KeyCorp (NYSE:KEY) Price Target Raised to $21.00

Key Points

• KeyCorp's price target has been raised from $20.50 to $21.00 by analysts at Keefe, Bruyette & Woods, who maintain an "outperform" rating, signifying a potential upside of 22.16%.
• Despite the price target increase, other firms have offered mixed ratings, with Baird R W downgrading KeyCorp to "hold," while Morgan Stanley set a target price of $24.00 with an "underperform" rating.
• KeyCorp reported a strong quarterly performance with $1.84 billion in revenue, up 20.6% year-over-year, and $0.35 earnings per share, exceeding analysts' expectations.

KeyCorp (NYSE:KEY - Get Free Report) had its price target lifted by research analysts at Keefe, Bruyette & Woods from $20.50 to $21.00 in a research report issued on Friday,MarketScreener reports. The firm presently has an "outperform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' target price indicates a potential upside of 22.16% from the company's current price.

Several other research firms have also recently weighed in on KEY. Baird R W cut shares of KeyCorp from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 2nd. Morgan Stanley lifted their price target on shares of KeyCorp from $20.00 to $24.00 and gave the company an "underperform" rating in a research report on Monday, September 29th. Citigroup reissued a "neutral" rating and issued a $20.00 price target (up from $19.00) on shares of KeyCorp in a research note on Thursday, July 24th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of KeyCorp in a research report on Wednesday. Finally, Evercore ISI lifted their target price on shares of KeyCorp from $21.00 to $22.00 and gave the company an "outperform" rating in a report on Tuesday, September 30th. Ten analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $20.86.

KeyCorp Price Performance

NYSE:KEY opened at $17.19 on Friday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.84 and a quick ratio of 0.83. The firm has a market capitalization of $18.85 billion, a price-to-earnings ratio of -245.57, a PEG ratio of 0.60 and a beta of 1.15. The business has a 50 day simple moving average of $18.58 and a 200-day simple moving average of $17.02. KeyCorp has a 1 year low of $12.73 and a 1 year high of $20.04.

KeyCorp (NYSE:KEY - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.01. KeyCorp had a net margin of 1.49% and a return on equity of 9.65%. The business had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.81 billion. During the same period in the previous year, the company earned $0.25 earnings per share. The business's revenue for the quarter was up 20.6% on a year-over-year basis. Equities analysts forecast that KeyCorp will post 1.5 EPS for the current year.

Insider Transactions at KeyCorp

In related news, Director Trina M. Evans sold 17,000 shares of KeyCorp stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $18.67, for a total value of $317,390.00. Following the transaction, the director directly owned 82,719 shares in the company, valued at $1,544,363.73. The trade was a 17.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Christopher M. Gorman sold 112,149 shares of the stock in a transaction that occurred 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 sale, the chief executive officer owned 619,895 shares of the company's stock, valued at approximately $11,691,219.70. The trade was a 15.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 174,102 shares of company stock valued at $3,299,664 in the last three months. 0.52% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On KeyCorp

Several institutional investors have recently added to or reduced their stakes in the company. Activest Wealth Management increased its holdings in shares of KeyCorp by 8,775.0% during the second quarter. Activest Wealth Management now owns 1,420 shares of the financial services provider's stock worth $25,000 after buying an additional 1,404 shares in the last quarter. Tompkins Financial Corp bought a new position in KeyCorp in the second quarter valued at about $26,000. Zions Bancorporation National Association UT acquired a new position in shares of KeyCorp in the 1st quarter valued at $28,000. Allworth Financial LP raised its holdings in shares of KeyCorp by 246.9% during the first quarter. Allworth Financial LP now owns 2,168 shares of the financial services provider's stock worth $32,000 after acquiring an additional 1,543 shares during the period. Finally, FSC Wealth Advisors LLC acquired a new position in shares of KeyCorp during the first quarter worth about $34,000. 79.69% of the stock is owned by institutional investors.

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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