KeyCorp (NYSE:KEY) Given New $19.00 Price Target at Citigroup

KeyCorp (NYSE:KEY) had its price target lifted by Citigroup from $18.00 to $19.00 in a research note released on Tuesday, Benzinga reports. Citigroup currently has a buy rating on the financial services provider’s stock.

Several other equities research analysts also recently weighed in on the stock. Morgan Stanley raised their price target on shares of KeyCorp from $16.00 to $18.00 and gave the company an equal weight rating in a research report on Monday, August 5th. Royal Bank of Canada lifted their target price on KeyCorp from $16.00 to $17.00 and gave the stock an outperform rating in a report on Friday, July 19th. Evercore ISI lowered their price target on KeyCorp from $17.50 to $16.50 and set an outperform rating on the stock in a report on Tuesday, June 25th. Wedbush increased their price objective on KeyCorp from $16.00 to $17.00 and gave the company a neutral rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. decreased their target price on KeyCorp from $17.50 to $16.50 and set a neutral rating for the company in a research report on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $16.59.

KeyCorp Price Performance

Shares of NYSE KEY opened at $16.39 on Tuesday. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.85 and a current ratio of 0.85. The company has a 50 day simple moving average of $14.76 and a two-hundred day simple moving average of $14.68. KeyCorp has a fifty-two week low of $9.50 and a fifty-two week high of $17.09. The company has a market capitalization of $15.46 billion, a price-to-earnings ratio of 20.75, a P/E/G ratio of 0.87 and a beta of 1.26.

KeyCorp (NYSE:KEY) last posted its quarterly earnings data on Thursday, July 18th. The financial services provider reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.01. KeyCorp had a return on equity of 8.64% and a net margin of 7.35%. The company had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same quarter last year, the company earned $0.27 EPS. The firm’s revenue for the quarter was down 4.3% on a year-over-year basis. Analysts expect that KeyCorp will post 1.1 EPS for the current fiscal year.

KeyCorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Tuesday, August 27th will be paid a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a dividend yield of 5.00%. The ex-dividend date is Tuesday, August 27th. KeyCorp’s dividend payout ratio is currently 103.80%.

Hedge Funds Weigh In On KeyCorp

A number of hedge funds have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. grew its position in shares of KeyCorp by 35.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 329,655 shares of the financial services provider’s stock worth $4,747,000 after buying an additional 86,579 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in KeyCorp by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 23,416,018 shares of the financial services provider’s stock worth $337,191,000 after acquiring an additional 289,258 shares during the period. Aigen Investment Management LP bought a new position in KeyCorp during the 4th quarter worth about $1,556,000. Freestone Capital Holdings LLC purchased a new position in KeyCorp during the 1st quarter valued at about $561,000. Finally, Commerce Bank lifted its position in shares of KeyCorp by 399.7% in the 1st quarter. Commerce Bank now owns 456,136 shares of the financial services provider’s stock worth $7,212,000 after purchasing an additional 364,850 shares during the period. 79.69% of the stock is currently owned by institutional investors.

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.