Baird R W Upgrades KeyCorp (NYSE:KEY) to “Strong-Buy”

KeyCorp (NYSE:KEY) was upgraded by analysts at Baird R W from a “hold” rating to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

KEY has been the topic of a number of other research reports. Truist Financial reduced their price objective on KeyCorp from $19.00 to $18.00 and set a “hold” rating on the stock in a research report on Friday, March 21st. JPMorgan Chase & Co. lowered their price target on shares of KeyCorp from $18.50 to $16.50 and set a “neutral” rating on the stock in a research report on Thursday, April 3rd. Stephens restated an “overweight” rating and set a $20.00 price objective on shares of KeyCorp in a research report on Wednesday, January 22nd. DA Davidson decreased their target price on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday, January 22nd. Finally, Citigroup cut their price target on shares of KeyCorp from $20.00 to $19.00 and set a “buy” rating for the company in a report on Monday, March 24th. Seven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, KeyCorp presently has an average rating of “Moderate Buy” and a consensus price target of $19.31.

KeyCorp Trading Up 0.1 %

KEY opened at $13.49 on Monday. The firm has a market capitalization of $14.78 billion, a price-to-earnings ratio of -44.95, a price-to-earnings-growth ratio of 0.65 and a beta of 1.06. The company’s 50 day simple moving average is $16.59 and its two-hundred day simple moving average is $17.35. KeyCorp has a 1-year low of $12.73 and a 1-year high of $20.04. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84.

KeyCorp announced that its Board of Directors has initiated a stock buyback program on Thursday, March 13th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Activity

In related news, Director Of Nova Scotia Bank acquired 50,000 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were acquired at an average price of $17.85 per share, with a total value of $892,500.00. Following the completion of the transaction, the director now owns 162,983,726 shares of the company’s stock, valued at $2,909,259,509.10. The trade was a 0.03 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On KeyCorp

Large investors have recently bought and sold shares of the stock. Whittier Trust Co. boosted its stake in shares of KeyCorp by 110.3% in the 4th quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock valued at $26,000 after buying an additional 800 shares during the period. Ethos Financial Group LLC purchased a new position in KeyCorp in the fourth quarter worth approximately $27,000. Fourth Dimension Wealth LLC acquired a new position in KeyCorp during the 4th quarter worth approximately $28,000. SBI Securities Co. Ltd. purchased a new stake in shares of KeyCorp in the 4th quarter valued at approximately $34,000. Finally, TCTC Holdings LLC raised its holdings in shares of KeyCorp by 38.6% in the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 611 shares in the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

About KeyCorp

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.