KeyCorp (NYSE:KEY) Stock Rated "Moderate Buy" by Wall Street Brokerages

Key Points

• KeyCorp has a consensus “Moderate Buy” rating from 20 brokerages: 12 recommend buying, seven rate it a hold, and one gives it a strong buy rating. The average 12-month price target is $48.83.
• Institutional ownership is substantial, with hedge funds and other institutions holding approximately 79.69% of KeyCorp’s outstanding shares; several major investors recently initiated or increased positions.
• KeyCorp recently exceeded quarterly earnings expectations, reporting $0.44 in EPS versus the $0.42 consensus estimate, while revenue increased 6.7% year over year. The company also pays a quarterly dividend of $0.205, representing a 4.1% yield.

Shares of KeyCorp (NYSE:KEY - Get Free Report) have received a consensus rating of "Moderate Buy" from the twenty brokerages that are currently covering the firm, Marketbeat reports. Seven investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $48.83.

Several analysts have recently issued reports on the company. Evercore reiterated an "outperform" rating and issued a $24.00 price objective on shares of KeyCorp in a research note on Thursday, October 1st. Wells Fargo & Company upped their price target on KeyCorp from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday, July 6th. Wall Street Zen raised KeyCorp from a "sell" rating to a "hold" rating in a research report on Saturday. JPMorgan Chase & Co. decreased their price objective on KeyCorp from $24.50 to $23.00 and set a "neutral" rating for the company in a research note on Friday, October 2nd. Finally, Truist Financial lowered their price objective on KeyCorp from $24.00 to $23.00 and set a "hold" rating for the company in a research report on Wednesday, September 23rd.

Hedge Funds Weigh In On KeyCorp

A number of institutional investors and hedge funds have recently modified their holdings of the company. Bank of Nova Scotia purchased a new stake in KeyCorp during the 2nd quarter worth about $3,636,436,000. BlackRock Inc. purchased a new stake in KeyCorp during the second quarter worth approximately $2,039,113,000. State Street Corp boosted its holdings in KeyCorp by 9.0% in 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 acquired a new position in KeyCorp in the second quarter valued at approximately $380,244,000. Finally, North Reef Capital Management LP purchased a new position in KeyCorp in the first quarter valued at approximately $253,632,000. Institutional investors and hedge funds own 79.69% of the company's stock.

KeyCorp Trading Down 0.3%

NYSE KEY opened at $20.11 on Wednesday. The firm has a 50 day simple moving average of $21.71 and a 200-day simple moving average of $21.81. 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 one year low of $16.47 and a one year high of $24.07. The firm has a market cap of $21.47 billion, a price-to-earnings ratio of 11.69, a PEG ratio of 0.76 and a beta of 1.08.

KeyCorp (NYSE:KEY - Get Free Report) last announced its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share 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 the consensus estimate of $1.97 billion. During the same period in the prior year, the firm earned $0.35 EPS. The firm's revenue for the quarter was up 6.7% on a year-over-year basis. Equities research analysts anticipate that KeyCorp will post 1.83 EPS for the current fiscal year.

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were given a $0.2050 dividend. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.1%. KeyCorp's dividend payout ratio is currently 47.67%.

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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