KeyCorp (NYSE:KEY) Price Target Raised to $18.00 at DA Davidson

KeyCorp (NYSE:KEY) had its price objective boosted by DA Davidson from $16.00 to $18.00 in a research note released on Friday, Benzinga reports. DA Davidson currently has a buy rating on the financial services provider’s stock. DA Davidson also issued estimates for KeyCorp’s Q3 2024 earnings at $0.30 EPS.

Other equities analysts have also issued research reports about the company. Argus increased their price target on KeyCorp from $15.00 to $16.00 and gave the company a buy rating in a research report on Friday, April 19th. Jefferies Financial Group raised their price objective on KeyCorp from $17.00 to $18.00 and gave the stock a buy rating in a research report on Monday, April 8th. UBS Group lowered KeyCorp from a buy rating to a neutral rating and decreased their price objective for the stock from $16.00 to $15.00 in a research report on Monday, July 8th. Royal Bank of Canada raised their price objective on KeyCorp from $16.00 to $17.00 and gave the stock an outperform rating in a research report on Friday. Finally, Wells Fargo & Company raised their price objective on KeyCorp from $16.00 to $18.00 and gave the stock an overweight rating in a research report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $16.06.

KeyCorp Trading Up 0.2 %

NYSE:KEY opened at $15.59 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.85 and a debt-to-equity ratio of 1.37. KeyCorp has a 1-year low of $9.50 and a 1-year high of $16.47. The firm has a market capitalization of $14.70 billion, a price-to-earnings ratio of 19.73, a price-to-earnings-growth ratio of 0.81 and a beta of 1.26. The stock has a fifty day simple moving average of $14.39 and a 200 day simple moving average of $14.52.

KeyCorp (NYSE:KEY) last released its quarterly earnings results on Thursday, July 18th. The financial services provider reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.01. KeyCorp had a return on equity of 8.64% and a net margin of 7.35%. The business had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same quarter last year, the company posted $0.27 EPS. KeyCorp’s revenue for the quarter was down 4.3% on a year-over-year basis. Sell-side analysts forecast that KeyCorp will post 1.12 earnings per share for the current year.

KeyCorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Tuesday, August 27th will be issued a dividend of $0.205 per share. The ex-dividend date of this dividend is Tuesday, August 27th. This represents a $0.82 annualized dividend and a dividend yield of 5.26%. KeyCorp’s dividend payout ratio is 103.80%.

Institutional Investors Weigh In On KeyCorp

Several institutional investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its stake in shares of KeyCorp by 1.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 23,416,018 shares of the financial services provider’s stock valued at $337,191,000 after acquiring an additional 289,258 shares in the last quarter. Ontario Teachers Pension Plan Board raised its stake in shares of KeyCorp by 8.8% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 21,690,319 shares of the financial services provider’s stock valued at $342,924,000 after acquiring an additional 1,748,633 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of KeyCorp by 9.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 10,284,913 shares of the financial services provider’s stock valued at $148,116,000 after acquiring an additional 902,032 shares in the last quarter. Earnest Partners LLC raised its stake in shares of KeyCorp by 12.7% in the 1st quarter. Earnest Partners LLC now owns 10,090,594 shares of the financial services provider’s stock valued at $159,532,000 after acquiring an additional 1,137,374 shares in the last quarter. Finally, Norges Bank bought a new position in shares of KeyCorp in the 4th quarter valued at approximately $128,203,000. 79.69% of the stock is currently 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.