Morgan Stanley Cuts KeyCorp (NYSE:KEY) Price Target to $22.00

KeyCorp (NYSE:KEY) had its price objective decreased by Morgan Stanley from $23.00 to $22.00 in a research note released on Wednesday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the financial services provider’s stock.

Several other research analysts have also recently issued reports on KEY. Keefe, Bruyette & Woods raised their price objective on KeyCorp from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Wells Fargo & Company raised their price target on shares of KeyCorp from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Royal Bank of Canada upped their price objective on shares of KeyCorp from $17.00 to $18.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Barclays raised their target price on shares of KeyCorp from $19.00 to $21.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. Finally, DA Davidson upped their price target on shares of KeyCorp from $19.00 to $20.00 and gave the company a “buy” rating in a report on Monday, October 21st. Nine equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $19.58.

KeyCorp Stock Down 1.8 %

NYSE KEY opened at $17.32 on Wednesday. The stock’s fifty day moving average price is $18.13 and its 200 day moving average price is $17.06. KeyCorp has a 1 year low of $13.10 and a 1 year high of $20.04. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.88 and a quick ratio of 0.88.

KeyCorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th will be issued a dividend of $0.205 per share. The ex-dividend date of this dividend is Tuesday, March 4th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.74%. KeyCorp’s payout ratio is currently -273.32%.

Insider Buying and Selling

In other news, insider Angela G. Mago sold 15,011 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $19.59, for a total value of $294,065.49. Following the completion of the sale, the insider now directly owns 234,582 shares in the company, valued at $4,595,461.38. This represents a 6.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Carlton L. Highsmith sold 9,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $17.14, for a total value of $154,260.00. Following the transaction, the director now owns 37,864 shares in the company, valued at approximately $648,988.96. This represents a 19.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.61% of the stock is owned by company insiders.

Institutional Trading of KeyCorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in KEY. Wolff Wiese Magana LLC grew its stake in shares of KeyCorp by 285.5% in the third quarter. Wolff Wiese Magana LLC now owns 1,542 shares of the financial services provider’s stock valued at $26,000 after buying an additional 1,142 shares in the last quarter. American Capital Advisory LLC acquired a new position in KeyCorp in the 3rd quarter valued at about $28,000. Larson Financial Group LLC grew its position in KeyCorp by 90.8% in the 3rd quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 918 shares in the last quarter. Catalyst Capital Advisors LLC purchased a new stake in KeyCorp during the third quarter worth about $35,000. Finally, Capital Performance Advisors LLP acquired a new stake in shares of KeyCorp during the third quarter worth about $38,000. Hedge funds and other institutional investors 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.