Citigroup Reaffirms “Neutral” Rating for KeyCorp (NYSE:KEY)

KeyCorp (NYSE:KEY)‘s stock had its “neutral” rating reissued by research analysts at Citigroup in a report released on Thursday, Marketbeat Ratings reports. They presently have a $20.00 price target on the financial services provider’s stock, up from their previous price target of $19.00. Citigroup’s target price would indicate a potential upside of 7.73% from the stock’s previous close.

Several other equities analysts have also weighed in on the company. Baird R W lowered KeyCorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 2nd. Bank of America increased their price objective on KeyCorp from $18.00 to $20.00 and gave the company a “buy” rating in a report on Monday, June 16th. Wells Fargo & Company increased their price objective on KeyCorp from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Tuesday, July 8th. Truist Financial reduced their price objective on KeyCorp from $18.00 to $16.00 and set a “hold” rating for the company in a report on Tuesday, April 22nd. Finally, Morgan Stanley reissued an “equal weight” rating on shares of KeyCorp in a report on Thursday, April 17th. Twelve investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $19.24.

KeyCorp Stock Performance

Shares of KEY opened at $18.57 on Thursday. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $20.35 billion, a price-to-earnings ratio of -265.21, a PEG ratio of 0.65 and a beta of 1.11. The stock has a 50 day moving average of $17.00 and a 200 day moving average of $16.46. KeyCorp has a 12 month low of $12.73 and a 12 month high of $20.04.

KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The company had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.81 billion. KeyCorp had a return on equity of 9.65% and a net margin of 1.49%. KeyCorp’s revenue was up 20.6% on a year-over-year basis. During the same period last year, the business posted $0.25 earnings per share. As a group, sell-side analysts forecast that KeyCorp will post 1.5 earnings per share for the current year.

Insider Activity at KeyCorp

In related news, CEO Christopher M. Gorman sold 112,149 shares of KeyCorp stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $18.86, for a total transaction of $2,115,130.14. Following the completion of the sale, the chief executive officer owned 619,895 shares of the company’s stock, valued at approximately $11,691,219.70. This trade represents a 15.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Carlton L. Highsmith sold 5,000 shares of KeyCorp stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $16.60, for a total value of $83,000.00. Following the sale, the director directly owned 37,177 shares of the company’s stock, valued at $617,138.20. This represents a 11.85% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 136,149 shares of company stock valued at $2,503,840. Company insiders own 0.52% of the company’s stock.

Institutional Investors Weigh In On KeyCorp

Several large investors have recently added to or reduced their stakes in KEY. Brighton Jones LLC purchased a new stake in KeyCorp during the fourth quarter valued at about $476,000. American Century Companies Inc. lifted its stake in KeyCorp by 0.4% during the fourth quarter. American Century Companies Inc. now owns 444,371 shares of the financial services provider’s stock worth $7,617,000 after purchasing an additional 1,944 shares during the last quarter. LPL Financial LLC lifted its stake in KeyCorp by 22.4% during the fourth quarter. LPL Financial LLC now owns 931,782 shares of the financial services provider’s stock worth $15,971,000 after purchasing an additional 170,779 shares during the last quarter. Vanguard Group Inc. lifted its stake in KeyCorp by 7.1% during the fourth quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider’s stock worth $2,004,228,000 after purchasing an additional 7,754,576 shares during the last quarter. Finally, Corebridge Financial Inc. lifted its stake in KeyCorp by 1.7% during the fourth quarter. Corebridge Financial Inc. now owns 234,254 shares of the financial services provider’s stock worth $4,015,000 after purchasing an additional 3,834 shares during the last quarter. Institutional investors own 79.69% of the company’s stock.

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.