Truist Financial Issues Pessimistic Forecast for KeyCorp (NYSE:KEY) Stock Price

Key Points

• Truist Financial cut its price target on KeyCorp (KEY) from $23.00 to $22.00 and kept a "hold" rating, implying about a 10.45% upside from the prior close.
• Analyst consensus remains a Moderate Buy with an average target of $22.97, based on 12 Buy, 7 Hold and 1 Sell ratings from covering firms.
• Insiders have been net sellers recently (161,506 shares sold, ~$3.6M), while institutional ownership is high at about 79.69% of the stock.

KeyCorp (NYSE:KEY - Get Free Report) had its price target lowered by equities researchers at Truist Financial from $23.00 to $22.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a "hold" rating on the financial services provider's stock. Truist Financial's price target would indicate a potential upside of 10.45% from the stock's previous close.

A number of other research analysts also recently issued reports on the company. Barclays upped their price target on KeyCorp from $20.00 to $24.00 and gave the company an "equal weight" rating in a report on Monday, January 5th. Keefe, Bruyette & Woods lifted their price objective on KeyCorp from $21.00 to $24.00 and gave the stock an "outperform" rating in a report on Wednesday, December 17th. Jefferies Financial Group boosted their target price on KeyCorp from $19.00 to $22.00 and gave the stock a "hold" rating in a research report on Wednesday, December 10th. JPMorgan Chase & Co. raised their price target on shares of KeyCorp from $22.00 to $24.50 and gave the company a "neutral" rating in a report on Monday, February 9th. Finally, Stephens lifted their price target on shares of KeyCorp from $21.00 to $23.00 and gave the stock an "overweight" rating in a research note on Thursday, December 18th. Twelve analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, KeyCorp has a consensus rating of "Moderate Buy" and an average price target of $22.97.

KeyCorp Stock Up 2.6%

Shares of KEY traded up $0.51 on Monday, hitting $19.92. 2,095,394 shares of the stock traded hands, compared to its average volume of 16,855,838. The company has a market capitalization of $21.70 billion, a PE ratio of 13.09, a P/E/G ratio of 0.58 and a beta of 1.08. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.82 and a current ratio of 0.83. The business has a 50 day simple moving average of $21.09 and a 200 day simple moving average of $19.67. KeyCorp has a one year low of $12.73 and a one year high of $23.34.

KeyCorp (NYSE:KEY - Get Free Report) last released its quarterly earnings data on Tuesday, January 20th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.02. KeyCorp had a return on equity of 10.28% and a net margin of 15.97%.The business had revenue of $5.45 billion for the quarter, compared to analysts' expectations of $1.95 billion. During the same period in the prior year, the firm posted $0.30 EPS. The firm's quarterly revenue was up 131.8% on a year-over-year basis. As a group, equities analysts forecast that KeyCorp will post 1.5 earnings per share for the current fiscal year.

Insider Buying and Selling at KeyCorp

In other news, Director Trina M. Evans sold 32,695 shares of the company's stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $21.74, for a total transaction of $710,789.30. Following the completion of the sale, the director owned 58,719 shares of the company's stock, valued at $1,276,551.06. This represents a 35.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Andrew J. Paine III sold 65,961 shares of the stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $23.23, for a total transaction of $1,532,274.03. Following the completion of the transaction, the insider owned 166,583 shares in the company, valued at $3,869,723.09. This trade represents a 28.36% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 161,506 shares of company stock valued at $3,597,481. 0.52% of the stock is owned by company insiders.

Institutional Trading of KeyCorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in KEY. Marshall Wace LLP raised its stake in KeyCorp by 2,258.4% during the 2nd quarter. Marshall Wace LLP now owns 2,572,980 shares of the financial services provider's stock valued at $44,821,000 after purchasing an additional 2,463,880 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in KeyCorp by 2.7% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,013,977 shares of the financial services provider's stock worth $37,641,000 after purchasing an additional 53,682 shares during the period. Synovus Financial Corp purchased a new stake in KeyCorp during the 3rd quarter valued at approximately $2,253,000. Prudential Financial Inc. grew its holdings in KeyCorp by 9.9% during the 2nd quarter. Prudential Financial Inc. now owns 575,108 shares of the financial services provider's stock valued at $10,018,000 after buying an additional 51,705 shares in the last quarter. Finally, HoldCo Asset Management LP bought a new stake in shares of KeyCorp during the second quarter valued at approximately $86,995,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

About KeyCorp

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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