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

KeyCorp (NYSE:KEY) had its price objective hoisted by Morgan Stanley from $18.00 to $20.00 in a research note published on Wednesday, Benzinga reports. The brokerage currently has an equal weight rating on the financial services provider’s stock.

Several other equities research analysts have also recently weighed in on KEY. DA Davidson increased their price objective on KeyCorp from $16.00 to $18.00 and gave the company a buy rating in a research report on Friday, July 19th. Citigroup increased their price target on shares of KeyCorp from $18.00 to $19.00 and gave the company a buy rating in a report on Tuesday, August 13th. UBS Group downgraded shares of KeyCorp from a buy rating to a neutral rating and dropped their price objective for the stock from $16.00 to $15.00 in a report on Monday, July 8th. Evercore ISI reduced their target price on shares of KeyCorp from $17.50 to $16.50 and set an outperform rating for the company in a research note on Tuesday, June 25th. Finally, Argus boosted their price target on KeyCorp from $15.00 to $16.00 and gave the company a buy rating in a research note on Friday, April 19th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, KeyCorp presently has an average rating of Moderate Buy and a consensus target price of $16.59.

KeyCorp Stock Up 1.2 %

KeyCorp stock opened at $16.39 on Wednesday. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.85 and a quick ratio of 0.85. KeyCorp has a fifty-two week low of $9.50 and a fifty-two week high of $17.09. The firm has a fifty day moving average price of $14.76 and a two-hundred day moving average price of $14.68. The firm has a market cap of $15.45 billion, a price-to-earnings ratio of 20.75, a P/E/G ratio of 0.87 and a beta of 1.26.

KeyCorp (NYSE:KEY) last posted its quarterly earnings data on Thursday, July 18th. The financial services provider reported $0.25 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.01. KeyCorp had a return on equity of 8.64% and a net margin of 7.35%. The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same period in the previous year, the company posted $0.27 earnings per share. The firm’s revenue for the quarter was down 4.3% on a year-over-year basis. As a group, analysts forecast that KeyCorp will post 1.1 earnings per share for the current year.

KeyCorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Tuesday, August 27th will be given a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 5.00%. The ex-dividend date is Tuesday, August 27th. KeyCorp’s dividend payout ratio (DPR) is 103.80%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Tennessee Valley Asset Management Partners acquired a new position in KeyCorp in the fourth quarter valued at about $59,000. Louisiana State Employees Retirement System acquired a new position in shares of KeyCorp in the 4th quarter worth approximately $815,000. Vontobel Holding Ltd. grew its position in KeyCorp by 25.2% during the 4th quarter. Vontobel Holding Ltd. now owns 115,346 shares of the financial services provider’s stock worth $1,661,000 after acquiring an additional 23,218 shares during the last quarter. Mackenzie Financial Corp grew its position in KeyCorp by 24.2% during the 4th quarter. Mackenzie Financial Corp now owns 1,412,114 shares of the financial services provider’s stock worth $20,334,000 after acquiring an additional 275,459 shares during the last quarter. Finally, SVB Wealth LLC increased its holdings in KeyCorp by 18.2% during the 4th quarter. SVB Wealth LLC now owns 11,961 shares of the financial services provider’s stock valued at $172,000 after purchasing an additional 1,840 shares in the last quarter. 79.69% of the stock is owned by 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.