KeyCorp (NYSE:KEY) Price Target Raised to $27.00

Key Points

• Wells Fargo raised its price target on KeyCorp from $24 to $27 and kept an overweight rating, implying about 17.4% upside from the prior close.
• Other analysts have also been adjusting their views on KEY, with several lifting targets; overall, the stock has a Moderate Buy consensus and an average price target of $47.03.
• KeyCorp recently reported better-than-expected quarterly earnings, beating EPS and revenue estimates, and its board approved a $3 billion share repurchase program that could support the stock.

KeyCorp (NYSE:KEY - Get Free Report) had its target price lifted by analysts at Wells Fargo & Company from $24.00 to $27.00 in a report released on Monday, MarketBeat Ratings reports. The brokerage currently has an "overweight" rating on the financial services provider's stock. Wells Fargo & Company's target price would indicate a potential upside of 17.43% from the stock's previous close.

Several other research analysts have also weighed in on KEY. Jefferies Financial Group upped their target price on KeyCorp from $21.00 to $23.00 and gave the stock a "hold" rating in a research report on Friday, April 17th. TD Cowen reiterated a "buy" rating and set a $68.00 price target on shares of KeyCorp in a report on Tuesday, June 23rd. Piper Sandler boosted their price target on KeyCorp from $23.00 to $24.00 and gave the company an "overweight" rating in a research note on Friday, April 17th. The Goldman Sachs Group increased their price objective on KeyCorp from $25.00 to $26.00 and gave the stock a "buy" rating in a report on Friday, April 17th. Finally, Royal Bank Of Canada raised their price objective on shares of KeyCorp from $22.00 to $24.00 and gave the company an "outperform" rating in a research report on Friday, April 17th. Thirteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $47.03.

KeyCorp Stock Down 0.1%

KEY stock opened at $22.99 on Monday. The company has a 50 day moving average of $21.99 and a two-hundred day moving average of $21.36. The company has a market cap of $24.82 billion, a price-to-earnings ratio of 14.11, a PEG ratio of 0.72 and a beta of 1.02. KeyCorp has a 12-month low of $16.47 and a 12-month high of $23.72. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62.

KeyCorp (NYSE:KEY - Get Free Report) last posted its quarterly earnings results on Thursday, April 16th. The financial services provider reported $0.44 EPS for the quarter, beating the consensus estimate of $0.41 by $0.03. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The business had revenue of $1.95 billion for the quarter, compared to analysts' expectations of $1.93 billion. During the same period in the previous year, the company posted $0.38 EPS. KeyCorp's revenue was up 10.2% on a year-over-year basis. On average, equities analysts anticipate that KeyCorp will post 1.82 earnings per share for the current fiscal year.

KeyCorp declared that its board has approved a share repurchase program on Wednesday, May 13th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 13% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling at KeyCorp

In related news, insider Angela G. Mago sold 22,826 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $21.66, for a total transaction of $494,411.16. Following the completion of the sale, the insider owned 281,564 shares in the company, valued at $6,098,676.24. This represents a 7.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.56% of the company's stock.

Institutional Investors Weigh In On KeyCorp

Several hedge funds have recently modified their holdings of KEY. M&T Bank Corp grew its holdings in shares of KeyCorp by 5,317.0% during the 4th quarter. M&T Bank Corp now owns 1,350,519 shares of the financial services provider's stock worth $27,875,000 after purchasing an additional 1,325,588 shares in the last quarter. Gradient Investments LLC raised its stake in shares of KeyCorp by 797.9% in the fourth quarter. Gradient Investments LLC now owns 897,563 shares of the financial services provider's stock valued at $18,526,000 after purchasing an additional 797,599 shares in the last quarter. Bank of New York Mellon Corp lifted its position in KeyCorp by 14.8% in the fourth quarter. Bank of New York Mellon Corp now owns 5,602,637 shares of the financial services provider's stock worth $115,638,000 after purchasing an additional 721,421 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in KeyCorp by 68.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 204,993 shares of the financial services provider's stock worth $4,428,000 after buying an additional 83,367 shares in the last quarter. Finally, Brevan Howard Capital Management LP boosted its stake in KeyCorp by 130.6% during the third quarter. Brevan Howard Capital Management LP now owns 584,471 shares of the financial services provider's stock worth $10,924,000 after buying an additional 330,967 shares in the last quarter. 79.69% of the stock is owned by institutional investors.

KeyCorp Company Profile

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank's offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company's product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.

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