KeyCorp (NYSE:KEY) Price Target Cut to $16.50 by Analysts at JPMorgan Chase & Co.

KeyCorp (NYSE:KEY - Get Free Report) had its target price dropped by investment analysts at JPMorgan Chase & Co. from $18.50 to $16.50 in a research note issued on Thursday,Benzinga reports. The firm currently has a "neutral" rating on the financial services provider's stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 22.68% from the stock's previous close.

KEY has been the topic of a number of other research reports. Stephens reaffirmed an "overweight" rating and set a $20.00 target price on shares of KeyCorp in a research note on Wednesday, January 22nd. Citigroup lowered their target price on shares of KeyCorp from $20.00 to $19.00 and set a "buy" rating for the company in a report on Monday, March 24th. Morgan Stanley cut their price target on KeyCorp from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Thursday, March 13th. Barclays lifted their price objective on KeyCorp from $19.00 to $21.00 and gave the company an "equal weight" rating in a research note on Monday, January 6th. Finally, DA Davidson cut their target price on KeyCorp from $22.00 to $21.00 and set a "buy" rating on the stock in a research note on Wednesday, January 22nd. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $19.31.

Remove Ads

KeyCorp Trading Down 4.7 %

NYSE KEY traded down $0.67 on Thursday, hitting $13.45. The company's stock had a trading volume of 23,356,702 shares, compared to its average volume of 12,715,053. The firm has a market cap of $14.74 billion, a P/E ratio of -44.83, a PEG ratio of 0.65 and a beta of 1.06. The company's 50-day simple moving average is $16.67 and its 200 day simple moving average is $17.37. KeyCorp has a 52-week low of $12.73 and a 52-week high of $20.04. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77.

KeyCorp announced that its board has approved a share repurchase program on Thursday, March 13th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 6% of its stock through open market purchases. Stock buyback programs are often an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling at KeyCorp

In other KeyCorp news, Director Of Nova Scotia Bank acquired 50,000 shares of the company's stock in a transaction dated Wednesday, February 5th. The stock was purchased at an average price of $17.85 per share, with a total value of $892,500.00. Following the completion of the purchase, the director now directly owns 162,983,726 shares in the company, valued at approximately $2,909,259,509.10. The trade was a 0.03 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.61% of the company's stock.

Institutional Investors Weigh In On KeyCorp

Several institutional investors and hedge funds have recently modified their holdings of the stock. Public Sector Pension Investment Board boosted its stake in KeyCorp by 1.2% during the third quarter. Public Sector Pension Investment Board now owns 161,783 shares of the financial services provider's stock valued at $2,710,000 after buying an additional 1,900 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of KeyCorp during the third quarter valued at approximately $185,000. Benjamin Edwards Inc. bought a new position in shares of KeyCorp during the third quarter valued at approximately $406,000. Hilltop Holdings Inc. purchased a new stake in shares of KeyCorp in the third quarter worth approximately $393,000. Finally, HighTower Advisors LLC lifted its stake in shares of KeyCorp by 9.2% during the 3rd quarter. HighTower Advisors LLC now owns 202,681 shares of the financial services provider's stock worth $3,391,000 after acquiring an additional 17,140 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.