JPMorgan Chase & Co. Issues Positive Forecast for KeyCorp (NYSE:KEY) Stock Price

KeyCorp (NYSE:KEY) had its price target boosted by JPMorgan Chase & Co. from $22.50 to $24.50 in a research note issued to investors on Monday,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

KEY has been the topic of several other reports. Susquehanna upped their target price on shares of KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a research report on Monday, May 18th. Weiss Ratings raised KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Wells Fargo & Company upped their price objective on KeyCorp from $24.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday. TD Cowen reiterated a “buy” rating and issued a $68.00 target price on shares of KeyCorp in a report on Tuesday, June 23rd. Finally, Stephens assumed coverage on KeyCorp in a research report on Monday, June 15th. They set an “overweight” rating and a $26.00 target price on the stock. Thirteen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.34.

KeyCorp Stock Performance

Shares of KEY stock traded down $0.01 during trading hours on Monday, reaching $23.43. 416,876 shares of the company traded hands, compared to its average volume of 14,273,925. The firm has a 50-day moving average price of $22.02 and a 200 day moving average price of $21.38. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.83. KeyCorp has a 12-month low of $16.47 and a 12-month high of $23.72. The company has a market cap of $25.28 billion, a P/E ratio of 14.38, a P/E/G ratio of 0.72 and a beta of 1.02.

KeyCorp (NYSE:KEY) last posted its earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.03. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The firm had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.93 billion. During the same period last year, the firm posted $0.38 earnings per share. KeyCorp’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, sell-side analysts predict that KeyCorp will post 1.82 earnings per share for the current fiscal year.

KeyCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Tuesday, June 2nd were given a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend was Tuesday, June 2nd. KeyCorp’s dividend payout ratio is 50.31%.

KeyCorp announced that its Board of Directors has initiated a stock buyback program on Wednesday, May 13th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 13% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $21.66, for a total transaction of $494,411.16. Following the completion of the transaction, the insider owned 281,564 shares in the company, valued at $6,098,676.24. The trade was a 7.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.56% of the stock is owned by company insiders.

Institutional Investors Weigh In On KeyCorp

A number of institutional investors and hedge funds have recently modified their holdings of KEY. Maseco LLP purchased a new stake in KeyCorp in the fourth quarter worth $27,000. DV Equities LLC bought a new stake in KeyCorp during the 4th quarter valued at about $27,000. GoalVest Advisory LLC bought a new position in shares of KeyCorp in the 4th quarter worth $30,000. Smithfield Trust Co purchased a new position in shares of KeyCorp in the 4th quarter valued at approximately $31,000. Finally, Kelleher Financial Advisors purchased a new stake in KeyCorp during the 3rd quarter worth approximately $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.