Truist Financial Cuts KeyCorp (NYSE:KEY) Price Target to $18.00

KeyCorp (NYSE:KEY) had its price target cut by Truist Financial from $19.00 to $18.00 in a report issued on Friday,Benzinga reports. The firm presently has a “hold” rating on the financial services provider’s stock. Truist Financial’s target price would indicate a potential upside of 11.74% from the stock’s current price.

KEY has been the topic of a number of other reports. Piper Sandler upped their price target on shares of KeyCorp from $19.00 to $22.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. Citigroup raised shares of KeyCorp from a “neutral” rating to a “buy” rating and set a $20.00 target price for the company in a report on Monday, March 10th. Keefe, Bruyette & Woods decreased their price target on KeyCorp from $22.00 to $21.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 22nd. Stephens reaffirmed an “overweight” rating and issued a $20.00 price objective on shares of KeyCorp in a research note on Wednesday, January 22nd. Finally, Barclays boosted their target price on KeyCorp from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $19.58.

KeyCorp Stock Up 0.4 %

KEY opened at $16.11 on Friday. KeyCorp has a 52 week low of $13.11 and a 52 week high of $20.04. The business has a 50 day moving average price of $17.09 and a two-hundred day moving average price of $17.40. 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 has a market cap of $17.80 billion, a PE ratio of -53.69, a P/E/G ratio of 0.65 and a beta of 1.26.

KeyCorp declared that its Board of Directors has authorized a stock repurchase plan on Thursday, March 13th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Of Nova Scotia Bank acquired 50,000 shares of KeyCorp stock in a transaction that occurred on Wednesday, February 5th. The stock was acquired at an average price of $17.85 per share, for a total transaction of $892,500.00. Following the transaction, the director now directly owns 162,983,726 shares of the company’s stock, valued at $2,909,259,509.10. This trade represents a 0.03 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.61% of the stock is currently owned by insiders.

Hedge Funds Weigh In On KeyCorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. 111 Capital acquired a new position in shares of KeyCorp in the 4th quarter worth approximately $238,000. Wealth Enhancement Advisory Services LLC grew its position in KeyCorp by 22.5% in 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 buying an additional 18,790 shares during the last quarter. Centaurus Financial Inc. increased 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 buying an additional 728 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of KeyCorp during the 4th quarter valued at $7,141,000. Finally, LifeWealth Investments LLC bought a new stake in shares of KeyCorp during the 4th quarter worth $362,000. 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.