KeyCorp (NYSE:KEY) Price Target Cut to $24.00 by Analysts at Morgan Stanley

KeyCorp (NYSE:KEY) had its price objective reduced by research analysts at Morgan Stanley from $26.00 to $24.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price objective would suggest a potential upside of 19.53% from the company’s previous close.

A number of other analysts also recently weighed in on KEY. Robert W. Baird set a $19.00 target price on shares of KeyCorp and gave the company a “neutral” rating in a research report on Tuesday, February 24th. Keefe, Bruyette & Woods increased their price objective on shares of KeyCorp from $21.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 17th. Piper Sandler lifted their target price on shares of KeyCorp from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 9th. Wells Fargo & Company set a $18.00 price target on shares of KeyCorp and gave the company an “underperform” rating in a research report on Tuesday, January 6th. Finally, The Goldman Sachs Group lifted their price objective on KeyCorp from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, January 21st. Twelve research 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. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.87.

KeyCorp Trading Up 3.5%

NYSE:KEY traded up $0.68 during mid-day trading on Tuesday, hitting $20.08. 8,963,205 shares of the company’s stock were exchanged, compared to its average volume of 16,534,379. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $23.34. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $21.88 billion, a P/E ratio of 13.21, a PEG ratio of 0.63 and a beta of 1.08. The company has a 50 day simple moving average of $20.92 and a 200-day simple moving average of $19.70.

KeyCorp (NYSE:KEY) last released its quarterly earnings results 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. The firm had revenue of $5.45 billion during the quarter, compared to the consensus estimate of $1.95 billion. KeyCorp had a net margin of 15.97% and a return on equity of 10.28%. The company’s revenue for the quarter was up 131.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.30 earnings per share. As a group, research analysts expect that KeyCorp will post 1.5 earnings per share for the current year.

Insider Activity at KeyCorp

In other KeyCorp news, 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 value of $1,532,274.03. Following the transaction, the insider owned 166,583 shares in the company, valued at approximately $3,869,723.09. This represents a 28.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Trina M. Evans sold 32,695 shares of the business’s stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $21.74, for a total value of $710,789.30. Following the sale, the director owned 58,719 shares of the company’s stock, valued at approximately $1,276,551.06. This represents a 35.77% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 161,506 shares of company stock valued at $3,597,481 in the last three months. Corporate 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. MCF Advisors LLC raised its stake in shares of KeyCorp by 31.6% in the fourth quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 456 shares during the last quarter. Prime Capital Investment Advisors LLC grew its position in KeyCorp by 1.7% in the 4th quarter. Prime Capital Investment Advisors LLC now owns 28,498 shares of the financial services provider’s stock worth $588,000 after purchasing an additional 486 shares in the last quarter. Harbour Investments Inc. increased its stake in KeyCorp by 19.0% in the 4th quarter. Harbour Investments Inc. now owns 3,180 shares of the financial services provider’s stock valued at $66,000 after buying an additional 508 shares during the last quarter. Centennial Wealth Advisory LLC lifted its position in shares of KeyCorp by 1.2% during the 4th quarter. Centennial Wealth Advisory LLC now owns 44,986 shares of the financial services provider’s stock worth $929,000 after buying an additional 524 shares in the last quarter. Finally, CoreCap Advisors LLC boosted its stake in shares of KeyCorp by 4.6% in the 4th quarter. CoreCap Advisors LLC now owns 12,198 shares of the financial services provider’s stock worth $252,000 after buying an additional 539 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors and hedge funds.

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.