction of $83,000.00. Following the sale, the director now directly owns 37,177 shares of the company's stock, valued at $617,138.20. The trade was a 11.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Amy G. Brady sold 19,000 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $16.09, for a total value of $305,710.00. Following the completion of the sale, the insider now directly owns 82,523 shares of the company's stock, valued at $1,327,795.07. The trade was a 18.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.52% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its position in KeyCorp by 40.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 50,954,013 shares of the financial services provider's stock worth $814,756,000 after purchasing an additional 14,651,281 shares during the period. Norges Bank bought a new stake in shares of KeyCorp during the fourth quarter worth $153,235,000. Vanguard Group Inc. boosted its holdings in shares of KeyCorp by 7.2% in the first quarter. Vanguard Group Inc. now owns 125,345,385 shares of the financial services provider's stock valued at $2,004,273,000 after purchasing an additional 8,412,625 shares during the period. Wellington Management Group LLP increased its holdings in KeyCorp by 1,142.4% during the 1st quarter. Wellington Management Group LLP now owns 5,001,779 shares of the financial services provider's stock worth $79,978,000 after purchasing an additional 4,599,197 shares during the period. Finally, Alyeska Investment Group L.P. bought a new stake in KeyCorp during the 1st quarter valued at $60,194,000. Institutional investors own 79.69% of the company's stock.

KeyCorp Company Profile

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.

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