UBS Group Issues Positive Forecast for KeyCorp (NYSE:KEY) Stock Price

Key Points

• UBS Group has raised its price target for KeyCorp's stock from $22.00 to $23.00, indicating a potential upside of 24.49% based on current stock prices.
• KeyCorp's recent quarterly earnings report showed an EPS of $0.35, exceeding analyst estimates and representing a 20.6% increase in revenue year-over-year.
• Insider selling activity included CEO Christopher M. Gorman selling 112,149 shares, resulting in a 15.32% decrease in his holdings of the stock.

KeyCorp (NYSE:KEY - Get Free Report) had its price target raised by stock analysts at UBS Group from $22.00 to $23.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the financial services provider's stock. UBS Group's price objective would indicate a potential upside of 24.49% from the stock's current price.

A number of other analysts have also issued reports on the company. Wells Fargo & Company boosted their price target on KeyCorp from $20.00 to $22.00 and gave the company an "overweight" rating in a report on Friday. Robert W. Baird downgraded shares of KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 target price for the company. in a research report on Wednesday, July 2nd. Baird R W cut KeyCorp from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 2nd. Citigroup reissued a "neutral" rating and issued a $20.00 price target (up from $19.00) on shares of KeyCorp in a report on Thursday, July 24th. Finally, Royal Bank Of Canada raised their target price on shares of KeyCorp from $19.00 to $20.00 and gave the company an "outperform" rating in a research report on Wednesday, October 1st. Ten equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $20.53.

KeyCorp Stock Performance

KEY traded down $0.07 during trading on Tuesday, reaching $18.48. 14,277,500 shares of the company's stock were exchanged, compared to its average volume of 19,006,527. The company has a market capitalization of $20.26 billion, a P/E ratio of -263.80, a PEG ratio of 0.65 and a beta of 1.15. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.71. The business has a 50 day moving average price of $18.58 and a 200 day moving average price of $16.99. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04.

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

Insider Activity at KeyCorp

In other news, CEO Christopher M. Gorman sold 112,149 shares of the firm's stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $18.86, for a total value of $2,115,130.14. Following the sale, the chief executive officer directly owned 619,895 shares in the company, valued at approximately $11,691,219.70. This trade represents a 15.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Trina M. Evans sold 17,000 shares of the stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $18.67, for a total transaction of $317,390.00. Following the completion of the transaction, the director owned 82,719 shares in the company, valued at $1,544,363.73. This represents a 17.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 174,102 shares of company stock worth $3,299,664. Insiders own 0.52% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Activest Wealth Management lifted its holdings in shares of KeyCorp by 8,775.0% during the 2nd quarter. Activest Wealth Management now owns 1,420 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 1,404 shares in the last quarter. Tompkins Financial Corp purchased a new position in shares of KeyCorp during the second quarter valued at approximately $26,000. Zions Bancorporation National Association UT bought a new stake in KeyCorp during the 1st quarter valued at $28,000. Elevation Point Wealth Partners LLC purchased a new stake in KeyCorp during the second quarter worth $36,000. Finally, FSC Wealth Advisors LLC acquired a new stake in shares of KeyCorp during the 1st quarter worth about $34,000. 79.69% of the stock is owned by institutional investors.

KeyCorp Company Profile

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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