Keefe, Bruyette & Woods Issues Pessimistic Forecast for KeyCorp (NYSE:KEY) Stock Price

KeyCorp (NYSE:KEY - Free Report) had its price target trimmed by Keefe, Bruyette & Woods from $20.00 to $18.00 in a research note released on Monday morning,Benzinga reports. The firm currently has an outperform rating on the financial services provider's stock.

A number of other research firms also recently issued reports on KEY. Stephens reiterated an "overweight" rating and set a $20.00 price target on shares of KeyCorp in a research note on Wednesday, January 22nd. Royal Bank of Canada reissued an "outperform" rating on shares of KeyCorp in a research report on Thursday, April 17th. Wells Fargo & Company restated an "overweight" rating on shares of KeyCorp in a research note on Thursday, April 17th. JPMorgan Chase & Co. reduced their target price on KeyCorp from $18.50 to $16.50 and set a "neutral" rating for the company in a report on Thursday, April 3rd. Finally, DA Davidson dropped their price objective on KeyCorp from $22.00 to $21.00 and set a "buy" rating for the company in a research note on Wednesday, January 22nd. Eight analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, KeyCorp presently has a consensus rating of "Moderate Buy" and an average target price of $19.15.

KeyCorp Trading Down 1.0 %

Shares of KEY stock traded down $0.15 during trading hours on Monday, hitting $14.72. 8,052,209 shares of the company's stock traded hands, compared to its average volume of 12,862,957. The stock has a market cap of $16.13 billion, a PE ratio of -49.07, a price-to-earnings-growth ratio of 0.65 and a beta of 1.06. KeyCorp has a 12 month low of $12.73 and a 12 month high of $20.04. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77. The stock's 50 day simple moving average is $15.42 and its 200 day simple moving average is $17.06.

KeyCorp (NYSE:KEY - Get Free Report) last posted its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.33 EPS for the quarter, topping analysts' consensus estimates of $0.32 by $0.01. The business had revenue of $1.77 billion during the quarter, compared to analysts' expectations 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 period last year, the company posted $0.20 earnings per share. On average, sell-side analysts anticipate that KeyCorp will post 1.5 EPS for the current year.

KeyCorp declared that its board has approved a share repurchase program on Thursday, March 13th that permits the company to buyback $1.00 billion in 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 often an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling

In other news, insider Mohit Ramani bought 10,000 shares of the company's stock in a transaction that occurred on Monday, April 21st. The shares were purchased at an average price of $13.75 per share, for a total transaction of $137,500.00. Following the completion of the transaction, the insider now directly owns 10,000 shares in the company, valued at approximately $137,500. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Of Nova Scotia Bank acquired 50,000 shares of the stock in a transaction on Wednesday, February 5th. The stock was bought at an average price of $17.85 per share, for a total transaction of $892,500.00. Following the transaction, the director now owns 162,983,726 shares in the company, valued at approximately $2,909,259,509.10. This represents a 0.03 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought 60,180 shares of company stock valued at $1,032,525 in the last ninety days. 0.52% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. TCTC Holdings LLC increased its stake in shares of KeyCorp by 38.6% in the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider's stock worth $38,000 after acquiring an additional 611 shares during the last quarter. Signaturefd LLC lifted its holdings in KeyCorp by 16.0% during the 4th quarter. Signaturefd LLC now owns 4,453 shares of the financial services provider's stock worth $76,000 after buying an additional 614 shares in the last quarter. Modera Wealth Management LLC raised its stake in shares of KeyCorp by 3.9% in the fourth quarter. Modera Wealth Management LLC now owns 16,521 shares of the financial services provider's stock valued at $283,000 after acquiring an additional 627 shares in the last quarter. Integrated Wealth Concepts LLC boosted its stake in shares of KeyCorp by 2.6% in the 4th quarter. Integrated Wealth Concepts LLC now owns 24,679 shares of the financial services provider's stock valued at $423,000 after buying an additional 631 shares during the period. Finally, Ballentine Partners LLC raised its holdings in shares of KeyCorp by 5.7% in the 4th quarter. Ballentine Partners LLC now owns 12,855 shares of the financial services provider's stock valued at $220,000 after purchasing an additional 692 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.