Stephens Boosts KeyCorp (NYSE:KEY) Price Target to $23.00

KeyCorp (NYSE:KEY) had its price objective lifted by investment analysts at Stephens from $21.00 to $23.00 in a research report issued to clients and investors on Thursday,MarketScreener reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Stephens’ target price would indicate a potential upside of 9.58% from the company’s previous close.

Several other brokerages have also commented on KEY. Evercore ISI upped their price objective on shares of KeyCorp from $21.00 to $22.00 and gave the stock an “outperform” rating in a report on Tuesday, September 30th. Morgan Stanley lifted their price target on KeyCorp from $20.00 to $24.00 and gave the stock an “underperform” rating in a research report on Monday, September 29th. Cowen raised shares of KeyCorp from a “hold” rating to a “buy” rating in a research report on Tuesday, December 9th. Jefferies Financial Group raised their price objective on shares of KeyCorp from $19.00 to $22.00 and gave the company a “hold” rating in a research note on Wednesday, December 10th. Finally, Royal Bank Of Canada raised their price target on shares of KeyCorp from $20.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Twelve research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $21.62.

KeyCorp Stock Performance

KeyCorp stock opened at $20.99 on Thursday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. The firm has a 50-day moving average of $18.34 and a 200-day moving average of $18.14. The firm has a market cap of $22.94 billion, a P/E ratio of 25.91, a P/E/G ratio of 0.62 and a beta of 1.11. KeyCorp has a 1-year low of $12.73 and a 1-year high of $21.11.

KeyCorp (NYSE:KEY) last released its quarterly earnings results on Thursday, October 16th. The financial services provider reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.03. KeyCorp had a return on equity of 10.14% and a net margin of 10.08%.The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same quarter in the prior year, the company posted ($0.47) EPS. KeyCorp’s quarterly revenue was up 172.7% compared to the same quarter last year. Sell-side analysts expect that KeyCorp will post 1.5 EPS for the current year.

Institutional Investors Weigh In On KeyCorp

Hedge funds and other institutional investors have recently made changes to their positions in the business. Marshall Wace LLP raised its stake in shares of KeyCorp by 2,258.4% in the second quarter. Marshall Wace LLP now owns 2,572,980 shares of the financial services provider’s stock valued at $44,821,000 after acquiring an additional 2,463,880 shares during the period. Nordea Investment Management AB boosted its stake in shares of KeyCorp by 23.2% during the 2nd quarter. Nordea Investment Management AB now owns 107,565 shares of the financial services provider’s stock worth $1,867,000 after purchasing an additional 20,228 shares during the period. Signal Advisors Wealth LLC bought a new position in KeyCorp during the 2nd quarter valued at about $431,000. Prudential Financial Inc. raised its position in KeyCorp by 9.9% in the 2nd quarter. Prudential Financial Inc. now owns 575,108 shares of the financial services provider’s stock worth $10,018,000 after purchasing an additional 51,705 shares during the period. Finally, Korea Investment CORP raised its position in KeyCorp by 175.5% in the 2nd quarter. Korea Investment CORP now owns 447,252 shares of the financial services provider’s stock worth $7,791,000 after purchasing an additional 284,928 shares during the period. Hedge funds and other institutional investors own 79.69% of the company’s stock.

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.