Wells Fargo & Company Lowers KeyCorp (NYSE:KEY) Price Target to $20.00

KeyCorp (NYSE:KEY) had its price target decreased by analysts at Wells Fargo & Company from $22.00 to $20.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 25.75% from the stock’s previous close.

A number of other analysts have also recently commented on the company. Citigroup reduced their price target on KeyCorp from $20.00 to $19.00 and set a “buy” rating for the company in a research report on Monday. Piper Sandler raised their target price on shares of KeyCorp from $19.00 to $22.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. Morgan Stanley dropped their price target on shares of KeyCorp from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Thursday, March 13th. Stephens reaffirmed an “overweight” rating and issued a $20.00 target price on shares of KeyCorp in a report on Wednesday, January 22nd. Finally, Keefe, Bruyette & Woods decreased their price target on shares of KeyCorp from $22.00 to $21.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 22nd. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, KeyCorp currently has a consensus rating of “Moderate Buy” and an average target price of $19.42.

KeyCorp Stock Performance

KeyCorp stock traded down $0.27 during midday trading on Friday, reaching $15.91. 415,418 shares of the company traded hands, compared to its average volume of 12,080,949. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84. KeyCorp has a 12 month low of $13.11 and a 12 month high of $20.04. The firm has a market capitalization of $17.58 billion, a price-to-earnings ratio of -52.91, a price-to-earnings-growth ratio of 0.65 and a beta of 1.26. The business has a 50 day moving average of $16.98 and a two-hundred day moving average of $17.40.

KeyCorp declared that its Board of Directors has initiated a stock buyback plan on Thursday, March 13th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other KeyCorp news, Director Of Nova Scotia Bank purchased 50,000 shares of KeyCorp stock in a transaction dated Wednesday, February 5th. The shares were acquired at an average cost of $17.85 per share, with a total value 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 trade represents a 0.03 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.61% of the stock is owned by company insiders.

Institutional Investors Weigh In On KeyCorp

Institutional investors and hedge funds have recently modified their holdings of the company. Whittier Trust Co. lifted its stake in KeyCorp by 110.3% during the 4th quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 800 shares during the period. Ethos Financial Group LLC purchased a new position in shares of KeyCorp during the fourth quarter worth $27,000. Fourth Dimension Wealth LLC acquired a new position in KeyCorp during the fourth quarter valued at $28,000. Larson Financial Group LLC boosted its holdings in KeyCorp by 90.8% in the third quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 918 shares during the last quarter. Finally, SBI Securities Co. Ltd. acquired a new stake in KeyCorp during the 4th quarter worth about $34,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

KeyCorp Company Profile

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.