Wolfe Research Trims KeyCorp (NYSE:KEY) Target Price to $17.00

KeyCorp (NYSE:KEY – Get Rating) had its price target decreased by Wolfe Research from $23.00 to $17.00 in a research report sent to investors on Thursday, The Fly reports. Wolfe Research currently has an underperform rating on the financial services provider’s stock.

A number of other analysts have also recently commented on KEY. Credit Suisse Group raised shares of KeyCorp from a neutral rating to an outperform rating in a research note on Tuesday, February 8th. Odeon Capital Group cut shares of KeyCorp from a buy rating to a hold rating in a research note on Tuesday, April 26th. Morgan Stanley dropped their price objective on shares of KeyCorp from $30.00 to $27.00 and set an equal weight rating for the company in a research note on Monday, March 28th. Citigroup reaffirmed a neutral rating on shares of KeyCorp in a research note on Thursday, March 24th. Finally, Wells Fargo & Company raised shares of KeyCorp from an underweight rating to an overweight rating and upped their price objective for the company from $23.00 to $27.00 in a research note on Monday, April 11th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $25.69.

Shares of NYSE:KEY opened at $19.82 on Thursday. The firm has a market cap of $18.48 billion, a PE ratio of 8.02, a price-to-earnings-growth ratio of 0.49 and a beta of 1.33. The business has a fifty day moving average of $20.60 and a 200-day moving average of $23.03. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.78 and a current ratio of 0.78. KeyCorp has a twelve month low of $17.90 and a twelve month high of $27.17.

KeyCorp (NYSE:KEY – Get Rating) last released its earnings results on Thursday, April 21st. The financial services provider reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.03). The company had revenue of $1.70 billion for the quarter, compared to analysts’ expectations of $1.74 billion. KeyCorp had a return on equity of 15.42% and a net margin of 31.30%. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.61 EPS. On average, analysts anticipate that KeyCorp will post 2.24 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 15th. Stockholders of record on Tuesday, May 31st will be issued a $0.195 dividend. The ex-dividend date of this dividend is Friday, May 27th. This represents a $0.78 annualized dividend and a dividend yield of 3.94%. KeyCorp’s dividend payout ratio is currently 31.58%.

In other news, Director Carlton L. Highsmith sold 5,362 shares of the company’s stock in a transaction that occurred on Monday, March 7th. The shares were sold at an average price of $22.86, for a total value of $122,575.32. The sale was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 0.54% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the business. Kings Point Capital Management acquired a new stake in KeyCorp during the 3rd quarter worth approximately $27,000. Jones Financial Companies Lllp acquired a new stake in KeyCorp during the 3rd quarter worth approximately $28,000. DeDora Capital Inc. acquired a new stake in KeyCorp during the 1st quarter worth approximately $28,000. Farmers & Merchants Investments Inc. lifted its holdings in KeyCorp by 141.6% during the 4th quarter. Farmers & Merchants Investments Inc. now owns 1,244 shares of the financial services provider’s stock worth $29,000 after buying an additional 729 shares in the last quarter. Finally, Spectrum Management Group LLC acquired a new stake in KeyCorp during the 1st quarter worth approximately $35,000. Institutional investors own 83.24% of the company’s stock.

About KeyCorp (Get Rating)

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; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, investment, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.

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