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KeyCorp (NYSE:KEY – Get Free Report) had its price target decreased by analysts at JPMorgan Chase & Co. from $18.50 to $16.50 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 22.68% from the stock’s previous close.
Other equities research analysts have also issued research reports about the company. Stephens reissued an “overweight” rating and issued a $20.00 target price on shares of KeyCorp in a research report on Wednesday, January 22nd. Keefe, Bruyette & Woods decreased their target price on shares of KeyCorp from $22.00 to $21.00 and set an “outperform” rating for the company in a research note on Wednesday, January 22nd. DA Davidson cut their target price on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Wednesday, January 22nd. Citigroup reduced their price objective on shares of KeyCorp from $20.00 to $19.00 and set a “buy” rating for the company in a research report on Monday, March 24th. Finally, Wells Fargo & Company reduced their price objective on KeyCorp from $22.00 to $20.00 and set an “overweight” rating for the company in a report on Friday, March 28th. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $19.31.
Read Our Latest Analysis on KEY
KeyCorp Price Performance
Shares of KEY opened at $13.45 on Thursday. The firm has a market capitalization of $14.74 billion, a PE ratio of -44.83, a P/E/G ratio of 0.65 and a beta of 1.06. KeyCorp has a 52-week low of $12.73 and a 52-week high of $20.04. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.84 and a current ratio of 0.85. The stock has a 50 day simple moving average of $16.67 and a 200 day simple moving average of $17.36.
KeyCorp announced that its Board of Directors has initiated a share repurchase program on Thursday, March 13th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.
Insider Buying and Selling at KeyCorp
In other KeyCorp news, Director Of Nova Scotia Bank bought 50,000 shares of KeyCorp stock in a transaction on Wednesday, February 5th. The shares were purchased at an average price of $17.85 per share, with a total value of $892,500.00. Following the acquisition, the director now owns 162,983,726 shares in the company, valued at $2,909,259,509.10. This trade represents a 0.03 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.61% of the company’s stock.
Hedge Funds Weigh In On KeyCorp
Institutional investors have recently modified their holdings of the business. Whittier Trust Co. boosted its stake in KeyCorp by 110.3% in the fourth quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock valued at $26,000 after buying an additional 800 shares in the last quarter. Ethos Financial Group LLC bought a new position in shares of KeyCorp in the fourth quarter worth about $27,000. Fourth Dimension Wealth LLC acquired a new stake in shares of KeyCorp in the 4th quarter valued at approximately $28,000. SBI Securities Co. Ltd. bought a new stake in shares of KeyCorp during the 4th quarter valued at approximately $34,000. Finally, TCTC Holdings LLC increased its position in KeyCorp by 38.6% during the 4th quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 611 shares in the last quarter. 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.
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