KeyCorp (NYSE:KEY) Given New $22.00 Price Target at Morgan Stanley

KeyCorp (NYSE:KEY) had its target price cut by Morgan Stanley from $23.00 to $22.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Several other equities analysts also recently weighed in on the company. Truist Financial started coverage on KeyCorp in a research report on Tuesday, January 7th. They set a “hold” rating and a $19.00 target price on the stock. Piper Sandler boosted their price objective on shares of KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Baird R W lowered shares of KeyCorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 14th. Evercore ISI upped their price target on shares of KeyCorp from $18.50 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. Finally, Royal Bank of Canada raised their price objective on shares of KeyCorp from $17.00 to $18.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Nine analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.58.

KeyCorp Trading Down 1.8 %

KEY opened at $17.32 on Wednesday. The stock has a 50-day moving average of $18.13 and a 200 day moving average of $17.06. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.09. KeyCorp has a 12 month low of $13.10 and a 12 month high of $20.04.

KeyCorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Tuesday, March 4th will be given a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a yield of 4.74%. The ex-dividend date of this dividend is Tuesday, March 4th. KeyCorp’s dividend payout ratio (DPR) is -273.32%.

Insider Activity

In related news, Director Carlton L. Highsmith sold 9,000 shares of the business’s stock in a transaction that occurred 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 owns 37,864 shares of the company’s stock, valued at $648,988.96. The trade was a 19.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Angela G. Mago sold 15,011 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $19.59, for a total value of $294,065.49. Following the sale, the insider now directly owns 234,582 shares in the company, valued at $4,595,461.38. This trade represents a 6.01 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.61% of the company’s stock.

Institutional Trading of KeyCorp

Several hedge funds have recently modified their holdings of KEY. Pacer Advisors Inc. lifted its position in KeyCorp by 4.6% during the second quarter. Pacer Advisors Inc. now owns 67,218 shares of the financial services provider’s stock valued at $955,000 after acquiring an additional 2,985 shares during the last quarter. Ensign Peak Advisors Inc increased its position in shares of KeyCorp by 4.8% during the second quarter. Ensign Peak Advisors Inc now owns 366,336 shares of the financial services provider’s stock worth $5,206,000 after purchasing an additional 16,650 shares in the last quarter. ProShare Advisors LLC lifted its holdings in shares of KeyCorp by 5.5% during the 2nd quarter. ProShare Advisors LLC now owns 191,470 shares of the financial services provider’s stock valued at $2,721,000 after purchasing an additional 10,052 shares during the last quarter. Public Sector Pension Investment Board boosted its position in shares of KeyCorp by 8.5% in the 2nd quarter. Public Sector Pension Investment Board now owns 159,883 shares of the financial services provider’s stock worth $2,272,000 after purchasing an additional 12,575 shares in the last quarter. Finally, Marshall Wace LLP grew its stake in KeyCorp by 4,518.6% during the 2nd quarter. Marshall Wace LLP now owns 845,211 shares of the financial services provider’s stock worth $12,010,000 after buying an additional 826,911 shares during the last quarter. 79.69% of the stock is owned by hedge funds and other institutional investors.

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.