Citigroup Has Lowered Expectations for KeyCorp (NYSE:KEY) Stock Price

KeyCorp (NYSE:KEY) had its price objective lowered by stock analysts at Citigroup from $20.00 to $19.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Citigroup’s price target would suggest a potential upside of 14.77% from the company’s previous close.

A number of other analysts have also weighed in on KEY. Royal Bank of Canada reissued an “outperform” rating and set a $18.00 price objective on shares of KeyCorp in a research note on Wednesday, January 22nd. Stephens reiterated an “overweight” rating and issued a $20.00 price objective on shares of KeyCorp in a report on Wednesday, January 22nd. Piper Sandler lifted their price objective on KeyCorp from $19.00 to $22.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Truist Financial decreased their target price on KeyCorp from $19.00 to $18.00 and set a “hold” rating for the company in a report on Friday. Finally, Barclays boosted their price objective on shares of KeyCorp from $19.00 to $21.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $19.53.

KeyCorp Trading Up 2.5 %

NYSE:KEY traded up $0.41 during trading hours on Monday, reaching $16.56. The company’s stock had a trading volume of 1,422,923 shares, compared to its average volume of 12,039,908. The firm has a 50-day simple moving average of $17.08 and a 200-day simple moving average of $17.41. KeyCorp has a 1 year low of $13.11 and a 1 year high of $20.04. The firm has a market capitalization of $18.30 billion, a price-to-earnings ratio of -55.18, a PEG ratio of 0.65 and a beta of 1.26. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.84 and a current ratio of 0.85.

KeyCorp declared that its board has approved a share buyback program on Thursday, March 13th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at KeyCorp

In related news, Director Of Nova Scotia Bank bought 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The stock was purchased at an average price of $17.85 per share, for a total transaction of $892,500.00. Following the completion of the transaction, the director now owns 162,983,726 shares in the company, valued at $2,909,259,509.10. The trade was a 0.03 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.61% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in KEY. TCTC Holdings LLC lifted its position in shares of KeyCorp by 38.6% in the fourth quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock worth $38,000 after buying an additional 611 shares in the last quarter. Signaturefd LLC raised its holdings in shares of KeyCorp by 16.0% during the 4th quarter. Signaturefd LLC now owns 4,453 shares of the financial services provider’s stock worth $76,000 after acquiring an additional 614 shares in the last quarter. Modera Wealth Management LLC boosted its position in shares of KeyCorp by 3.9% during the 4th quarter. Modera Wealth Management LLC now owns 16,521 shares of the financial services provider’s stock valued at $283,000 after acquiring an additional 627 shares during the last quarter. Integrated Wealth Concepts LLC grew its holdings in shares of KeyCorp by 2.6% in the fourth quarter. Integrated Wealth Concepts LLC now owns 24,679 shares of the financial services provider’s stock valued at $423,000 after purchasing an additional 631 shares in the last quarter. Finally, Ballentine Partners LLC increased its position in KeyCorp by 5.7% in the fourth quarter. Ballentine Partners LLC now owns 12,855 shares of the financial services provider’s stock worth $220,000 after purchasing an additional 692 shares during the last quarter. 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.