DA Davidson Issues Pessimistic Forecast for KeyCorp (NYSE:KEY) Stock Price

Key Points

• DA Davidson has lowered its price target for KeyCorp from $22.00 to $21.00, although the brokerage maintains a "buy" rating on the stock, suggesting a potential upside of 23.49%.
• Jefferies Financial Group and several other firms have also reduced their price targets and ratings, with the average consensus target price currently at $20.86.
• KeyCorp's recent earnings report showed an EPS of $0.41, exceeding expectations and indicating significant revenue growth of 172.7% year-over-year.

KeyCorp (NYSE:KEY - Get Free Report) had its price target reduced by equities research analysts at DA Davidson from $22.00 to $21.00 in a report released on Friday, MarketBeat Ratings reports. The brokerage presently has a "buy" rating on the financial services provider's stock. DA Davidson's target price would indicate a potential upside of 23.49% from the company's current price.

KEY has been the subject of several other reports. Jefferies Financial Group dropped their price target on KeyCorp from $21.00 to $20.00 and set a "hold" rating for the company in a research note on Wednesday, September 24th. Royal Bank Of Canada boosted their price objective on shares of KeyCorp from $19.00 to $20.00 and gave the company an "outperform" rating in a report on Wednesday, October 1st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of KeyCorp in a research report on Wednesday, October 8th. Evercore ISI raised their price target on shares of KeyCorp from $21.00 to $22.00 and gave the company an "outperform" rating in a research note on Tuesday, September 30th. Finally, JPMorgan Chase & Co. raised their target price on shares of KeyCorp from $19.00 to $19.50 and gave the stock a "neutral" rating in a research note on Friday, October 10th. Ten analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $20.86.

KeyCorp Stock Performance

KEY traded up $0.23 during trading on Friday, hitting $17.01. 8,255,139 shares of the company traded hands, compared to its average volume of 19,362,699. The stock's fifty day moving average is $18.57 and its 200 day moving average is $17.06. The firm has a market cap of $18.65 billion, a P/E ratio of -242.79, a price-to-earnings-growth ratio of 0.56 and a beta of 1.15. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.71. KeyCorp has a one year low of $12.73 and a one year high of $20.04.

KeyCorp (NYSE:KEY - Get Free Report) last posted its quarterly earnings results on Thursday, October 16th. The financial services provider reported $0.41 EPS for the quarter, topping the consensus estimate of $0.38 by $0.03. KeyCorp had a net margin of 1.49% and a return on equity of 9.65%. The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.87 billion. During the same period last year, the firm posted ($0.47) earnings per share. The business's revenue was up 172.7% compared to the same quarter last year. As a group, equities analysts predict that KeyCorp will post 1.5 EPS for the current fiscal year.

Insider Activity at KeyCorp

In related news, CEO Christopher M. Gorman sold 112,149 shares of the firm's stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $18.86, for a total transaction of $2,115,130.14. Following the completion of the sale, the chief executive officer directly owned 619,895 shares of the company's stock, valued at approximately $11,691,219.70. This trade represents a 15.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Andrew J. Paine III sold 44,953 shares of the firm's stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $19.29, for a total transaction of $867,143.37. Following the completion of the transaction, the insider owned 245,044 shares in the company, valued at approximately $4,726,898.76. The trade was a 15.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 174,102 shares of company stock valued at $3,299,664. Corporate insiders own 0.52% of the company's stock.

Institutional Trading of KeyCorp

Institutional investors have recently added to or reduced their stakes in the business. Apollon Wealth Management LLC lifted its stake in shares of KeyCorp by 33.2% in the third quarter. Apollon Wealth Management LLC now owns 42,442 shares of the financial services provider's stock worth $793,000 after buying an additional 10,576 shares during the last quarter. CWM LLC raised its stake in KeyCorp by 11.5% during the 3rd quarter. CWM LLC now owns 50,479 shares of the financial services provider's stock valued at $943,000 after purchasing an additional 5,226 shares during the last quarter. Norden Group LLC grew its holdings in shares of KeyCorp by 59.0% in the 3rd quarter. Norden Group LLC now owns 20,097 shares of the financial services provider's stock worth $376,000 after purchasing an additional 7,457 shares during the last quarter. Brookstone Capital Management grew its holdings in KeyCorp by 3,951.0% during the 3rd quarter. Brookstone Capital Management now owns 644,438 shares of the financial services provider's stock worth $12,045,000 after acquiring an additional 628,530 shares during the last quarter. Finally, Swedbank AB lifted its position in KeyCorp by 0.3% during the 3rd quarter. Swedbank AB now owns 508,190 shares of the financial services provider's stock valued at $9,498,000 after purchasing an additional 1,582 shares during the period. 79.69% of the stock is currently owned by institutional investors and hedge funds.

About KeyCorp

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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