KeyCorp (NYSE:KEY) Price Target Cut to $16.00 by Analysts at Truist Financial

KeyCorp (NYSE:KEY - Free Report) had its price objective trimmed by Truist Financial from $18.00 to $16.00 in a report published on Tuesday morning,Benzinga reports. The firm currently has a hold rating on the financial services provider's stock.

Several other analysts have also commented on the stock. Royal Bank of Canada reaffirmed an "outperform" rating on shares of KeyCorp in a research report on Thursday, April 17th. Citigroup restated a "buy" rating on shares of KeyCorp in a research report on Thursday, April 17th. Stephens reiterated an "overweight" rating and set a $20.00 price target on shares of KeyCorp in a report on Wednesday, January 22nd. Keefe, Bruyette & Woods reduced their price objective on shares of KeyCorp from $20.00 to $18.00 and set an "outperform" rating on the stock in a report on Monday, April 21st. Finally, Morgan Stanley reaffirmed an "equal weight" rating on shares of KeyCorp in a research note on Thursday, April 17th. Eight analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $19.15.

KeyCorp Trading Down 1.0 %

NYSE:KEY traded down $0.15 during trading hours on Tuesday, hitting $14.72. The company had a trading volume of 8,052,209 shares, compared to its average volume of 12,862,957. KeyCorp has a 1 year low of $12.73 and a 1 year high of $20.04. The company has a market cap of $16.13 billion, a P/E ratio of -49.07, a P/E/G ratio of 0.65 and a beta of 1.06. The company has a 50-day moving average of $15.42 and a 200 day moving average of $17.06. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77.

KeyCorp (NYSE:KEY - Get Free Report) last announced its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.32 by $0.01. KeyCorp had a negative net margin of 2.52% and a positive return on equity of 8.73%. The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same quarter in the prior year, the firm posted $0.20 earnings per share. Sell-side analysts expect that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp announced that its Board of Directors has initiated a stock repurchase plan on Thursday, March 13th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Insider Activity at KeyCorp

In other news, Director Of Nova Scotia Bank purchased 50,000 shares of the firm's stock in a transaction that occurred on Wednesday, February 5th. The stock was bought at an average price of $17.85 per share, for a total transaction of $892,500.00. Following the completion of the purchase, the director now directly owns 162,983,726 shares of the company's stock, valued at $2,909,259,509.10. The trade was a 0.03 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Mohit Ramani acquired 10,000 shares of the company's stock in a transaction on Monday, April 21st. The stock was purchased at an average cost of $13.75 per share, for a total transaction of $137,500.00. Following the completion of the transaction, the insider now owns 10,000 shares in the company, valued at approximately $137,500. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 60,180 shares of company stock worth $1,032,525. Company insiders own 0.52% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. CHURCHILL MANAGEMENT Corp boosted its holdings in KeyCorp by 4.2% in the first quarter. CHURCHILL MANAGEMENT Corp now owns 485,044 shares of the financial services provider's stock valued at $7,756,000 after purchasing an additional 19,711 shares in the last quarter. Amalgamated Bank lifted its position in shares of KeyCorp by 1.6% during the 1st quarter. Amalgamated Bank now owns 187,257 shares of the financial services provider's stock worth $2,994,000 after buying an additional 2,966 shares during the last quarter. KBC Group NV boosted its holdings in shares of KeyCorp by 7.5% in the 1st quarter. KBC Group NV now owns 612,518 shares of the financial services provider's stock valued at $9,794,000 after buying an additional 42,879 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in KeyCorp by 1.2% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,083,806 shares of the financial services provider's stock worth $33,320,000 after acquiring an additional 24,186 shares in the last quarter. Finally, Elevated Capital Advisors LLC lifted its position in KeyCorp by 3.7% in the first quarter. Elevated Capital Advisors LLC now owns 52,607 shares of the financial services provider's stock valued at $841,000 after acquiring an additional 1,882 shares during the last quarter. 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.