KeyCorp (NYSE:KEY) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Key Points

• JPMorgan Chase & Co. has raised its price target for KeyCorp from $19.00 to $19.50, indicating a potential upside of 13.44% from the previous close, while maintaining a neutral rating on the stock.
• Analysts have varied ratings, with ten rating the stock as a Buy, ten as a Hold, and one as a Sell, contributing to a consensus price target of $20.86.
• KeyCorp reported a 20.6% increase in quarterly revenue year-over-year, with earnings per share of $0.35, exceeding analyst expectations.

KeyCorp (NYSE:KEY - Get Free Report) had its target price hoisted by research analysts at JPMorgan Chase & Co. from $19.00 to $19.50 in a note issued to investors on Friday,MarketScreener reports. The brokerage presently has a "neutral" rating on the financial services provider's stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 13.44% from the company's previous close.

A number of other equities analysts have also weighed in on the stock. Truist Financial upped their price target on shares of KeyCorp from $17.00 to $19.00 and gave the stock a "hold" rating in a research report on Monday, July 28th. DA Davidson upped their price target on shares of KeyCorp from $19.00 to $21.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Bank of America raised their price target on shares of KeyCorp from $18.00 to $20.00 and gave the stock a "buy" rating in a report on Monday, June 16th. Wells Fargo & Company increased their price target on KeyCorp from $20.00 to $22.00 and gave the stock an "overweight" rating in a research report on Friday, October 3rd. Finally, UBS Group upped their price objective on KeyCorp from $22.00 to $23.00 and gave the company a "buy" rating in a report on Tuesday, October 7th. Ten research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, KeyCorp presently has a consensus rating of "Hold" and a consensus price target of $20.86.

KeyCorp Stock Down 5.4%

KEY opened at $17.19 on Friday. KeyCorp has a 1-year low of $12.73 and a 1-year high of $20.04. The firm's 50 day simple moving average is $18.58 and its two-hundred day simple moving average is $17.02. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $18.85 billion, a PE ratio of -245.57, a PEG ratio of 0.60 and a beta of 1.15.

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

Insider Buying and Selling at KeyCorp

In other KeyCorp news, CEO Christopher M. Gorman sold 112,149 shares of the company's stock in a transaction dated 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 directly owned 619,895 shares in the company, valued at $11,691,219.70. This represents a 15.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Andrew J. Paine III sold 44,953 shares of KeyCorp stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $19.29, for a total value of $867,143.37. Following the completion of the transaction, the insider directly owned 245,044 shares in the company, valued at $4,726,898.76. This represents a 15.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 174,102 shares of company stock valued at $3,299,664. Company insiders own 0.52% of the company's stock.

Institutional Trading of KeyCorp

Several large investors have recently added to or reduced their stakes in KEY. Board of the Pension Protection Fund lifted its stake in shares of KeyCorp by 115.7% during the third quarter. Board of the Pension Protection Fund now owns 34,300 shares of the financial services provider's stock worth $641,000 after purchasing an additional 18,400 shares in the last quarter. Wedmont Private Capital grew its stake in shares of KeyCorp by 15.8% in the 3rd quarter. Wedmont Private Capital now owns 15,302 shares of the financial services provider's stock valued at $282,000 after buying an additional 2,086 shares in the last quarter. Oak Thistle LLC bought a new position in KeyCorp in the 3rd quarter worth $1,996,000. GAMMA Investing LLC boosted its position in shares of KeyCorp by 6.3% in the third quarter. GAMMA Investing LLC now owns 37,507 shares of the financial services provider's stock valued at $701,000 after acquiring an additional 2,235 shares during the period. Finally, Praxis Investment Management Inc. increased its position in KeyCorp by 11.1% during the third quarter. Praxis Investment Management Inc. now owns 40,137 shares of the financial services provider's stock worth $750,000 after acquiring an additional 3,997 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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