JPMorgan Chase & Co. Lowers KeyCorp (NYSE:KEY) Price Target to $16.50

KeyCorp (NYSE:KEY) had its price target lowered by JPMorgan Chase & Co. from $18.50 to $16.50 in a research note released on Thursday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the financial services provider’s stock.

Several other equities analysts have also commented on KEY. DA Davidson dropped their target price on KeyCorp from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday, January 22nd. Morgan Stanley cut their target price on KeyCorp from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 13th. Royal Bank of Canada reiterated an “outperform” rating and issued a $18.00 price target on shares of KeyCorp in a research note on Wednesday, January 22nd. Keefe, Bruyette & Woods reduced their price objective on shares of KeyCorp from $22.00 to $21.00 and set an “outperform” rating for the company in a research report on Wednesday, January 22nd. Finally, Barclays increased their target price on shares of KeyCorp from $19.00 to $21.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $19.31.

KeyCorp Trading Down 4.7 %

NYSE KEY opened at $13.45 on Thursday. KeyCorp has a 52 week low of $12.73 and a 52 week high of $20.04. The firm has a 50 day moving average of $16.67 and a two-hundred day moving average of $17.37. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $14.74 billion, a PE ratio of -44.83, a price-to-earnings-growth ratio of 0.65 and a beta of 1.06.

KeyCorp declared that its Board of Directors has initiated a share buyback plan on Thursday, March 13th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

KeyCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th were issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 6.10%. The ex-dividend date was Tuesday, March 4th. KeyCorp’s dividend payout ratio (DPR) is currently -273.33%.

Insider Activity at KeyCorp

In other news, Director Of Nova Scotia Bank acquired 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The stock was purchased at an average cost of $17.85 per share, with a total value of $892,500.00. Following the purchase, the director now directly 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 position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.61% of the company’s stock.

Institutional Trading of KeyCorp

A number of institutional investors have recently bought and sold shares of the company. 111 Capital acquired a new position in shares of KeyCorp during the 4th quarter worth $238,000. Wealth Enhancement Advisory Services LLC raised its position in KeyCorp by 22.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 102,451 shares of the financial services provider’s stock worth $1,756,000 after acquiring an additional 18,790 shares during the last quarter. Centaurus Financial Inc. lifted its holdings in shares of KeyCorp by 11.2% in the fourth quarter. Centaurus Financial Inc. now owns 7,218 shares of the financial services provider’s stock valued at $124,000 after purchasing an additional 728 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of KeyCorp in the fourth quarter valued at approximately $7,141,000. Finally, LifeWealth Investments LLC purchased a new position in shares of KeyCorp during the 4th quarter worth approximately $362,000. 79.69% of the stock is currently owned by hedge funds and other 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.