KeyCorp (NYSE:KEY) Upgraded at UBS Group

KeyCorp (NYSE:KEY - Get Free Report) was upgraded by analysts at UBS Group from a "neutral" rating to a "buy" rating in a research note issued on Tuesday, MarketBeat reports. The brokerage currently has a $22.00 price target on the financial services provider's stock, up from their previous price target of $16.00. UBS Group's price objective suggests a potential upside of 19.96% from the stock's previous close.

Several other research analysts have also recently commented on KEY. Baird R W cut shares of KeyCorp from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 2nd. Wells Fargo & Company cut shares of KeyCorp from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 18th. Citigroup reiterated a "buy" rating on shares of KeyCorp in a report on Thursday, April 17th. Barclays lowered their target price on shares of KeyCorp from $21.00 to $20.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. Finally, Keefe, Bruyette & Woods lowered their target price on shares of KeyCorp from $20.00 to $18.00 and set an "outperform" rating for the company in a report on Monday, April 21st. Eleven analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $19.18.

KeyCorp Stock Down 0.8%

NYSE KEY traded down $0.15 on Tuesday, hitting $18.34. 14,371,447 shares of the stock were exchanged, compared to its average volume of 13,182,957. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.75. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04. The company has a market cap of $20.10 billion, a PE ratio of -107.88, a PEG ratio of 0.69 and a beta of 1.11. The company has a 50-day moving average price of $16.52 and a 200-day moving average price of $16.37.

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 the consensus estimate of $0.32 by $0.01. KeyCorp had a negative net margin of 0.12% and a positive return on equity of 9.43%. The company had revenue of $1.77 billion during the quarter, compared to analysts' expectations of $1.77 billion. During the same quarter in the previous year, the business posted $0.20 EPS. Sell-side analysts anticipate that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp announced that its Board of Directors has authorized a share buyback program on Thursday, March 13th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 6% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling

In other KeyCorp news, insider Mohit Ramani purchased 10,000 shares of the firm's stock in a transaction that occurred on Monday, April 21st. The stock was purchased at an average price of $13.75 per share, for a total transaction of $137,500.00. Following the purchase, the insider directly owned 10,000 shares in the company, valued at approximately $137,500. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Carlton L. Highsmith sold 5,000 shares of the company's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $16.60, for a total transaction of $83,000.00. Following the transaction, the director owned 37,177 shares of the company's stock, valued at approximately $617,138.20. The trade was a 11.85% decrease in their position. The disclosure for this sale can be found here. 0.52% of the stock is owned by company insiders.

Hedge Funds Weigh In On KeyCorp

A number of large investors have recently bought and sold shares of KEY. Price T Rowe Associates Inc. MD raised its position in KeyCorp by 40.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 50,954,013 shares of the financial services provider's stock worth $814,756,000 after buying an additional 14,651,281 shares during the last quarter. Norges Bank purchased a new position in KeyCorp during the 4th quarter worth $153,235,000. Vanguard Group Inc. raised its position in KeyCorp by 7.2% during the 1st quarter. Vanguard Group Inc. now owns 125,345,385 shares of the financial services provider's stock worth $2,004,273,000 after buying an additional 8,412,625 shares during the last quarter. Wellington Management Group LLP raised its position in KeyCorp by 1,142.4% during the 1st quarter. Wellington Management Group LLP now owns 5,001,779 shares of the financial services provider's stock worth $79,978,000 after buying an additional 4,599,197 shares during the last quarter. Finally, Alyeska Investment Group L.P. purchased a new position in KeyCorp during the 1st quarter worth $60,194,000. Hedge funds and other institutional investors 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.