Wells Fargo & Company Cuts KeyCorp (NYSE:KEY) Price Target to $20.00

KeyCorp (NYSE:KEY) had its price objective trimmed by Wells Fargo & Company from $22.00 to $20.00 in a research report report published on Friday,Benzinga reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

Several other analysts have also issued reports on the company. Piper Sandler boosted their price target on KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $18.50 price objective on shares of KeyCorp in a research note on Monday, February 3rd. Royal Bank of Canada restated an “outperform” rating and set a $18.00 target price on shares of KeyCorp in a research note on Wednesday, January 22nd. Truist Financial dropped their price target on shares of KeyCorp from $19.00 to $18.00 and set a “hold” rating for the company in a research report on Friday, March 21st. Finally, DA Davidson decreased their price objective on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday, January 22nd. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, KeyCorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.42.

KeyCorp Trading Down 2.3 %

Shares of KeyCorp stock opened at $15.80 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. The stock has a market capitalization of $17.46 billion, a PE ratio of -52.65, a P/E/G ratio of 0.65 and a beta of 1.26. KeyCorp has a 1-year low of $13.11 and a 1-year high of $20.04. The company’s fifty day simple moving average is $16.93 and its 200-day simple moving average is $17.40.

KeyCorp declared that its board has authorized a share repurchase plan on Thursday, March 13th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

KeyCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th were paid a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 5.19%. The ex-dividend date was Tuesday, March 4th. KeyCorp’s payout ratio is -273.33%.

Insider Buying and Selling

In other KeyCorp news, Director Of Nova Scotia Bank acquired 50,000 shares of the stock in a transaction on Wednesday, February 5th. The stock was acquired at an average price of $17.85 per share, for a total transaction of $892,500.00. Following the completion of the transaction, the director now directly owns 162,983,726 shares of the company’s stock, valued at $2,909,259,509.10. This trade represents a 0.03 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.61% of the stock is currently owned by company insiders.

Institutional Trading of KeyCorp

Several hedge funds have recently made changes to their positions in KEY. Whittier Trust Co. increased its stake in KeyCorp by 110.3% during the fourth quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 800 shares during the last quarter. Ethos Financial Group LLC purchased a new position in shares of KeyCorp in the 4th quarter worth approximately $27,000. Fourth Dimension Wealth LLC bought a new position in shares of KeyCorp during the 4th quarter valued at approximately $28,000. Larson Financial Group LLC raised its holdings in KeyCorp by 90.8% during the 3rd quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider’s stock valued at $32,000 after buying an additional 918 shares during the period. Finally, SBI Securities Co. Ltd. bought a new stake in KeyCorp in the fourth quarter worth $34,000. 79.69% of the stock is currently owned by hedge funds and other 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.