Morgan Stanley Cuts KeyCorp (NYSE:KEY) Price Target to $20.00

KeyCorp (NYSE:KEY) had its target price decreased by Morgan Stanley from $22.00 to $20.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price objective suggests a potential upside of 31.10% from the company’s current price.

Several other research analysts have also issued reports on KEY. Stephens reissued an “overweight” rating and issued a $20.00 target price on shares of KeyCorp in a research report on Wednesday, January 22nd. Wells Fargo & Company raised their price objective on KeyCorp from $20.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. JPMorgan Chase & Co. restated a “neutral” rating and set a $18.50 target price on shares of KeyCorp in a report on Monday, February 3rd. The Goldman Sachs Group increased their price target on shares of KeyCorp from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $18.00 price objective on shares of KeyCorp in a research note on Wednesday, January 22nd. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $19.64.

KeyCorp Trading Down 1.5 %

Shares of KEY traded down $0.23 during trading hours on Thursday, reaching $15.26. 5,053,143 shares of the company traded hands, compared to its average volume of 11,906,674. KeyCorp has a 12 month low of $13.11 and a 12 month high of $20.04. The company has a market capitalization of $16.86 billion, a price-to-earnings ratio of -50.78, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26. The company’s fifty day moving average price is $17.26 and its two-hundred day moving average price is $17.45. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77.

Insider Activity

In related news, Director Of Nova Scotia Bank purchased 50,000 shares of the business’s stock in a transaction on Wednesday, February 5th. The stock was acquired at an average price of $17.85 per share, with a total value of $892,500.00. Following the completion of the acquisition, the director now 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 transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.61% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Norges Bank purchased a new stake in KeyCorp during the 4th quarter valued at approximately $153,235,000. Vanguard Group Inc. lifted its stake in KeyCorp by 7.1% in the fourth quarter. Vanguard Group Inc. now owns 116,932,760 shares of the financial services provider’s stock worth $2,004,228,000 after acquiring an additional 7,754,576 shares during the period. Azora Capital LP purchased a new position in shares of KeyCorp in the 3rd quarter valued at $92,413,000. Freestone Grove Partners LP purchased a new stake in KeyCorp during the fourth quarter valued at approximately $63,540,000. Finally, Thrivent Financial for Lutherans increased its holdings in shares of KeyCorp by 108.3% during the third quarter. Thrivent Financial for Lutherans now owns 5,852,233 shares of the financial services provider’s stock valued at $98,025,000 after acquiring an additional 3,042,060 shares in the last quarter. 79.69% of the stock is currently 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.