KeyCorp (NYSE:KEY) Price Target Raised to $23.00 at The Goldman Sachs Group

KeyCorp (NYSE:KEY) had its price target hoisted by The Goldman Sachs Group from $20.00 to $23.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the financial services provider’s stock.

A number of other brokerages have also recently commented on KEY. Evercore ISI increased their target price on KeyCorp from $18.50 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Wedbush increased their price objective on KeyCorp from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Tuesday, September 24th. Citigroup downgraded shares of KeyCorp from a “buy” rating to a “neutral” rating and set a $19.00 target price for the company. in a research note on Thursday, November 7th. Royal Bank of Canada raised their price target on shares of KeyCorp from $17.00 to $18.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $18.00 price objective on shares of KeyCorp in a research report on Tuesday, September 10th. Nine research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, KeyCorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.26.

KeyCorp Price Performance

KeyCorp stock opened at $19.52 on Tuesday. The firm has a market capitalization of $19.35 billion, a PE ratio of 1,952.00, a P/E/G ratio of 1.08 and a beta of 1.24. KeyCorp has a 52 week low of $11.64 and a 52 week high of $20.04. The firm’s 50-day simple moving average is $17.79 and its 200 day simple moving average is $16.08. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.09.

KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, October 17th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.03. The company had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.59 billion. KeyCorp had a net margin of 0.76% and a return on equity of 8.24%. On average, equities research analysts predict that KeyCorp will post 1.09 EPS for the current fiscal year.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Tuesday, December 3rd will be given a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 4.20%. The ex-dividend date is Tuesday, December 3rd. KeyCorp’s dividend payout ratio (DPR) is currently 8,200.00%.

Insider Buying and Selling at KeyCorp

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

Institutional Investors Weigh In On KeyCorp

A number of hedge funds have recently bought and sold shares of KEY. Azora Capital LP acquired a new stake in shares of KeyCorp in the 3rd quarter valued at about $92,413,000. Assenagon Asset Management S.A. increased its holdings in KeyCorp by 280.3% in the third quarter. Assenagon Asset Management S.A. now owns 4,976,965 shares of the financial services provider’s stock valued at $83,364,000 after buying an additional 3,668,168 shares during the last quarter. Ceredex Value Advisors LLC raised its stake in KeyCorp by 112.4% during the second quarter. Ceredex Value Advisors LLC now owns 6,647,393 shares of the financial services provider’s stock valued at $94,459,000 after buying an additional 3,517,755 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in KeyCorp by 108.3% during the 3rd quarter. Thrivent Financial for Lutherans now owns 5,852,233 shares of the financial services provider’s stock worth $98,025,000 after buying an additional 3,042,060 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in shares of KeyCorp by 164.9% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,660,680 shares of the financial services provider’s stock worth $78,066,000 after acquiring an additional 2,900,971 shares in the last quarter. Institutional investors and hedge funds own 79.69% of the company’s stock.

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.