Stock analysts at Wells Fargo & Company started coverage on shares of KeyCorp (NYSE:KEY) in a research note issued to investors on Wednesday, The Fly reports. The firm set a “market perform” rating on the financial services provider’s stock.
A number of other equities research analysts have also weighed in on KEY. Keefe, Bruyette & Woods set a $20.00 price target on KeyCorp and gave the stock a “hold” rating in a research note on Saturday, June 24th. BidaskClub lowered KeyCorp from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. BMO Capital Markets restated a “buy” rating and set a $22.00 price target on shares of KeyCorp in a research note on Thursday, July 27th. Jefferies Group LLC restated a “buy” rating and set a $21.00 price target on shares of KeyCorp in a research note on Friday, July 14th. Finally, Royal Bank Of Canada restated a “buy” rating and set a $21.00 price target on shares of KeyCorp in a research note on Friday, July 28th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $19.78.
KeyCorp (NYSE KEY) traded down 1.25% during trading on Wednesday, reaching $18.12. 8,134,535 shares of the company’s stock traded hands. The company has a 50 day moving average of $18.58 and a 200 day moving average of $18.26. The firm has a market cap of $19.80 billion, a price-to-earnings ratio of 17.99 and a beta of 1.11. KeyCorp has a one year low of $11.89 and a one year high of $19.53.
KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.34 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.34. KeyCorp had a return on equity of 9.88% and a net margin of 16.62%. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the previous year, the firm earned $0.27 earnings per share. The company’s revenue was up 52.1% on a year-over-year basis. Equities research analysts predict that KeyCorp will post $1.36 EPS for the current year.
KeyCorp declared that its Board of Directors has authorized a stock buyback program on Wednesday, June 28th that allows the company to buyback $800.00 million in shares. This buyback authorization allows the financial services provider to repurchase up to 4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.
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In other KeyCorp news, Director David K. Wilson bought 3,500 shares of KeyCorp stock in a transaction dated Friday, July 28th. The stock was acquired at an average cost of $17.87 per share, with a total value of $62,545.00. Following the purchase, the director now directly owns 15,000 shares in the company, valued at approximately $268,050. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Bruce D. Broussard bought 2,500 shares of KeyCorp stock in a transaction dated Wednesday, July 26th. The shares were acquired at an average cost of $18.17 per share, with a total value of $45,425.00. Following the completion of the purchase, the director now owns 12,500 shares in the company, valued at $227,125. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 14,000 shares of company stock valued at $254,720 and have sold 254,409 shares valued at $4,702,049. Corporate insiders own 0.65% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in KEY. Focused Wealth Management Inc increased its position in shares of KeyCorp by 613.0% in the first quarter. Focused Wealth Management Inc now owns 5,961 shares of the financial services provider’s stock valued at $106,000 after buying an additional 5,125 shares during the last quarter. Thompson Davis & CO. Inc. increased its position in shares of KeyCorp by 20.2% in the first quarter. Thompson Davis & CO. Inc. now owns 6,699 shares of the financial services provider’s stock valued at $119,000 after buying an additional 1,125 shares during the last quarter. Cypress Capital Management LLC WY increased its position in shares of 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 valued at $132,000 after buying an additional 4,500 shares during the last quarter. CI Investments Inc. acquired a new position in shares of KeyCorp during the first quarter valued at $160,000. Finally, Equity Investment Corp Acquisition Inc acquired a new position in shares of KeyCorp during the first quarter valued at $179,000. 81.27% of the stock is owned by institutional investors and hedge funds.
About KeyCorp
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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