Cleveland, Ohio-based KeyCorp (KEY) is a prominent regional bank holding company and the parent of KeyBank, providing a full suite of retail, commercial, and investment banking services. With a market cap of $21.2 billion, KeyCorp operates as one of the largest regional banking companies in the U.S.
Companies worth $10 billion or more are generally described as "large-cap stocks." KeyCorp fits right into that category.
However, the stock has fallen 16.9% from its 52-week high of $23.34 met on Feb. 9. Moreover, KEY stock has gained 7.5% over the past three months, outpacing the State Street Financial Select Sector SPDR ETF’s (XLF) 10.5% drop during the same stretch.
KEY stock prices have surged 1.7% over the past six months and 20.6% over the past 52 weeks, outpacing the XLF’s 9.5% drop and 1.1% decline over the same time frames, respectively.
KeyCorp’s stock has traded mostly above its 200-day moving average since late June, but has slipped under the 50-day moving average by the end of last month.
On Feb. 27, shares of KeyCorp fell 5.6% following hotter-than-expected PPI inflation data, which reinforced concerns that interest rates may stay higher for longer. At the same time, rising fears around credit risk, particularly increasing problem loans and stress in private credit and leveraged loan markets, also weighed on investor sentiment.
Further, KeyCorp has notably outperformed its peer Truist Financial Corporation’s (TFC) 4% decline over the past six months and 6.9% gains over the past 52 weeks.
Among the 23 analysts covering the KEY stock, the consensus rating is a “Moderate Buy.” The mean price target of $23.79 implies an upswing potential of 22.6% from the current market prices.
On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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