KeyCorp (NYSE:KEY) Upgraded at Baird R W

KeyCorp (NYSE:KEY - Get Free Report) was upgraded by equities research analysts at Baird R W from a "hold" rating to a "strong-buy" rating in a research note issued to investors on Monday, Marketbeat reports.

A number of other research analysts have also commented on KEY. Keefe, Bruyette & Woods lowered their price target on KeyCorp from $22.00 to $21.00 and set an "outperform" rating on the stock in a report on Wednesday, January 22nd. JPMorgan Chase & Co. lowered their target price on shares of KeyCorp from $18.50 to $16.50 and set a "neutral" rating on the stock in a research note on Thursday, April 3rd. Royal Bank of Canada restated an "outperform" rating and set a $18.00 price target on shares of KeyCorp in a research report on Wednesday, January 22nd. Morgan Stanley decreased their price objective on shares of KeyCorp from $22.00 to $20.00 and set an "equal weight" rating for the company in a report on Thursday, March 13th. Finally, Stephens reiterated an "overweight" rating and set a $20.00 price objective on shares of KeyCorp in a research note on Wednesday, January 22nd. Seven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $19.31.

KeyCorp Stock Performance

Shares of NYSE KEY traded down $0.04 during midday trading on Monday, hitting $13.71. 15,718,525 shares of the company's stock were exchanged, compared to its average volume of 13,026,608. KeyCorp has a twelve month low of $12.73 and a twelve month high of $20.04. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. The firm has a market cap of $15.02 billion, a P/E ratio of -45.68, a PEG ratio of 0.65 and a beta of 1.06. The stock's 50 day moving average price is $16.11 and its 200-day moving average price is $17.22.

Remove Ads

KeyCorp announced that its board has approved a share repurchase plan on Thursday, March 13th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In other KeyCorp news, Director Of Nova Scotia Bank purchased 50,000 shares of the stock in a transaction dated Wednesday, February 5th. The shares were acquired at an average price of $17.85 per share, for a total transaction of $892,500.00. Following the completion of the acquisition, the director now owns 162,983,726 shares of the company's stock, valued at $2,909,259,509.10. This represents a 0.03 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.67% of the company's stock.

Institutional Investors Weigh In On KeyCorp

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of KeyCorp by 7.1% in the 4th quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider's stock valued at $2,004,228,000 after purchasing an additional 7,754,576 shares during the period. FMR LLC increased its stake in KeyCorp by 7.1% in the 4th quarter. FMR LLC now owns 44,431,526 shares of the financial services provider's stock valued at $761,556,000 after buying an additional 2,938,405 shares during the period. Price T Rowe Associates Inc. MD lifted its position in KeyCorp by 4.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 36,302,732 shares of the financial services provider's stock worth $622,229,000 after buying an additional 1,645,296 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of KeyCorp by 4.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 33,058,682 shares of the financial services provider's stock valued at $566,626,000 after buying an additional 1,452,179 shares during the period. Finally, Fuller & Thaler Asset Management Inc. grew its holdings in shares of KeyCorp by 4.1% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 27,183,748 shares of the financial services provider's stock valued at $465,929,000 after acquiring an additional 1,062,615 shares in the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

About KeyCorp

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.