Morgan Stanley reiterated their overweight rating on shares of KeyCorp (NYSE:KEY) in a report published on Friday, July 7th. The firm currently has a $22.00 price target on the financial services provider’s stock, up from their prior price target of $21.00.

KEY has been the topic of a number of other reports. Keefe, Bruyette & Woods set a $20.00 target price on KeyCorp and gave the company a hold rating in a research report on Saturday, June 24th. BidaskClub upgraded KeyCorp from a hold rating to a buy rating in a report on Saturday, June 10th. Piper Jaffray Companies upgraded KeyCorp from a neutral rating to an overweight rating and boosted their price target for the company from $19.00 to $21.00 in a report on Monday, April 24th. Zacks Investment Research downgraded KeyCorp from a buy rating to a hold rating in a report on Tuesday, April 25th. Finally, Instinet reiterated a buy rating and issued a $23.00 price target (up from $22.00) on shares of KeyCorp in a report on Sunday, April 23rd. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have issued a buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $19.78.

KeyCorp (NYSE:KEY) opened at 18.40 on Friday. KeyCorp has a 52 week low of $11.89 and a 52 week high of $19.53. The stock has a market capitalization of $20.11 billion, a price-to-earnings ratio of 18.27 and a beta of 1.11. The firm has a 50-day moving average of $18.63 and a 200 day moving average of $18.26.

KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, July 20th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.34. KeyCorp had a return on equity of 9.88% and a net margin of 16.62%. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period in the prior year, the company posted $0.27 EPS. KeyCorp’s quarterly revenue was up 52.1% on a year-over-year basis. On average, analysts anticipate that KeyCorp will post $1.36 EPS for the current year.

ILLEGAL ACTIVITY WARNING: “KeyCorp (KEY) Stock Rating Reaffirmed by Morgan Stanley” was originally posted by The Cerbat Gem and is owned by of The Cerbat Gem. If you are accessing this story on another domain, it was stolen and republished in violation of international copyright and trademark legislation. The legal version of this story can be viewed at https://www.thecerbatgem.com/2017/08/07/keycorps-key-overweight-rating-reiterated-at-morgan-stanley-updated-updated-updated.html.

KeyCorp declared that its board has initiated a stock buyback program on Wednesday, June 28th that allows the company to repurchase $800.00 million in shares. This repurchase authorization allows the financial services provider to buy up to 4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Tuesday, August 29th will be paid a $0.095 dividend. The ex-dividend date of this dividend is Friday, August 25th. This represents a $0.38 annualized dividend and a dividend yield of 2.07%. KeyCorp’s payout ratio is 38.78%.

In other KeyCorp news, Director Ruth Ann M. Gillis purchased 3,000 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The stock was bought at an average price of $18.00 per share, with a total value of $54,000.00. Following the completion of the purchase, the director now owns 10,551 shares in the company, valued at approximately $189,918. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Alexander M. Cutler purchased 5,000 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The stock was acquired at an average cost of $18.55 per share, with a total value of $92,750.00. Following the purchase, the director now owns 55,000 shares of the company’s stock, valued at approximately $1,020,250. The disclosure for this purchase can be found here. In the last three months, insiders bought 14,000 shares of company stock valued at $254,720. Company insiders own 0.65% of the company’s stock.

Several hedge funds have recently made changes to their positions in KEY. Vanguard Group Inc. raised its stake in shares of KeyCorp by 3.4% in the first quarter. Vanguard Group Inc. now owns 107,188,420 shares of the financial services provider’s stock valued at $1,905,811,000 after buying an additional 3,502,973 shares during the period. BlackRock Inc. raised its stake in shares of KeyCorp by 3,258.1% in the first quarter. BlackRock Inc. now owns 84,413,892 shares of the financial services provider’s stock valued at $1,500,878,000 after buying an additional 81,900,174 shares during the period. JPMorgan Chase & Co. raised its stake in shares of KeyCorp by 5.9% in the first quarter. JPMorgan Chase & Co. now owns 42,783,161 shares of the financial services provider’s stock valued at $760,682,000 after buying an additional 2,386,757 shares during the period. Barrow Hanley Mewhinney & Strauss LLC raised its stake in shares of KeyCorp by 3.9% in the first quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 17,011,141 shares of the financial services provider’s stock valued at $302,458,000 after buying an additional 636,778 shares during the period. Finally, Bessemer Group Inc. raised its stake in shares of KeyCorp by 0.7% in the second quarter. Bessemer Group Inc. now owns 12,000,915 shares of the financial services provider’s stock valued at $224,897,000 after buying an additional 87,019 shares during the period. Institutional investors and hedge funds own 81.23% of the company’s stock.

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.

Analyst Recommendations for KeyCorp (NYSE:KEY)

Receive News & Stock Ratings for KeyCorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for KeyCorp and related stocks with our FREE daily email newsletter.