Citigroup Cuts KeyCorp (NYSE:KEY) Price Target to $19.00

KeyCorp (NYSE:KEY) had its price target trimmed by Citigroup from $20.00 to $19.00 in a report released on Monday,Benzinga reports. The brokerage currently has a buy rating on the financial services provider’s stock.

A number of other brokerages also recently issued reports on KEY. Keefe, Bruyette & Woods cut their price objective 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. 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. The Goldman Sachs Group raised their price objective on KeyCorp from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Truist Financial reduced their target price on KeyCorp from $19.00 to $18.00 and set a “hold” rating on the stock in a research report on Friday, March 21st. Finally, DA Davidson lowered their price target on KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a report on Wednesday, January 22nd. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.53.

KeyCorp Stock Performance

Shares of KEY stock opened at $16.40 on Monday. The firm has a market cap of $18.12 billion, a price-to-earnings ratio of -54.65, a PEG ratio of 0.65 and a beta of 1.26. KeyCorp has a 52-week low of $13.11 and a 52-week high of $20.04. 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 company’s 50 day moving average is $17.01 and its 200 day moving average is $17.41.

KeyCorp announced that its board has approved a share buyback plan on Thursday, March 13th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th were given a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $0.82 annualized dividend and a yield of 5.00%. KeyCorp’s dividend payout ratio is presently -273.33%.

Insider Activity at KeyCorp

In other news, Director Of Nova Scotia Bank acquired 50,000 shares of the business’s stock in a transaction on Wednesday, February 5th. The stock was bought at an average cost 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 legal filing with the SEC, which is available through this hyperlink. 0.61% of the stock is owned by company insiders.

Institutional Trading of KeyCorp

Several large investors have recently made changes to their positions in KEY. TCTC Holdings LLC boosted its stake in KeyCorp by 38.6% during the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 611 shares during the last quarter. Signaturefd LLC lifted its stake in shares of KeyCorp by 16.0% in the fourth quarter. Signaturefd LLC now owns 4,453 shares of the financial services provider’s stock worth $76,000 after buying an additional 614 shares in the last quarter. Modera Wealth Management LLC boosted its position in KeyCorp by 3.9% during the fourth quarter. Modera Wealth Management LLC now owns 16,521 shares of the financial services provider’s stock worth $283,000 after acquiring an additional 627 shares during the last quarter. Integrated Wealth Concepts LLC raised its holdings in KeyCorp by 2.6% in the 4th quarter. Integrated Wealth Concepts LLC now owns 24,679 shares of the financial services provider’s stock valued at $423,000 after acquiring an additional 631 shares during the last quarter. Finally, Ballentine Partners LLC lifted its stake in KeyCorp by 5.7% in the 4th quarter. Ballentine Partners LLC now owns 12,855 shares of the financial services provider’s stock worth $220,000 after purchasing an additional 692 shares in the last quarter. 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.