KeyCorp (NYSE:KEY) Given New $20.00 Price Target at Wells Fargo & Company

KeyCorp (NYSE:KEY - Free Report) had its price objective decreased by Wells Fargo & Company from $22.00 to $20.00 in a research report sent to investors on Friday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the financial services provider's stock.

Several other equities analysts also recently commented on KEY. Keefe, Bruyette & Woods cut their price target on shares of 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. reissued a "neutral" rating and issued a $18.50 price objective on shares of KeyCorp in a report on Monday, February 3rd. Stephens restated an "overweight" rating and issued a $20.00 target price on shares of KeyCorp in a research note on Wednesday, January 22nd. DA Davidson decreased their target price on KeyCorp from $22.00 to $21.00 and set a "buy" rating on the stock in a research report on Wednesday, January 22nd. Finally, Piper Sandler increased their price objective on KeyCorp from $19.00 to $22.00 and gave the company an "overweight" rating in a research note on Tuesday, December 3rd. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, KeyCorp presently has a consensus rating of "Moderate Buy" and a consensus price target of $19.42.

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KeyCorp Stock Performance

NYSE KEY traded down $0.15 on Friday, reaching $15.85. 5,369,652 shares of the stock were exchanged, compared to its average volume of 12,554,763. The firm has a market capitalization of $17.51 billion, a PE ratio of -52.78, a PEG ratio of 0.65 and a beta of 1.26. 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 company's 50-day simple moving average is $16.88 and its two-hundred day simple moving average is $17.42. KeyCorp has a one year low of $13.11 and a one year high of $20.04.

KeyCorp Announces Dividend

The business also recently disclosed 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. This represents a $0.82 dividend on an annualized basis and a yield of 5.18%. The ex-dividend date of this dividend was Tuesday, March 4th. KeyCorp's dividend payout ratio is presently -273.33%.

KeyCorp declared that its Board of Directors has approved a share buyback program on Thursday, March 13th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling at KeyCorp

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 bought at an average cost of $17.85 per share, with a total value 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 approximately $2,909,259,509.10. This trade represents a 0.03 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.61% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On KeyCorp

Large investors have recently modified their holdings of the stock. Norges Bank acquired a new stake in KeyCorp during the 4th quarter worth about $153,235,000. Vanguard Group Inc. grew its holdings in shares of KeyCorp by 7.1% during 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 acquiring an additional 7,754,576 shares in the last quarter. Azora Capital LP acquired a new position in shares of KeyCorp in the third quarter worth $92,413,000. Freestone Grove Partners LP acquired a new position in shares of KeyCorp in the fourth quarter worth $63,540,000. Finally, FMR LLC raised its holdings in shares of KeyCorp by 7.1% during the fourth quarter. FMR LLC now owns 44,431,526 shares of the financial services provider's stock worth $761,556,000 after acquiring an additional 2,938,405 shares in the last quarter. 79.69% of the stock is owned by institutional investors.

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.