By otakuyassine3@gmail.com 
KeyCorp (NYSE:KEY – Get Free Report) was upgraded by investment analysts at Baird R W from a “hold” rating to a “strong-buy” rating in a report released on Monday, MarketBeat Ratings reports.
Several other brokerages also recently weighed in on KEY. Citigroup dropped their target price on shares of KeyCorp from $20.00 to $19.00 and set a “buy” rating for the company in a report on Monday, March 24th. JPMorgan Chase & Co. dropped their price objective on KeyCorp from $18.50 to $16.50 and set a “neutral” rating for the company in a research note on Thursday, April 3rd. Barclays lifted their target price on KeyCorp from $19.00 to $21.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. Morgan Stanley dropped their price target on KeyCorp from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Thursday, March 13th. Finally, DA Davidson cut their price objective on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a report on Wednesday, January 22nd. Seven investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $19.31.
Check Out Our Latest Analysis on KeyCorp
KeyCorp Price Performance
Shares of NYSE:KEY opened at $13.18 on Monday. The company has a market capitalization of $14.44 billion, a P/E ratio of -43.92, a P/E/G ratio of 0.65 and a beta of 1.06. KeyCorp has a 1-year low of $12.73 and a 1-year high of $20.04. The firm’s 50 day simple moving average is $16.41 and its two-hundred day simple moving average is $17.29. 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 declared that its board has approved a stock buyback program on Thursday, March 13th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
Insider Activity at KeyCorp
In other KeyCorp news, Director Of Nova Scotia Bank acquired 50,000 shares of the company’s stock in a transaction dated Wednesday, February 5th. The shares were purchased at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the completion of the purchase, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.61% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in KEY. Rhumbline Advisers grew its holdings in shares of KeyCorp by 10.8% during the first quarter. Rhumbline Advisers now owns 2,214,178 shares of the financial services provider’s stock valued at $35,405,000 after buying an additional 215,866 shares during the last quarter. Fifth Third Wealth Advisors LLC acquired a new stake in KeyCorp during the 1st quarter worth about $161,000. Parallel Advisors LLC grew its stake in KeyCorp by 50.4% during the 1st quarter. Parallel Advisors LLC now owns 7,501 shares of the financial services provider’s stock valued at $120,000 after purchasing an additional 2,514 shares during the last quarter. GAMMA Investing LLC grew its stake in KeyCorp by 1,652.8% during the 1st quarter. GAMMA Investing LLC now owns 533,091 shares of the financial services provider’s stock valued at $8,524,000 after purchasing an additional 502,678 shares during the last quarter. Finally, 111 Capital acquired a new position in shares of KeyCorp in the fourth quarter valued at about $238,000. 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.
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