KeyCorp’s (KEY) “Outperform” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of KeyCorp (NYSE:KEY) in a research note released on Wednesday,Benzinga reports. Royal Bank of Canada currently has a $18.00 price target on the financial services provider’s stock.

A number of other equities research analysts have also issued reports on KEY. Barclays lifted their target price on KeyCorp from $19.00 to $21.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Evercore ISI raised their price target on KeyCorp from $18.50 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, October 2nd. Morgan Stanley decreased their price target on KeyCorp from $23.00 to $22.00 and set an “equal weight” rating for the company in a research note on Wednesday. The Goldman Sachs Group raised their price target on KeyCorp from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Finally, Piper Sandler raised their price target on KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. Nine analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $19.58.

KeyCorp Stock Performance

NYSE KEY opened at $17.69 on Wednesday. The company has a quick ratio of 0.88, a current ratio of 0.85 and a debt-to-equity ratio of 0.77. The stock’s 50-day moving average is $18.06 and its 200-day moving average is $17.07. KeyCorp has a one year low of $13.10 and a one year high of $20.04.

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Tuesday, March 4th will be issued a dividend of $0.205 per share. The ex-dividend date is Tuesday, March 4th. This represents a $0.82 annualized dividend and a yield of 4.64%. KeyCorp’s payout ratio is currently -273.32%.

Insider Buying and Selling

In other KeyCorp news, insider Angela G. Mago sold 15,011 shares of KeyCorp stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $19.59, for a total value of $294,065.49. Following the completion of the transaction, the insider now directly owns 234,582 shares of the company’s stock, valued at $4,595,461.38. The trade was a 6.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Carlton L. Highsmith sold 9,000 shares of KeyCorp stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $17.14, for a total value of $154,260.00. Following the completion of the transaction, the director now directly owns 37,864 shares of the company’s stock, valued at $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 currently owned by insiders.

Hedge Funds Weigh In On KeyCorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in KEY. Financial Advocates Investment Management grew its stake in KeyCorp by 2.3% during the 3rd quarter. Financial Advocates Investment Management now owns 26,872 shares of the financial services provider’s stock valued at $450,000 after acquiring an additional 602 shares in the last quarter. HM Payson & Co. grew its stake in KeyCorp by 27.0% during the 3rd quarter. HM Payson & Co. now owns 3,060 shares of the financial services provider’s stock valued at $51,000 after acquiring an additional 650 shares in the last quarter. Graypoint LLC grew its stake in KeyCorp by 4.7% during the 3rd quarter. Graypoint LLC now owns 14,954 shares of the financial services provider’s stock valued at $250,000 after acquiring an additional 675 shares in the last quarter. Vontobel Holding Ltd. grew its stake in KeyCorp by 2.1% during the 3rd quarter. Vontobel Holding Ltd. now owns 33,728 shares of the financial services provider’s stock valued at $565,000 after acquiring an additional 679 shares in the last quarter. Finally, Ballentine Partners LLC grew its stake in shares of KeyCorp by 5.7% in the 4th quarter. Ballentine Partners LLC now owns 12,855 shares of the financial services provider’s stock valued at $220,000 after buying an additional 692 shares during the period. 79.69% of the stock is owned by institutional investors and hedge funds.

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.