Citigroup Issues Pessimistic Forecast for KeyCorp (NYSE:KEY) Stock Price

KeyCorp (NYSE:KEY) had its price target lowered by research analysts at Citigroup from $20.00 to $19.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the financial services provider’s stock. Citigroup’s price objective suggests a potential upside of 14.60% from the stock’s previous close.

KEY has been the subject of several other reports. Stephens reaffirmed an “overweight” rating and issued a $20.00 target price on shares of KeyCorp in a research report on Wednesday, January 22nd. Morgan Stanley dropped their price objective on shares of KeyCorp from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Thursday, March 13th. JPMorgan Chase & Co. reiterated 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 boosted 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 reaffirmed an “outperform” rating and set a $18.00 price objective on shares of KeyCorp in a research report on Wednesday, January 22nd. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, KeyCorp presently has an average rating of “Moderate Buy” and a consensus target price of $19.53.

KeyCorp Trading Up 0.1 %

KEY opened at $16.58 on Monday. 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 business has a fifty day simple moving average of $17.05 and a 200-day simple moving average of $17.42. The firm has a market cap of $18.32 billion, a P/E ratio of -55.26, a P/E/G ratio of 0.65 and a beta of 1.26.

KeyCorp announced that its Board of Directors has approved a share repurchase plan on Thursday, March 13th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

Insider Transactions at KeyCorp

In related news, Director Of Nova Scotia Bank purchased 50,000 shares of the business’s stock in a transaction dated 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 completion of the purchase, 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 ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.61% of the company’s stock.

Hedge Funds Weigh In On KeyCorp

Several institutional investors have recently bought and sold shares of KEY. Norges Bank purchased a new stake in shares of KeyCorp in the fourth quarter valued at about $153,235,000. Vanguard Group Inc. lifted its position 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 valued at $2,004,228,000 after purchasing an additional 7,754,576 shares during the period. Azora Capital LP purchased a new stake in KeyCorp in the 3rd quarter valued at approximately $92,413,000. Freestone Grove Partners LP acquired a new position in KeyCorp during the 4th quarter worth approximately $63,540,000. Finally, FMR LLC raised its stake in shares of KeyCorp by 7.1% during the 4th quarter. FMR LLC now owns 44,431,526 shares of the financial services provider’s stock worth $761,556,000 after buying an additional 2,938,405 shares in the last quarter. 79.69% of the stock is owned by institutional investors and hedge funds.

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.