Piper Jaffray Companies reiterated their buy rating on shares of KeyCorp (NYSE:KEY) in a research note issued to investors on Friday, July 21st. Piper Jaffray Companies currently has a $20.50 target price on the financial services provider’s stock.
Several other equities analysts have also recently commented on the stock. DA Davidson raised shares of KeyCorp from a neutral rating to a buy rating and increased their price target for the stock from $20.00 to $21.00 in a research report on Thursday, July 20th. BidaskClub cut shares of KeyCorp from a buy rating to a hold rating in a research report on Wednesday, July 19th. Jefferies Group LLC reaffirmed a buy rating and set a $21.00 price target on shares of KeyCorp in a research report on Friday, July 14th. Zacks Investment Research cut shares of KeyCorp from a buy rating to a hold rating in a research report on Wednesday, July 12th. Finally, Instinet reaffirmed a buy rating and set a $23.00 price target on shares of KeyCorp in a research report on Wednesday, July 12th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and fifteen have issued a buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $19.78.
Shares of KeyCorp (NYSE:KEY) opened at 18.11 on Friday. The firm has a market capitalization of $19.79 billion, a PE ratio of 17.98 and a beta of 1.12. The firm has a 50-day moving average price of $18.63 and a 200-day moving average price of $18.26. KeyCorp has a 1-year low of $11.45 and a 1-year high of $19.53.
KeyCorp (NYSE:KEY) last posted its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.34 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.34. The company had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.53 billion. KeyCorp had a net margin of 16.62% and a return on equity of 9.88%. The firm’s revenue for the quarter was up 52.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.27 EPS. On average, analysts forecast that KeyCorp will post $1.36 EPS for the current fiscal year.
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KeyCorp declared that its board has approved a share buyback plan on Wednesday, June 28th that authorizes the company to buyback $800.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The business also recently disclosed 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 is Friday, August 25th. This represents a $0.38 dividend on an annualized basis and a dividend yield of 2.10%. KeyCorp’s dividend payout ratio is presently 38.78%.
In related news, insider Craig A. Buffie sold 31,385 shares of the firm’s stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $18.01, for a total transaction of $565,243.85. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director David K. Wilson acquired 3,500 shares of the stock in a transaction that occurred on Friday, July 28th. The shares were bought at an average price of $17.87 per share, for a total transaction of $62,545.00. Following the purchase, the director now directly owns 15,000 shares of the company’s stock, valued at $268,050. The disclosure for this purchase can be found here. Insiders have purchased 11,000 shares of company stock worth $200,720 in the last quarter. Company insiders own 0.65% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of KEY. Focused Wealth Management Inc raised its position in KeyCorp by 613.0% in the first quarter. Focused Wealth Management Inc now owns 5,961 shares of the financial services provider’s stock worth $106,000 after buying an additional 5,125 shares in the last quarter. Thompson Davis & CO. Inc. raised its position in KeyCorp by 20.2% in the first quarter. Thompson Davis & CO. Inc. now owns 6,699 shares of the financial services provider’s stock worth $119,000 after buying an additional 1,125 shares in the last quarter. Cypress Capital Management LLC WY raised its position in KeyCorp by 177.9% in the second quarter. Cypress Capital Management LLC WY now owns 7,030 shares of the financial services provider’s stock worth $132,000 after buying an additional 4,500 shares in the last quarter. CI Investments Inc. acquired a new stake in shares of KeyCorp during the first quarter worth $160,000. Finally, Equity Investment Corp Acquisition Inc acquired a new stake in shares of KeyCorp during the first quarter worth $179,000. Institutional investors and hedge funds own 81.23% of the company’s stock.
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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