KeyCorp (NYSE:KEY) insider Craig A. Buffie sold 31,385 shares of the company’s stock in a transaction on Friday, July 28th. The stock was sold at an average price of $18.01, for a total value of $565,243.85. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
Shares of KeyCorp (NYSE KEY) traded down 0.57% on Friday, reaching $17.52. 12,267,569 shares of the company’s stock were exchanged. KeyCorp has a 1-year low of $11.89 and a 1-year high of $19.53. The stock’s 50-day moving average price is $18.51 and its 200-day moving average price is $18.27. The company has a market capitalization of $19.05 billion, a P/E ratio of 17.40 and a beta of 1.11.
KeyCorp (NYSE:KEY) last released its earnings results on Thursday, July 20th. The financial services provider reported $0.34 EPS for the quarter, hitting analysts’ consensus estimates of $0.34. KeyCorp had a net margin of 16.62% and a return on equity of 9.88%. The business had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same period in the previous year, the firm earned $0.27 EPS. The business’s revenue for the quarter was up 52.1% on a year-over-year basis. Analysts anticipate that KeyCorp will post $1.36 EPS for the current fiscal year.
KeyCorp announced that its board has approved a share repurchase program on Wednesday, June 28th that allows the company to repurchase $800.00 million in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Tuesday, August 29th will be issued a $0.095 dividend. The ex-dividend date is Friday, August 25th. This represents a $0.38 dividend on an annualized basis and a dividend yield of 2.17%. KeyCorp’s payout ratio is currently 38.78%.
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Several hedge funds have recently added to or reduced their stakes in KEY. Quadrature Capital Ltd purchased a new stake in KeyCorp during the fourth quarter worth about $1,307,000. UBS Asset Management Americas Inc. raised its stake in KeyCorp by 4.2% in the fourth quarter. UBS Asset Management Americas Inc. now owns 3,763,192 shares of the financial services provider’s stock worth $68,752,000 after buying an additional 151,531 shares in the last quarter. Kentucky Retirement Systems purchased a new stake in KeyCorp during the fourth quarter worth about $1,433,000. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in KeyCorp during the fourth quarter worth about $639,000. Finally, Macquarie Group Ltd. raised its stake 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. Institutional investors and hedge funds own 81.27% of the company’s stock.
A number of analysts have recently weighed in on KEY shares. FBR & Co reaffirmed an “outperform” rating and set a $22.00 price objective (up previously from $21.00) on shares of KeyCorp in a research report on Thursday, April 20th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of KeyCorp in a report on Friday, April 21st. Nomura reissued a “buy” rating and issued a $23.00 target price on shares of KeyCorp in a report on Friday, April 21st. Instinet reissued a “buy” rating and issued a $23.00 target price (up previously from $22.00) on shares of KeyCorp in a report on Sunday, April 23rd. Finally, Keefe, Bruyette & Woods set a $20.00 target price on KeyCorp and gave the company a “hold” rating in a report on Saturday, April 22nd. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $19.74.
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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