KeyCorp (NYSE:KEY) Price Target Cut to $16.50 by Analysts at JPMorgan Chase & Co.

KeyCorp (NYSE:KEY) had its price target lowered by analysts at JPMorgan Chase & Co. from $18.50 to $16.50 in a report released on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 2.61% from the company’s current price.

Other analysts also recently issued reports about the stock. Truist Financial cut their price target on shares of KeyCorp from $19.00 to $18.00 and set a “hold” rating on the stock in a research report on Friday, March 21st. Morgan Stanley decreased their price objective on KeyCorp from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Thursday, March 13th. Citigroup cut their target price on KeyCorp from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. Keefe, Bruyette & Woods decreased their price target 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. Finally, Wells Fargo & Company lowered their price objective on shares of KeyCorp from $22.00 to $20.00 and set an “overweight” rating on the stock in a report on Friday, March 28th. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, KeyCorp has a consensus rating of “Moderate Buy” and an average price target of $19.31.

KeyCorp Stock Up 1.8 %

Shares of KeyCorp stock opened at $16.08 on Thursday. The business has a fifty day simple moving average of $16.82 and a 200 day simple moving average of $17.41. The stock has a market cap of $17.77 billion, a PE ratio of -53.60, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77. KeyCorp has a 12 month low of $13.11 and a 12 month high of $20.04.

KeyCorp declared that its board has authorized a stock 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 reacquire up to 6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at KeyCorp

In other KeyCorp news, Director Of Nova Scotia Bank purchased 50,000 shares of the company’s stock in a transaction dated Wednesday, February 5th. The stock was bought at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the completion of the transaction, the director now owns 162,983,726 shares in the company, valued at approximately $2,909,259,509.10. This represents a 0.03 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.61% of the company’s stock.

Institutional Trading of KeyCorp

Several large investors have recently modified their holdings of the stock. Principal Financial Group Inc. lifted its holdings in shares of KeyCorp by 3.4% during the 4th quarter. Principal Financial Group Inc. now owns 1,117,238 shares of the financial services provider’s stock worth $19,149,000 after acquiring an additional 36,424 shares during the period. Truist Financial Corp boosted its position in KeyCorp by 27.1% during the 4th quarter. Truist Financial Corp now owns 95,856 shares of the financial services provider’s stock worth $1,643,000 after buying an additional 20,424 shares during the period. Avanza Fonder AB bought a new stake in shares of KeyCorp in the fourth quarter worth $1,618,000. Teachers Retirement System of The State of Kentucky increased its stake in shares of KeyCorp by 1,974.1% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 1,541,680 shares of the financial services provider’s stock valued at $25,823,000 after buying an additional 1,467,351 shares during the period. Finally, Proficio Capital Partners LLC bought a new position in KeyCorp during the 4th quarter worth approximately $1,519,000. 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.