KeyCorp (NYSE:KEY) Given New $16.00 Price Target at Truist Financial

KeyCorp (NYSE:KEY - Free Report) had its price objective reduced by Truist Financial from $18.00 to $16.00 in a report issued on Tuesday morning,Benzinga reports. They currently have a hold rating on the financial services provider's stock.

KEY has been the topic of several other research reports. JPMorgan Chase & Co. decreased their price target on KeyCorp from $18.50 to $16.50 and set a "neutral" rating on the stock in a research note on Thursday, April 3rd. Wells Fargo & Company reissued an "overweight" rating on shares of KeyCorp in a research note on Thursday, April 17th. Morgan Stanley reaffirmed an "equal weight" rating on shares of KeyCorp in a research report on Thursday, April 17th. Stephens reissued an "overweight" rating and set a $20.00 price target on shares of KeyCorp in a research report on Wednesday, January 22nd. Finally, Citigroup reissued a "buy" rating on shares of KeyCorp in a research note on Thursday, April 17th. Eight investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $19.15.

KeyCorp Trading Down 0.4 %

KeyCorp stock traded down $0.06 during midday trading on Tuesday, hitting $14.81. 2,024,219 shares of the stock were exchanged, compared to its average volume of 14,909,326. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77. The stock's 50-day simple moving average is $15.49 and its 200 day simple moving average is $17.07. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04. The stock has a market capitalization of $16.22 billion, a price-to-earnings ratio of -49.36, a PEG ratio of 0.65 and a beta of 1.06.

KeyCorp (NYSE:KEY - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.32 by $0.01. KeyCorp had a negative net margin of 2.52% and a positive return on equity of 8.73%. The business had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter last year, the firm earned $0.20 EPS. On average, equities analysts anticipate that KeyCorp will post 1.5 EPS for the current year.

KeyCorp declared that its board has approved a share repurchase plan on Thursday, March 13th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board believes its stock is undervalued.

Insider Buying and Selling at KeyCorp

In related news, insider Mohit Ramani bought 10,000 shares of the stock in a transaction on Monday, April 21st. The shares were bought at an average cost of $13.75 per share, for a total transaction of $137,500.00. Following the purchase, the insider now owns 10,000 shares of the company's stock, valued at $137,500. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Of Nova Scotia Bank acquired 50,000 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was purchased at an average price of $17.85 per share, for a total transaction of $892,500.00. Following the completion of the transaction, the director now owns 162,983,726 shares in the company, valued at $2,909,259,509.10. The trade was a 0.03 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 60,180 shares of company stock worth $1,032,525. 0.52% of the stock is owned by company insiders.

Hedge Funds Weigh In On KeyCorp

Large investors have recently modified their holdings of the business. Principal Financial Group Inc. boosted its position in shares of KeyCorp by 3.4% during the 4th quarter. Principal Financial Group Inc. now owns 1,117,238 shares of the financial services provider's stock worth $19,149,000 after purchasing an additional 36,424 shares in the last quarter. Truist Financial Corp grew its position in KeyCorp by 27.1% during the fourth quarter. Truist Financial Corp now owns 95,856 shares of the financial services provider's stock worth $1,643,000 after buying an additional 20,424 shares during the period. Avanza Fonder AB acquired a new stake in shares of KeyCorp during the 4th quarter valued at approximately $1,618,000. Proficio Capital Partners LLC purchased a new stake in shares of KeyCorp during the 4th quarter worth approximately $1,519,000. Finally, CHURCHILL MANAGEMENT Corp increased its stake in KeyCorp by 5.9% in the 4th quarter. CHURCHILL MANAGEMENT Corp now owns 465,333 shares of the financial services provider's stock valued at $7,976,000 after purchasing an additional 26,047 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.