Truist Financial Has Lowered Expectations for KeyCorp (NYSE:KEY) Stock Price

KeyCorp (NYSE:KEY) had its price target dropped by analysts at Truist Financial from $19.00 to $18.00 in a report released on Friday,Benzinga reports. The firm currently has a “hold” rating on the financial services provider’s stock. Truist Financial’s target price indicates a potential upside of 11.56% from the stock’s current price.

A number of other research firms also recently weighed in on KEY. Citigroup upgraded shares of KeyCorp from a “neutral” rating to a “buy” rating and set a $20.00 price target on the stock in a report on Monday, March 10th. Barclays raised their price target on shares of KeyCorp from $19.00 to $21.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Royal Bank of Canada restated an “outperform” rating and set a $18.00 price target on shares of KeyCorp in a report on Wednesday, January 22nd. Morgan Stanley cut their price target on shares of KeyCorp from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. Finally, Piper Sandler raised their target price on shares of 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 given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.58.

KeyCorp Stock Up 0.3 %

KeyCorp stock opened at $16.14 on Friday. The company has a market capitalization of $17.83 billion, a P/E ratio of -53.78, a P/E/G ratio of 0.65 and a beta of 1.26. The firm’s fifty day simple moving average is $17.08 and its 200-day simple moving average is $17.40. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77. KeyCorp has a 1-year low of $13.11 and a 1-year high of $20.04.

KeyCorp declared that its Board of Directors has authorized a share buyback program on Thursday, March 13th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Of Nova Scotia Bank bought 50,000 shares of the company’s stock in a transaction on Wednesday, February 5th. The stock was bought at an average cost of $17.85 per share, with a total value of $892,500.00. Following the completion of the purchase, the director now owns 162,983,726 shares in the company, valued at approximately $2,909,259,509.10. The trade was a 0.03 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.61% of the company’s stock.

Hedge Funds Weigh In On KeyCorp

A number of institutional investors have recently modified their holdings of the stock. OneDigital Investment Advisors LLC grew its position in shares of KeyCorp by 15.5% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 16,772 shares of the financial services provider’s stock worth $281,000 after buying an additional 2,256 shares during the period. Pathstone Holdings LLC grew its position in shares of KeyCorp by 1.2% during the 3rd quarter. Pathstone Holdings LLC now owns 205,485 shares of the financial services provider’s stock worth $3,442,000 after buying an additional 2,477 shares during the period. Caprock Group LLC acquired a new stake in shares of KeyCorp during the 3rd quarter worth approximately $354,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of KeyCorp during the 3rd quarter worth approximately $2,704,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of KeyCorp during the 3rd quarter worth approximately $582,000. 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.