KeyCorp (NYSE:KEY) Price Target Raised to $24.00

KeyCorp (NYSE:KEY) had its target price increased by Wells Fargo & Company from $22.00 to $24.00 in a research report report published on Monday morning,MarketScreener reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

A number of other equities research analysts have also commented on the company. Stephens raised their price target on KeyCorp from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Thursday, December 18th. Truist Financial raised their target price on shares of KeyCorp from $19.00 to $22.00 and gave the stock a “hold” rating in a report on Monday, December 22nd. Cowen raised shares of KeyCorp from a “hold” rating to a “buy” rating in a research note on Tuesday, December 9th. Morgan Stanley upped their price target on shares of KeyCorp from $20.00 to $24.00 and gave the company an “underperform” rating in a report on Monday, September 29th. Finally, TD Cowen upgraded shares of KeyCorp from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a report on Tuesday, December 9th. Eleven investment analysts have rated the stock with a Buy rating, six have given a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $22.33.

KeyCorp Trading Down 1.3%

Shares of NYSE KEY opened at $21.29 on Monday. KeyCorp has a twelve month low of $12.73 and a twelve month high of $21.74. The stock has a market cap of $23.26 billion, a price-to-earnings ratio of 26.28, a P/E/G ratio of 0.54 and a beta of 1.09. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62. The company’s fifty day moving average is $19.27 and its 200-day moving average is $18.61.

KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Thursday, October 16th. The financial services provider reported $0.41 EPS for the quarter, topping the consensus estimate of $0.38 by $0.03. The business had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.87 billion. KeyCorp had a return on equity of 10.14% and a net margin of 10.08%.The firm’s revenue was up 172.7% compared to the same quarter last year. During the same quarter last year, the business posted ($0.47) EPS. Equities research analysts predict that KeyCorp will post 1.5 EPS for the current year.

KeyCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Tuesday, December 2nd were given a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend was Tuesday, December 2nd. KeyCorp’s payout ratio is currently 101.23%.

Institutional Investors Weigh In On KeyCorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in KEY. Wellington Management Group LLP boosted its stake in shares of KeyCorp by 90.2% during the 3rd quarter. Wellington Management Group LLP now owns 36,370,694 shares of the financial services provider’s stock worth $679,768,000 after buying an additional 17,245,128 shares during the last quarter. Capital World Investors raised its holdings in KeyCorp by 169.2% during the third quarter. Capital World Investors now owns 20,788,957 shares of the financial services provider’s stock worth $388,546,000 after acquiring an additional 13,067,326 shares in the last quarter. Norges Bank acquired a new position in KeyCorp during the second quarter valued at approximately $195,642,000. HoldCo Asset Management LP acquired a new position in KeyCorp during the second quarter valued at approximately $86,995,000. Finally, JPMorgan Chase & Co. grew its stake in KeyCorp by 123.4% in the second quarter. JPMorgan Chase & Co. now owns 7,182,671 shares of the financial services provider’s stock valued at $125,122,000 after purchasing an additional 3,967,544 shares in the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp News Summary

Here are the key news stories impacting KeyCorp this week:

• Positive Sentiment: Yahoo: Analysts and activists are shifting the narrative after fresh management guidance and activist pressure, which investors see as supportive of strategic change and higher future earnings potential. Why The Narrative Around KeyCorp (KEY) Is Shifting After Fresh Guidance And Activist Pressure
• Positive Sentiment: Multiple price-target raises from major banks (Evercore, Goldman, TD Cowen, Wells, Barclays) have pushed upside to the mid-$20s, signaling analyst confidence in earnings traction and reinforcing buy/outperform views. Evercore PT raise to $25
• Positive Sentiment: Zacks notes KeyCorp’s strong earnings surprise history and sees the company positioned to beat consensus again, a potential near-term positive catalyst around the next report. Will KeyCorp (KEY) Beat Estimates Again?
• Positive Sentiment: KeyCorp stock recently hit a 52-week high, reflecting the market’s reception to analyst upgrades and improving fundamentals. Keycorp stock hits 52-week high
• Neutral Sentiment: JPMorgan raised its price target to $22 but kept a neutral rating, implying limited near-term upside from that house view. JPMorgan PT to $22
• Negative Sentiment: Reuters/MSN: A KeyCorp unit agreed to pay $7.77 million to resolve allegations it submitted fraudulent PPP loan forgiveness claims — a legal/operational headwind, though small relative to the bank’s market cap. KeyCorp unit to pay $7.77 million to resolve US fraud claims
• Negative Sentiment: Baird downgraded KeyCorp to underperform/strong sell and set a sub-$20 price target in separate notes, adding sell-side pressure despite other banks’ upgrades. Baird downgrades KeyCorp (KEY)

KeyCorp Company Profile

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.