KeyCorp (NYSE:KEY) Given New $16.00 Price Target at Royal Bank of Canada

KeyCorp (NYSE:KEY) had its price objective raised by analysts at Royal Bank of Canada from $15.00 to $16.00 in a report issued on Friday, Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Royal Bank of Canada’s price target points to a potential upside of 8.70% from the company’s current price.

Several other research firms have also recently weighed in on KEY. Jefferies Financial Group raised their target price on shares of KeyCorp from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, April 8th. Wedbush decreased their target price on shares of KeyCorp from $16.00 to $14.00 and set a “neutral” rating for the company in a research note on Friday, January 19th. Wells Fargo & Company raised their target price on shares of KeyCorp from $16.00 to $18.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Keefe, Bruyette & Woods raised their target price on shares of KeyCorp from $16.00 to $18.00 and gave the company an “outperform” rating in a research note on Friday, April 5th. Finally, JPMorgan Chase & Co. raised their target price on shares of KeyCorp from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $15.71.

KeyCorp Stock Up 2.4 %

Shares of NYSE KEY traded up $0.34 during midday trading on Friday, reaching $14.72. The company’s stock had a trading volume of 9,004,496 shares, compared to its average volume of 16,162,798. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 1.61. KeyCorp has a fifty-two week low of $8.53 and a fifty-two week high of $15.86. The stock has a market capitalization of $13.65 billion, a price-to-earnings ratio of 16.54 and a beta of 1.29. The stock has a 50 day simple moving average of $14.67 and a 200-day simple moving average of $13.35.

KeyCorp (NYSE:KEY) last released its earnings results on Thursday, April 18th. The financial services provider reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.03). KeyCorp had a net margin of 8.61% and a return on equity of 10.63%. The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.51 billion. During the same period in the prior year, the business posted $0.44 earnings per share. KeyCorp’s quarterly revenue was down 10.6% compared to the same quarter last year. Equities research analysts predict that KeyCorp will post 1.17 earnings per share for the current year.

Insider Activity at KeyCorp

In related news, insider Kenneth C. Gavrity sold 2,376 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $14.03, for a total transaction of $33,335.28. Following the completion of the sale, the insider now owns 98,120 shares of the company’s stock, valued at $1,376,623.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Angela G. Mago sold 3,405 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $14.24, for a total transaction of $48,487.20. Following the completion of the sale, the insider now owns 214,630 shares of the company’s stock, valued at $3,056,331.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kenneth C. Gavrity sold 2,376 shares of the stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $14.03, for a total transaction of $33,335.28. Following the completion of the transaction, the insider now directly owns 98,120 shares of the company’s stock, valued at approximately $1,376,623.60. The disclosure for this sale can be found here. Insiders sold a total of 21,442 shares of company stock valued at $303,914 over the last quarter. 0.61% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of KeyCorp by 1.2% in the first quarter. Vanguard Group Inc. now owns 111,201,600 shares of the financial services provider’s stock worth $2,488,691,000 after acquiring an additional 1,278,193 shares during the last quarter. BlackRock Inc. increased its stake in shares of KeyCorp by 10.3% in the first quarter. BlackRock Inc. now owns 89,759,881 shares of the financial services provider’s stock valued at $1,123,794,000 after buying an additional 8,391,787 shares during the period. State Street Corp increased its stake in shares of KeyCorp by 2.6% in the second quarter. State Street Corp now owns 47,193,025 shares of the financial services provider’s stock valued at $436,064,000 after buying an additional 1,194,413 shares during the period. Fuller & Thaler Asset Management Inc. increased its stake in shares of KeyCorp by 3.2% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 32,342,547 shares of the financial services provider’s stock valued at $348,006,000 after buying an additional 993,215 shares during the period. Finally, FMR LLC increased its stake in shares of KeyCorp by 14.4% in the third quarter. FMR LLC now owns 31,781,539 shares of the financial services provider’s stock valued at $341,969,000 after buying an additional 3,992,226 shares during the period. Institutional investors 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.