Raymond James Initiates Coverage of KeyCorp (KEY) with Market Perform Recommendation

Fintel reports that on January 8, 2024, Raymond James initiated coverage of KeyCorp (NYSE:KEY) with a Market Perform recommendation.

Analyst Price Forecast Suggests 8.34% Downside

As of December 16, 2023, the average one-year price target for KeyCorp is 13.42. The forecasts range from a low of 10.10 to a high of $16.80. The average price target represents a decrease of 8.34% from its latest reported closing price of 14.64.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for KeyCorp is 8,185MM, an increase of 34.38%. The projected annual non-GAAP EPS is 2.50.

KeyCorp Declares $0.20 Dividend

On November 16, 2023 the company declared a regular quarterly dividend of $0.20 per share ($0.82 annualized). Shareholders of record as of November 28, 2023 received the payment on December 15, 2023. Previously, the company paid $0.20 per share.

At the current share price of $14.64 / share, the stock's dividend yield is 5.60%.

Looking back five years and taking a sample every week, the average dividend yield has been 4.83%, the lowest has been 2.95%, and the highest has been 8.77%. The standard deviation of yields is 1.51 (n=234).

The current dividend yield is 0.51 standard deviations above the historical average.

Additionally, the company's dividend payout ratio is 0.59. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company's 3-Year dividend growth rate is 0.11%, demonstrating that it has increased its dividend over time.

What is the Fund Sentiment?

There are 1336 funds or institutions reporting positions in KeyCorp. This is a decrease of 47 owner(s) or 3.40% in the last quarter. Average portfolio weight of all funds dedicated to KEY is 0.14%, an increase of 16.09%. Total shares owned by institutions increased in the last three months by 1.39% to 821,367K shares. KEY / KeyCorp Put/Call Ratios The put/call ratio of KEY is 0.46, indicating a bullish outlook.

What are Other Shareholders Doing?

KEY / KeyCorp Shares Held by Institutions

Fuller & Thaler Asset Management holds 32,343K shares representing 3.45% ownership of the company. In it's prior filing, the firm reported owning 31,349K shares, representing an increase of 3.07%. The firm increased its portfolio allocation in KEY by 21.62% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 29,070K shares representing 3.10% ownership of the company. In it's prior filing, the firm reported owning 29,035K shares, representing an increase of 0.12%. The firm increased its portfolio allocation in KEY by 21.01% over the last quarter.

Ontario Teachers Pension Plan Board holds 25,537K shares representing 2.73% ownership of the company. In it's prior filing, the firm reported owning 0K shares, representing an increase of 100.00%.

UBVLX - Undiscovered Managers Behavioral Value Fund Class L holds 25,445K shares representing 2.72% ownership of the company. In it's prior filing, the firm reported owning 24,913K shares, representing an increase of 2.09%. The firm increased its portfolio allocation in KEY by 21.77% over the last quarter.

Charles Schwab Investment Management holds 23,127K shares representing 2.47% ownership of the company. In it's prior filing, the firm reported owning 19,910K shares, representing an increase of 13.91%. The firm increased its portfolio allocation in KEY by 35.65% over the last quarter.

Keycorp Background Information
(This description is provided by the company.)

KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $170.3 billion at December 31, 2020. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of more than 1,000 branches and approximately 1,400 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name.

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This story originally appeared on Fintel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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