KeyCorp (NYSE:KEY) Price Target Lowered to $20.00 at Morgan Stanley

KeyCorp (NYSE:KEY - Free Report) had its target price trimmed by Morgan Stanley from $22.00 to $20.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has an equal weight rating on the financial services provider's stock.

KEY has been the topic of several other reports. Barclays increased their price objective on shares of KeyCorp from $19.00 to $21.00 and gave the company an "equal weight" rating in a research report on Monday, January 6th. Wells Fargo & Company increased their price target on shares of KeyCorp from $20.00 to $22.00 and gave the company an "overweight" rating in a report on Friday, November 15th. Piper Sandler boosted their price objective on KeyCorp from $19.00 to $22.00 and gave the stock an "overweight" rating in a report on Tuesday, December 3rd. Royal Bank of Canada reiterated an "outperform" rating and set a $18.00 target price on shares of KeyCorp in a research note on Wednesday, January 22nd. Finally, DA Davidson reduced their price target on KeyCorp from $22.00 to $21.00 and set a "buy" rating for the company in a research note on Wednesday, January 22nd. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, KeyCorp currently has an average rating of "Moderate Buy" and an average target price of $19.64.

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KeyCorp Stock Performance

Shares of KEY stock traded up $0.13 during trading on Thursday, reaching $15.81. 11,350,871 shares of the company's stock were exchanged, compared to its average volume of 11,865,592. The firm's fifty day moving average price is $17.16 and its 200-day moving average price is $17.43. KeyCorp has a twelve month low of $13.11 and a twelve month high of $20.04. The stock has a market capitalization of $17.47 billion, a PE ratio of -52.68, a PEG ratio of 0.65 and a beta of 1.26. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77.

KeyCorp declared that its Board of Directors has approved a stock 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 repurchase up to 6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's board of directors believes its shares are undervalued.

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were given a dividend of $0.205 per share. The ex-dividend date was Tuesday, March 4th. This represents a $0.82 annualized dividend and a dividend yield of 5.19%. KeyCorp's dividend payout ratio is -273.33%.

Insiders Place Their Bets

In related news, Director Of Nova Scotia Bank purchased 50,000 shares of KeyCorp stock in a transaction dated Wednesday, February 5th. The shares were bought at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the purchase, the director now owns 162,983,726 shares in the company, valued at approximately $2,909,259,509.10. This trade represents a 0.03 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.61% of the company's stock.

Hedge Funds Weigh In On KeyCorp

A number of institutional investors have recently added to or reduced their stakes in KEY. TCTC Holdings LLC boosted its holdings in shares of KeyCorp by 38.6% during the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider's stock valued at $38,000 after acquiring an additional 611 shares in the last quarter. Signaturefd LLC raised its position in KeyCorp by 16.0% in the fourth quarter. Signaturefd LLC now owns 4,453 shares of the financial services provider's stock valued at $76,000 after purchasing an additional 614 shares during the last quarter. Modera Wealth Management LLC boosted its stake in shares of KeyCorp by 3.9% during the fourth quarter. Modera Wealth Management LLC now owns 16,521 shares of the financial services provider's stock valued at $283,000 after purchasing an additional 627 shares in the last quarter. Integrated Wealth Concepts LLC boosted its position in KeyCorp by 2.6% during the 4th quarter. Integrated Wealth Concepts LLC now owns 24,679 shares of the financial services provider's stock worth $423,000 after buying an additional 631 shares during the period. Finally, Ballentine Partners LLC increased its position in KeyCorp by 5.7% in the 4th quarter. Ballentine Partners LLC now owns 12,855 shares of the financial services provider's stock valued at $220,000 after acquiring an additional 692 shares during the period. 79.69% of the stock is currently owned by institutional investors and hedge funds.

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.