JPMorgan Chase & Co. Issues Positive Forecast for KeyCorp (NYSE:KEY) Stock Price

KeyCorp (NYSE:KEY) had its price target hoisted by equities researchers at JPMorgan Chase & Co. from $22.50 to $24.50 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 6.55% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. Royal Bank Of Canada increased their price objective on shares of KeyCorp from $22.00 to $24.00 and gave the stock an “outperform” rating in a research report on Friday, April 17th. Wells Fargo & Company boosted their price objective on shares of KeyCorp from $24.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday. DA Davidson upped their target price on shares of KeyCorp from $26.00 to $27.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. The Goldman Sachs Group increased their target price on KeyCorp from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, April 17th. Finally, Evercore reissued an “outperform” rating on shares of KeyCorp in a research note on Tuesday, April 21st. Thirteen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.13.

KeyCorp Price Performance

Shares of KEY opened at $22.99 on Monday. The stock has a 50 day simple moving average of $21.99 and a 200 day simple moving average of $21.36. KeyCorp has a 52-week low of $16.47 and a 52-week high of $23.72. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market capitalization of $24.82 billion, a PE ratio of 14.11, a P/E/G ratio of 0.72 and a beta of 1.02.

KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, April 16th. The financial services provider reported $0.44 EPS for the quarter, topping the consensus estimate of $0.41 by $0.03. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The firm had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.93 billion. During the same period last year, the company posted $0.38 EPS. The business’s quarterly revenue was up 10.2% on a year-over-year basis. Sell-side analysts predict that KeyCorp will post 1.82 EPS for the current fiscal year.

KeyCorp announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 13th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 13% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other news, insider Angela G. Mago sold 22,826 shares of the firm’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $21.66, for a total value of $494,411.16. Following the completion of the transaction, the insider owned 281,564 shares in the company, valued at $6,098,676.24. This trade represents a 7.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.56% of the stock is owned by company insiders.

Hedge Funds Weigh In On KeyCorp

A number of institutional investors have recently added to or reduced their stakes in the company. M&T Bank Corp raised its position in shares of KeyCorp by 5,317.0% in the fourth quarter. M&T Bank Corp now owns 1,350,519 shares of the financial services provider’s stock valued at $27,875,000 after purchasing an additional 1,325,588 shares during the period. Gradient Investments LLC lifted its stake in shares of KeyCorp by 797.9% during the 4th quarter. Gradient Investments LLC now owns 897,563 shares of the financial services provider’s stock worth $18,526,000 after buying an additional 797,599 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of KeyCorp by 14.8% during the 4th quarter. Bank of New York Mellon Corp now owns 5,602,637 shares of the financial services provider’s stock worth $115,638,000 after buying an additional 721,421 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of KeyCorp by 68.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 204,993 shares of the financial services provider’s stock worth $4,428,000 after buying an additional 83,367 shares during the period. Finally, Brevan Howard Capital Management LP grew its stake in KeyCorp by 130.6% in the 3rd quarter. Brevan Howard Capital Management LP now owns 584,471 shares of the financial services provider’s stock valued at $10,924,000 after buying an additional 330,967 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.