Truist Financial Initiates Coverage on KeyCorp (NYSE:KEY)

Truist Financial started coverage on shares of KeyCorp (NYSE:KEY) in a research note released on Tuesday morning,Benzinga reports. The brokerage issued a hold rating and a $19.00 target price on the financial services provider’s stock.

A number of other brokerages have also issued reports on KEY. Evercore ISI increased their target price on shares of KeyCorp from $18.50 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 2nd. Royal Bank of Canada increased their price target on KeyCorp from $17.00 to $18.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. UBS Group lifted their price objective on KeyCorp from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Wednesday, October 23rd. Piper Sandler raised their price target on KeyCorp from $19.00 to $22.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Finally, Citigroup cut shares of KeyCorp from a “buy” rating to a “neutral” rating and set a $19.00 price objective for the company. in a research report on Thursday, November 7th. Nine equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $19.44.

KeyCorp Price Performance

KeyCorp stock opened at $17.14 on Tuesday. The company has a market capitalization of $16.99 billion, a price-to-earnings ratio of 1,714.00, a PEG ratio of 1.00 and a beta of 1.27. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.09. KeyCorp has a 12 month low of $12.94 and a 12 month high of $20.04. The stock’s 50 day moving average is $18.26 and its 200-day moving average is $16.81.

KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Thursday, October 17th. The financial services provider reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.03. KeyCorp had a return on equity of 8.24% and a net margin of 0.76%. The firm had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.59 billion. Equities research analysts expect that KeyCorp will post 1.09 EPS for the current year.

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Tuesday, December 3rd were issued a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, December 3rd. This represents a $0.82 dividend on an annualized basis and a yield of 4.78%. KeyCorp’s payout ratio is 8,200.00%.

Insiders Place Their Bets

In related news, insider Angela G. Mago sold 15,011 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $19.59, for a total transaction of $294,065.49. Following the completion of the sale, the insider now owns 234,582 shares of the company’s stock, valued at $4,595,461.38. This trade represents a 6.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Carlton L. Highsmith sold 9,000 shares of KeyCorp stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $17.14, for a total value of $154,260.00. Following the completion of the sale, the director now owns 37,864 shares of the company’s stock, valued at approximately $648,988.96. The trade was a 19.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.61% of the company’s stock.

Institutional Trading of KeyCorp

Hedge funds have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. increased its holdings in shares of KeyCorp by 3.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 31,606,503 shares of the financial services provider’s stock valued at $529,409,000 after acquiring an additional 993,942 shares in the last quarter. Diamond Hill Capital Management Inc. lifted its stake in shares of KeyCorp by 12.2% in the second quarter. Diamond Hill Capital Management Inc. now owns 20,295,788 shares of the financial services provider’s stock valued at $288,403,000 after buying an additional 2,213,872 shares in the last quarter. Earnest Partners LLC grew its holdings in shares of KeyCorp by 23.2% during the second quarter. Earnest Partners LLC now owns 12,430,048 shares of the financial services provider’s stock valued at $176,631,000 after buying an additional 2,339,454 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of KeyCorp by 2.9% during the second quarter. Dimensional Fund Advisors LP now owns 10,508,853 shares of the financial services provider’s stock worth $149,299,000 after acquiring an additional 300,339 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of KeyCorp by 3.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,114,598 shares of the financial services provider’s stock worth $119,170,000 after acquiring an additional 222,187 shares during the last quarter. 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.