KeyCorp (NYSE:KEY) Now Covered by Stephens

Research analysts at Stephens started coverage on shares of KeyCorp (NYSE:KEY) in a note issued to investors on Monday. The firm set an “overweight” rating on the financial services provider’s stock.

KEY has been the subject of several other research reports. DA Davidson raised their target price on KeyCorp from $26.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. Weiss Ratings upgraded KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Piper Sandler raised their price objective on KeyCorp from $23.00 to $24.00 and gave the stock an “overweight” rating in a research report on Friday, April 17th. Royal Bank Of Canada raised their price objective on KeyCorp from $22.00 to $24.00 and gave the stock an “outperform” rating in a research report on Friday, April 17th. Finally, Truist Financial reduced their price objective on KeyCorp from $23.00 to $22.00 and set a “hold” rating for the company in a research report on Monday, March 23rd. Thirteen analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.78.

KeyCorp Stock Down 0.1%

Shares of KeyCorp stock traded down $0.03 during midday trading on Monday, hitting $22.67. The company’s stock had a trading volume of 4,438,445 shares, compared to its average volume of 14,602,228. The firm has a market capitalization of $24.58 billion, a P/E ratio of 13.90, a PEG ratio of 0.72 and a beta of 1.03. The stock has a 50-day simple moving average of $21.54 and a 200-day simple moving average of $20.98. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62. KeyCorp has a 1-year low of $15.66 and a 1-year high of $23.34.

KeyCorp (NYSE:KEY) last issued 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. The business had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $1.93 billion. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.KeyCorp’s revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.38 earnings per share. As a group, sell-side analysts expect that KeyCorp will post 1.82 earnings per share for the current year.

KeyCorp declared that its Board of Directors has authorized a share buyback program on Wednesday, May 13th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 13% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In related news, insider Angela G. Mago sold 22,826 shares of the company’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $21.66, for a total value of $494,411.16. Following the completion of the transaction, the insider directly owned 281,564 shares of the company’s stock, valued at approximately $6,098,676.24. This represents a 7.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On KeyCorp

Institutional investors and hedge funds have recently modified their holdings of the company. Maseco LLP bought a new stake in shares of KeyCorp in the 4th quarter valued at about $27,000. DV Equities LLC acquired a new stake in KeyCorp in the fourth quarter valued at approximately $27,000. GoalVest Advisory LLC bought a new position in shares of KeyCorp during the fourth quarter valued at $30,000. Smithfield Trust Co bought a new position in KeyCorp during the fourth quarter worth $31,000. Finally, Kelleher Financial Advisors bought a new stake in KeyCorp in the third quarter valued at $32,000. 79.69% of the stock is owned by institutional investors.

About KeyCorp

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.