Jefferies Group LLC restated their buy rating on shares of KeyCorp (NYSE:KEY) in a report issued on Friday. They currently have a $21.00 price target on the financial services provider’s stock.
KEY has been the topic of several other research reports. Zacks Investment Research upgraded shares of KeyCorp from a hold rating to a buy rating and set a $21.00 target price on the stock in a report on Wednesday, June 21st. Deutsche Bank AG restated a hold rating on shares of KeyCorp in a report on Monday, July 3rd. Morgan Stanley restated an overweight rating and issued a $22.00 target price (up previously from $21.00) on shares of KeyCorp in a report on Friday, July 7th. DA Davidson started coverage on shares of KeyCorp in a report on Thursday, March 23rd. They issued a neutral rating and a $19.00 target price on the stock. Finally, CIBC restated a hold rating on shares of KeyCorp in a report on Monday, April 24th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and sixteen have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $19.44.
KeyCorp (NYSE KEY) traded down 0.99% during midday trading on Friday, hitting $18.95. 8,289,781 shares of the company were exchanged. The stock has a 50 day moving average of $18.14 and a 200-day moving average of $18.20. KeyCorp has a 1-year low of $11.35 and a 1-year high of $19.53. The stock has a market capitalization of $20.77 billion, a price-to-earnings ratio of 22.06 and a beta of 1.13.
KeyCorp (NYSE:KEY) last issued its earnings results on Thursday, April 20th. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.04. KeyCorp had a net margin of 14.69% and a return on equity of 9.30%. The company had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.47 billion. During the same quarter last year, the company posted $0.24 earnings per share. The firm’s quarterly revenue was up 44.4% on a year-over-year basis. Equities analysts expect that KeyCorp will post $1.34 earnings per share for the current year.
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KeyCorp declared that its board has approved a share repurchase program on Wednesday, June 28th that permits the company to buyback $800.00 million in shares. This buyback authorization permits the financial services provider to purchase up to 4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Tuesday, August 29th will be paid a dividend of $0.095 per share. The ex-dividend date of this dividend is Friday, August 25th. This represents a $0.38 dividend on an annualized basis and a dividend yield of 2.01%. KeyCorp’s dividend payout ratio is presently 44.71%.
Several institutional investors have recently added to or reduced their stakes in KEY. New England Research & Management Inc. boosted its position in KeyCorp by 106.1% in the first quarter. New England Research & Management Inc. now owns 23,790 shares of the financial services provider’s stock worth $423,000 after buying an additional 12,245 shares in the last quarter. Burns J W & Co. Inc. NY boosted its position in KeyCorp by 2.8% in the first quarter. Burns J W & Co. Inc. NY now owns 115,450 shares of the financial services provider’s stock worth $2,053,000 after buying an additional 3,145 shares in the last quarter. Chevy Chase Trust Holdings Inc. boosted its position in KeyCorp by 2.4% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 924,505 shares of the financial services provider’s stock worth $16,438,000 after buying an additional 21,454 shares in the last quarter. Macquarie Group Ltd. boosted its position in KeyCorp by 31.7% in the fourth quarter. Macquarie Group Ltd. now owns 869,496 shares of the financial services provider’s stock worth $15,885,000 after buying an additional 209,075 shares in the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund purchased a new position in KeyCorp during the fourth quarter worth approximately $639,000. 80.82% of the stock is owned by hedge funds and other institutional investors.
KeyCorp Company Profile
KeyCorp is a bank holding company. The Company is a bank-based financial services company. The Company operates through its subsidiary, KeyBank National Association (KeyBank), which is engaged in providing banking services. Through KeyBank and other subsidiaries, it provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, and investment banking products and services to individual, corporate and institutional clients.
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