Royal Bank Of Canada Issues Positive Forecast for KeyCorp (NYSE:KEY) Stock Price

Key Points

• Royal Bank of Canada has raised its target price for KeyCorp from $19.00 to $20.00, suggesting a potential upside of 7.34% based on the stock's previous close, and maintains an "outperform" rating.
• Analysts have mixed views on KeyCorp, with ten giving a Buy rating, ten a Hold rating, and one a Sell rating, while the consensus target price stands at approximately $20.47.
• KeyCorp reported a quarterly earnings per share of $0.35, slightly exceeding expectations, and experienced a 20.6% increase in revenue year-over-year, highlighting positive financial growth despite fluctuations in analyst ratings.

KeyCorp (NYSE:KEY - Get Free Report) had its target price upped by stock analysts at Royal Bank Of Canada from $19.00 to $20.00 in a research note issued to investors on Wednesday,MarketScreener reports. The firm currently has an "outperform" rating on the financial services provider's stock. Royal Bank Of Canada's target price would indicate a potential upside of 7.34% from the stock's previous close.

Several other research analysts also recently weighed in on the stock. Robert W. Baird downgraded shares of KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 target price on the stock. in a research report on Wednesday, July 2nd. Morgan Stanley boosted their target price on shares of KeyCorp from $20.00 to $24.00 and gave the company an "underperform" rating in a research note on Monday. Citigroup reaffirmed a "neutral" rating and issued a $20.00 target price (up previously from $19.00) on shares of KeyCorp in a research report on Thursday, July 24th. Wells Fargo & Company upped their price target on KeyCorp from $20.00 to $22.00 and gave the company an "overweight" rating in a research report on Friday. Finally, Jefferies Financial Group lowered their target price on KeyCorp from $21.00 to $20.00 and set a "hold" rating on the stock in a research note on Wednesday, September 24th. Ten equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, KeyCorp currently has a consensus rating of "Hold" and an average target price of $20.47.

KeyCorp Stock Up 1.0%

NYSE:KEY opened at $18.63 on Wednesday. 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 stock has a 50 day moving average of $18.58 and a 200-day moving average of $16.96. The firm has a market capitalization of $20.43 billion, a PE ratio of -266.17, a price-to-earnings-growth ratio of 0.65 and a beta of 1.15. KeyCorp has a 52 week low of $12.73 and a 52 week high of $20.04.

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

Insider Buying and Selling

In other news, insider Andrew J. Paine III sold 44,953 shares of the stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $19.29, for a total transaction of $867,143.37. Following the sale, the insider directly owned 245,044 shares of the company's stock, valued at $4,726,898.76. This represents a 15.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Trina M. Evans sold 17,000 shares of the company's 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 approximately $1,544,363.73. This represents a 17.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 174,102 shares of company stock worth $3,299,664 in the last 90 days. Corporate insiders own 0.52% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its stake in shares of KeyCorp by 6.3% in the 3rd quarter. GAMMA Investing LLC now owns 37,507 shares of the financial services provider's stock valued at $701,000 after purchasing an additional 2,235 shares during the last quarter. Praxis Investment Management Inc. grew its holdings in KeyCorp by 11.1% during the 3rd 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. Capital A Wealth Management LLC raised its position in shares of KeyCorp by 252.8% during the 2nd quarter. Capital A Wealth Management LLC now owns 2,237 shares of the financial services provider's stock valued at $39,000 after acquiring an additional 1,603 shares during the last quarter. Osaic Holdings Inc. lifted its stake in KeyCorp by 6.3% in the second quarter. Osaic Holdings Inc. now owns 209,636 shares of the financial services provider's stock valued at $3,649,000 after buying an additional 12,510 shares during the period. Finally, Centaurus Financial Inc. grew its holdings in KeyCorp by 49.5% during the second quarter. Centaurus Financial Inc. now owns 10,909 shares of the financial services provider's stock valued at $190,000 after purchasing an additional 3,613 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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