KeyCorp (KEY) Given Buy Rating at Keefe, Bruyette & Woods
KeyCorp (NYSE:KEY)‘s stock had its “buy” rating reaffirmed by stock analysts at Keefe, Bruyette & Woods in a report released on Monday. They presently have a $23.00 price objective on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 28.92% from the company’s previous close.
KEY has been the topic of a number of other research reports. Zacks Investment Research lowered KeyCorp from a “buy” rating to a “hold” rating in a research report on Wednesday, August 22nd. Argus initiated coverage on KeyCorp in a research report on Tuesday, June 26th. They issued a “buy” rating and a $24.00 target price on the stock. Jefferies Financial Group reissued a “buy” rating and issued a $23.00 target price on shares of KeyCorp in a research report on Friday, July 13th. Wedbush set a $23.00 target price on KeyCorp and gave the company a “buy” rating in a research report on Thursday, September 13th. Finally, Standpoint Research raised KeyCorp from a “hold” rating to a “buy” rating in a research report on Friday, October 12th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and seventeen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $23.41.
NYSE:KEY opened at $17.84 on Monday. KeyCorp has a fifty-two week low of $17.40 and a fifty-two week high of $22.40. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 1.01. The stock has a market cap of $18.77 billion, a PE ratio of 13.12, a price-to-earnings-growth ratio of 0.66 and a beta of 1.01.
KeyCorp declared that its board has authorized a stock buyback program on Thursday, June 28th that authorizes the company to buyback $1.23 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 5.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.
In other KeyCorp news, insider Douglas M. Schosser sold 6,048 shares of the business’s stock in a transaction that occurred on Thursday, August 16th. The stock was sold at an average price of $21.49, for a total transaction of $129,971.52. Following the transaction, the insider now owns 23,164 shares of the company’s stock, valued at approximately $497,794.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Edward J. Burke sold 46,360 shares of the business’s stock in a transaction that occurred on Friday, August 10th. The stock was sold at an average price of $21.32, for a total value of $988,395.20. Following the transaction, the insider now directly owns 89,128 shares in the company, valued at approximately $1,900,208.96. The disclosure for this sale can be found here. Insiders have sold a total of 340,954 shares of company stock worth $7,120,124 in the last ninety days. Insiders own 0.65% of the company’s stock.
Several large investors have recently bought and sold shares of the business. Kiley Juergens Wealth Management LLC bought a new position in shares of KeyCorp during the 2nd quarter worth approximately $113,000. Mount Yale Investment Advisors LLC bought a new position in shares of KeyCorp during the 1st quarter worth approximately $114,000. Migdal Insurance & Financial Holdings Ltd. boosted its stake in shares of KeyCorp by 8,462.5% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 6,165 shares of the financial services provider’s stock worth $120,000 after acquiring an additional 6,093 shares during the period. Reilly Financial Advisors LLC boosted its stake in shares of KeyCorp by 408.3% during the 3rd quarter. Reilly Financial Advisors LLC now owns 6,354 shares of the financial services provider’s stock worth $126,000 after acquiring an additional 5,104 shares during the period. Finally, Edge Wealth Management LLC bought a new position in shares of KeyCorp during the 2nd quarter worth approximately $161,000. 79.94% of the stock is currently owned by hedge funds and other institutional investors.
KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking services in the United States. The company's Key Community Bank segment offers various deposit and investment products, personal finance services, residential mortgages, home equity loans, credit cards, and installment loans, as well as personal property and casualty insurance, such as home, auto, renters, watercraft, and umbrella insurance for individuals.
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