Wells Fargo & Company Issues Pessimistic Forecast for KeyCorp (NYSE:KEY) Stock Price

KeyCorp (NYSE:KEY) had its target price reduced by Wells Fargo & Company from $22.00 to $20.00 in a report issued on Friday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the financial services provider’s stock.

A number of other equities analysts also recently weighed in on the company. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $18.50 price target on shares of KeyCorp in a research report on Monday, February 3rd. Citigroup reduced their target price on shares of KeyCorp from $20.00 to $19.00 and set a “buy” rating for the company in a report on Monday, March 24th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $18.00 target price on shares of KeyCorp in a research report on Wednesday, January 22nd. 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 research report on Wednesday, January 22nd. Finally, Truist Financial decreased their price objective on KeyCorp from $19.00 to $18.00 and set a “hold” rating for the company in a report on Friday, March 21st. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $19.42.

KeyCorp Stock Down 2.3 %

KEY stock opened at $15.80 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. The stock has a market capitalization of $17.46 billion, a P/E ratio of -52.65, a P/E/G ratio of 0.65 and a beta of 1.26. KeyCorp has a fifty-two week low of $13.11 and a fifty-two week high of $20.04. The business has a 50-day moving average of $16.93 and a 200-day moving average of $17.42.

KeyCorp announced that its board has authorized 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 buy up to 6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

KeyCorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Tuesday, March 4th were paid a dividend of $0.205 per share. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $0.82 annualized dividend and a dividend yield of 5.19%. KeyCorp’s dividend payout ratio is currently -273.33%.

Insider Buying and Selling at KeyCorp

In related news, Director Of Nova Scotia Bank purchased 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The shares were acquired at an average price of $17.85 per share, for a total transaction of $892,500.00. Following the purchase, the director now owns 162,983,726 shares in the company, valued at approximately $2,909,259,509.10. This represents a 0.03 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On KeyCorp

A number of institutional investors have recently made changes to their positions in the company. Whittier Trust Co. increased its stake in shares of KeyCorp by 110.3% during the fourth quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 800 shares during the period. Ethos Financial Group LLC acquired a new position in KeyCorp in the 4th quarter valued at $27,000. Fourth Dimension Wealth LLC bought a new position in KeyCorp during the 4th quarter worth $28,000. Larson Financial Group LLC lifted its holdings in shares of KeyCorp by 90.8% during the third quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider’s stock worth $32,000 after buying an additional 918 shares in the last quarter. Finally, SBI Securities Co. Ltd. bought a new stake in shares of KeyCorp in the fourth quarter valued at about $34,000. Institutional investors own 79.69% of the company’s stock.

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.