Citigroup Inc. Raises KeyCorp (KEY) Price Target to $20.00

KeyCorp (NYSE:KEY) had its target price hoisted by Citigroup Inc. from $19.00 to $20.00 in a research report released on Monday, MarketBeat Ratings reports. They currently have a neutral rating on the financial services provider’s stock.

A number of other equities analysts have also recently commented on KEY. Keefe, Bruyette & Woods set a $20.00 target price on KeyCorp and gave the company a hold rating in a report on Saturday, June 24th. Deutsche Bank AG restated a hold rating on shares of KeyCorp in a report on Monday, July 3rd. Morgan Stanley restated an overweight rating and set a $22.00 target price (up from $21.00) on shares of KeyCorp in a report on Friday, July 7th. UBS AG upgraded KeyCorp from a neutral rating to a buy rating and raised their target price for the company from $19.00 to $22.00 in a report on Monday, July 10th. Finally, Zacks Investment Research upgraded KeyCorp from a hold rating to a buy rating and set a $22.00 target price for the company in a report on Tuesday, July 11th. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and sixteen have assigned a buy rating to the company. KeyCorp presently has a consensus rating of Hold and an average price target of $20.03.

Shares of KeyCorp (KEY) opened at 18.44 on Monday. The company has a 50 day moving average price of $17.92 and a 200 day moving average price of $18.11. KeyCorp has a 12-month low of $12.20 and a 12-month high of $19.53. The company has a market capitalization of $20.05 billion, a P/E ratio of 18.31 and a beta of 1.13.

KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, July 20th. The financial services provider reported $0.34 EPS for the quarter, meeting analysts’ consensus estimates of $0.34. KeyCorp had a return on equity of 9.88% and a net margin of 16.62%. The company had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same period last year, the business posted $0.27 EPS. KeyCorp’s revenue for the quarter was up 52.1% on a year-over-year basis. Equities analysts anticipate that KeyCorp will post $1.36 EPS for the current year.

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KeyCorp announced that its Board of Directors has authorized a stock repurchase program on Wednesday, June 28th that allows the company to buyback $800.00 million in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

In other KeyCorp news, Director Ruth Ann M. Gillis bought 2,000 shares of the business’s stock in a transaction dated Monday, August 14th. The shares were acquired at an average price of $17.91 per share, with a total value of $35,820.00. Following the transaction, the director now owns 10,551 shares of the company’s stock, valued at $188,968.41. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Bruce D. Broussard bought 2,500 shares of the business’s stock in a transaction dated Wednesday, July 26th. The shares were acquired at an average cost of $18.17 per share, for a total transaction of $45,425.00. Following the transaction, the director now directly owns 12,500 shares in the company, valued at approximately $227,125. The disclosure for this purchase can be found here. In the last three months, insiders have bought 16,000 shares of company stock worth $290,540 and have sold 259,409 shares worth $4,794,449. 0.65% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of KEY. BlackRock Inc. raised its position in shares of KeyCorp by 3,258.1% during the 1st quarter. BlackRock Inc. now owns 84,413,892 shares of the financial services provider’s stock worth $1,500,878,000 after acquiring an additional 81,900,174 shares in the last quarter. Janus Henderson Group PLC grew its stake in KeyCorp by 6,189.4% during the 2nd quarter. Janus Henderson Group PLC now owns 9,107,724 shares of the financial services provider’s stock worth $170,679,000 after buying an additional 8,962,913 shares during the last quarter. Janus Capital Management LLC grew its stake in KeyCorp by 2,048.7% during the 1st quarter. Janus Capital Management LLC now owns 6,317,037 shares of the financial services provider’s stock worth $112,317,000 after buying an additional 6,023,049 shares during the last quarter. Vanguard Group Inc. grew its stake in KeyCorp by 3.9% during the 2nd quarter. Vanguard Group Inc. now owns 111,418,810 shares of the financial services provider’s stock worth $2,087,987,000 after buying an additional 4,230,390 shares during the last quarter. Finally, Samlyn Capital LLC purchased a new position in KeyCorp during the 2nd quarter worth approximately $57,111,000. 80.80% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Company Profile

KeyCorp is a bank holding company. The Company is a bank-based financial services company. The Company operates through its subsidiary, KeyBank National Association (KeyBank), which is engaged in providing banking services. Through KeyBank and other subsidiaries, it provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, and investment banking products and services to individual, corporate and institutional clients.

Analyst Recommendations for KeyCorp (NYSE:KEY)

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