KeyCorp’s (KEY) “Hold Neutral” Rating Reaffirmed at Wedbush

Posted by Defense World Staff on Apr 25th, 2023

Wedbush restated their hold neutral rating on shares of KeyCorp (NYSE:KEY – Get Rating) in a research note published on Friday, Benzinga reports. The firm currently has a $13.00 price target on the financial services provider’s stock. Wedbush also issued estimates for KeyCorp’s Q3 2023 earnings at $0.41 EPS, Q4 2023 earnings at $0.51 EPS, FY2023 earnings at $1.50 EPS, Q1 2024 earnings at $0.49 EPS, Q2 2024 earnings at $0.51 EPS, Q3 2024 earnings at $0.51 EPS, Q4 2024 earnings at $0.50 EPS and FY2024 earnings at $2.00 EPS.

Other analysts have also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft cut their price objective on shares of KeyCorp from $23.00 to $20.00 in a report on Friday, January 6th. StockNews.com initiated coverage on shares of KeyCorp in a research report on Thursday, March 16th. They issued a sell rating on the stock. JPMorgan Chase & Co. lowered their price objective on shares of KeyCorp from $16.00 to $12.00 in a research report on Thursday, April 6th. Royal Bank of Canada lowered their price objective on shares of KeyCorp from $19.00 to $16.00 and set an outperform rating on the stock in a research report on Friday. Finally, Morgan Stanley decreased their target price on shares of KeyCorp from $21.00 to $14.00 and set an equal weight rating on the stock in a research report on Wednesday, April 5th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $16.55.

KeyCorp Price Performance

Shares of NYSE KEY opened at $11.13 on Friday. The firm has a 50-day simple moving average of $14.53 and a 200-day simple moving average of $16.73. The stock has a market capitalization of $10.29 billion, a price-to-earnings ratio of 6.29, a price-to-earnings-growth ratio of 1.61 and a beta of 1.25. The company has a quick ratio of 0.84, a current ratio of 0.86 and a debt-to-equity ratio of 1.92. KeyCorp has a 52 week low of $9.60 and a 52 week high of $20.70.

KeyCorp (NYSE:KEY – Get Rating) last announced its earnings results on Thursday, April 20th. The financial services provider reported $0.44 earnings per share for the quarter, hitting the consensus estimate of $0.44. The company had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.80 billion. KeyCorp had a net margin of 19.09% and a return on equity of 15.63%. KeyCorp’s revenue was up 1.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.45 earnings per share. On average, equities analysts predict that KeyCorp will post 1.63 earnings per share for the current fiscal year.

Insider Activity at KeyCorp

In related news, Director Ruth Ann M. Gillis purchased 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 14th. The stock was acquired at an average price of $12.95 per share, for a total transaction of $25,900.00. Following the transaction, the director now directly owns 42,961 shares of the company’s stock, valued at approximately $556,344.95. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Amy G. Brady sold 45,000 shares of the firm’s stock in a transaction dated Friday, March 10th. The stock was sold at an average price of $15.58, for a total transaction of $701,100.00. Following the completion of the sale, the insider now directly owns 119,121 shares of the company’s stock, valued at approximately $1,855,905.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ruth Ann M. Gillis purchased 2,000 shares of the business’s stock in a transaction dated Tuesday, March 14th. The shares were purchased at an average cost of $12.95 per share, with a total value of $25,900.00. Following the completion of the purchase, the director now directly owns 42,961 shares in the company, valued at $556,344.95. The disclosure for this purchase can be found here. Company insiders own 0.54% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in KEY. Cetera Advisor Networks LLC increased its position in shares of KeyCorp by 37.9% during the first quarter. Cetera Advisor Networks LLC now owns 12,740 shares of the financial services provider’s stock valued at $285,000 after purchasing an additional 3,504 shares during the period. Sei Investments Co. raised its position in shares of KeyCorp by 12.9% during the first quarter. Sei Investments Co. now owns 1,183,502 shares of the financial services provider’s stock worth $26,543,000 after purchasing an additional 135,193 shares during the period. Aviva PLC raised its position in shares of KeyCorp by 177.0% during the first quarter. Aviva PLC now owns 525,009 shares of the financial services provider’s stock worth $11,750,000 after purchasing an additional 335,457 shares during the period. Canada Pension Plan Investment Board bought a new position in shares of KeyCorp during the first quarter worth about $38,000. Finally, Allianz Asset Management GmbH grew its holdings in shares of KeyCorp by 10.6% during the first quarter. Allianz Asset Management GmbH now owns 212,557 shares of the financial services provider’s stock worth $4,757,000 after buying an additional 20,384 shares in the last quarter. 82.11% of the stock is owned by institutional investors.

KeyCorp Company Profile

(Get Rating)

KeyCorp is a bank holding company, which engages in the provision of financial services. It provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, student loan refinancing, commercial mortgage servicing and special servicing, and investment banking products and services to individual, corporate, and institutional clients.