KeyCorp (NYSE:KEY) Price Target Cut to $19.00 by Analysts at Truist Financial

Key Points

• KeyCorp's price target was cut from $20.00 to $19.00 by analysts at Truist Financial, who maintain a "hold" rating on the stock, suggesting a potential upside of 12.12% from its previous close.
• Several analysts have varied outlooks on KeyCorp, with target prices ranging from $18.00 to $22.00, and an average consensus rating of "Hold."
• KeyCorp reported earnings of $0.41 per share, surpassing analysts' expectations, and had revenue of $1.90 billion for the quarter, which was up substantially compared to the same period last year.

KeyCorp (NYSE:KEY - Get Free Report) had its target price cut by equities research analysts at Truist Financial from $20.00 to $19.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a "hold" rating on the financial services provider's stock. Truist Financial's price objective suggests a potential upside of 12.12% from the stock's previous close.

A number of other analysts have also issued reports on the company. Evercore ISI lifted their target price on KeyCorp from $21.00 to $22.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 30th. Citigroup reaffirmed a "neutral" rating and set a $20.00 target price (up from $19.00) on shares of KeyCorp in a report on Thursday, July 24th. Wells Fargo & Company upped their target price on KeyCorp from $20.00 to $22.00 and gave the company an "overweight" rating in a report on Friday, October 3rd. Robert W. Baird lowered KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 target price for the company. in a report on Wednesday, July 2nd. Finally, JPMorgan Chase & Co. upped their target price on KeyCorp from $19.00 to $19.50 and gave the company a "neutral" rating in a report on Friday, October 10th. Ten equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $20.86.

KeyCorp Trading Up 1.0%

Shares of KEY stock traded up $0.17 during mid-day trading on Friday, hitting $16.95. 1,954,718 shares of the company's stock were exchanged, compared to its average volume of 19,328,188. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04. The stock has a 50-day simple moving average of $18.57 and a two-hundred day simple moving average of $17.06. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.71. The stock has a market cap of $18.58 billion, a price-to-earnings ratio of -242.07, a PEG ratio of 0.56 and a beta of 1.15.

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

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of KEY. Dakota Wealth Management boosted its holdings in KeyCorp by 2.2% in the second quarter. Dakota Wealth Management now owns 27,374 shares of the financial services provider's stock valued at $477,000 after acquiring an additional 586 shares in the last quarter. Bryn Mawr Trust Advisors LLC boosted its holdings in shares of KeyCorp by 4.8% during the 2nd quarter. Bryn Mawr Trust Advisors LLC now owns 13,363 shares of the financial services provider's stock valued at $233,000 after buying an additional 608 shares in the last quarter. Investors Asset Management of Georgia Inc. GA ADV boosted its holdings in shares of KeyCorp by 2.9% during the 2nd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 22,412 shares of the financial services provider's stock valued at $389,000 after buying an additional 639 shares in the last quarter. AlphaCore Capital LLC boosted its holdings in shares of KeyCorp by 5.2% during the 1st quarter. AlphaCore Capital LLC now owns 13,238 shares of the financial services provider's stock valued at $212,000 after buying an additional 651 shares in the last quarter. Finally, SBI Securities Co. Ltd. boosted its holdings in shares of KeyCorp by 34.0% during the 1st quarter. SBI Securities Co. Ltd. now owns 2,644 shares of the financial services provider's stock valued at $42,000 after buying an additional 671 shares in the last quarter. Institutional investors and hedge funds own 79.69% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.