Stephens Reaffirms “Overweight” Rating for KeyCorp (NYSE:KEY)

Stephens reaffirmed their overweight rating on shares of KeyCorp (NYSE:KEY) in a report released on Wednesday,Benzinga reports. The firm currently has a $20.00 target price on the financial services provider’s stock.

A number of other equities analysts also recently commented on KEY. Citigroup downgraded KeyCorp from a “buy” rating to a “neutral” rating and set a $19.00 price objective on the stock. in a report on Thursday, November 7th. Evercore ISI increased their price target on KeyCorp from $18.50 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Piper Sandler increased their price target on KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Wells Fargo & Company increased their price target on KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Finally, DA Davidson lowered their price target on KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday. Nine investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $19.58.

KeyCorp Trading Up 1.2 %

NYSE:KEY opened at $17.69 on Wednesday. The stock’s 50 day moving average price is $18.06 and its 200 day moving average price is $17.07. KeyCorp has a 52 week low of $13.10 and a 52 week high of $20.04. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.88 and a current ratio of 0.85.

KeyCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Tuesday, March 4th will be given a $0.205 dividend. The ex-dividend date of this dividend is Tuesday, March 4th. This represents a $0.82 annualized dividend and a dividend yield of 4.64%. KeyCorp’s dividend payout ratio is -273.32%.

Insider Buying and Selling

In related news, insider Angela G. Mago sold 15,011 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $19.59, for a total value of $294,065.49. Following the completion of the transaction, the insider now directly owns 234,582 shares of the company’s stock, valued at $4,595,461.38. This trade represents a 6.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Carlton L. Highsmith sold 9,000 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $17.14, for a total value of $154,260.00. Following the completion of the transaction, the director now directly owns 37,864 shares of the company’s stock, valued at approximately $648,988.96. This trade represents a 19.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.61% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Pacer Advisors Inc. increased its stake in shares of KeyCorp by 4.6% in the 2nd quarter. Pacer Advisors Inc. now owns 67,218 shares of the financial services provider’s stock valued at $955,000 after acquiring an additional 2,985 shares during the last quarter. Ensign Peak Advisors Inc grew its position in shares of KeyCorp by 4.8% in the 2nd quarter. Ensign Peak Advisors Inc now owns 366,336 shares of the financial services provider’s stock valued at $5,206,000 after purchasing an additional 16,650 shares during the period. ProShare Advisors LLC grew its position in shares of KeyCorp by 5.5% in the 2nd quarter. ProShare Advisors LLC now owns 191,470 shares of the financial services provider’s stock valued at $2,721,000 after purchasing an additional 10,052 shares during the period. Public Sector Pension Investment Board grew its position in shares of KeyCorp by 8.5% in the 2nd quarter. Public Sector Pension Investment Board now owns 159,883 shares of the financial services provider’s stock valued at $2,272,000 after purchasing an additional 12,575 shares during the period. Finally, Marshall Wace LLP grew its position in shares of KeyCorp by 4,518.6% in the 2nd quarter. Marshall Wace LLP now owns 845,211 shares of the financial services provider’s stock valued at $12,010,000 after purchasing an additional 826,911 shares during the period. 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.