Wells Fargo & Company Cuts KeyCorp (NYSE:KEY) Price Target to $20.00

KeyCorp (NYSE:KEY) had its price target reduced by Wells Fargo & Company from $22.00 to $20.00 in a research note published on Friday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the financial services provider’s stock.

Other equities research analysts have also recently issued reports about the company. Citigroup dropped their price target on KeyCorp from $20.00 to $19.00 and set a “buy” rating for the company in a report on Monday, March 24th. DA Davidson lowered their target price on KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Wednesday, January 22nd. Morgan Stanley cut their price target on 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. reissued a “neutral” rating and set a $18.50 price objective on shares of KeyCorp in a report on Monday, February 3rd. Finally, Barclays boosted their target price on shares of KeyCorp from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Monday, January 6th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, KeyCorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.42.

KeyCorp Trading Down 2.3 %

Shares of KEY stock opened at $15.80 on Friday. The company has a market capitalization of $17.46 billion, a P/E ratio of -52.65, a P/E/G ratio of 0.65 and a beta of 1.26. KeyCorp has a 12-month low of $13.11 and a 12-month 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 firm has a 50-day moving average price of $16.93 and a 200 day moving average price of $17.42.

KeyCorp declared that its board has authorized a stock repurchase plan on Thursday, March 13th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Tuesday, March 4th were issued a $0.205 dividend. The ex-dividend date was Tuesday, March 4th. This represents a $0.82 dividend on an annualized basis and a yield of 5.19%. KeyCorp’s dividend payout ratio is presently -273.33%.

Insiders Place Their Bets

In other news, Director Of Nova Scotia Bank bought 50,000 shares of the stock in a transaction on Wednesday, February 5th. The stock was purchased at an average price of $17.85 per share, with a total value of $892,500.00. Following the completion of the purchase, 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 ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.61% of the company’s stock.

Hedge Funds Weigh In On KeyCorp

Institutional investors and hedge funds have recently made changes to their positions in the company. Whittier Trust Co. raised its stake in KeyCorp by 110.3% during the 4th quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock worth $26,000 after buying an additional 800 shares during the period. Ethos Financial Group LLC bought a new stake in shares of KeyCorp in the fourth quarter worth about $27,000. Fourth Dimension Wealth LLC acquired a new stake in shares of KeyCorp during the fourth quarter worth about $28,000. Larson Financial Group LLC lifted its holdings in shares of KeyCorp by 90.8% during the 3rd quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 918 shares in the last quarter. Finally, SBI Securities Co. Ltd. acquired a new position in shares of KeyCorp in the 4th quarter valued at approximately $34,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

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.