KeyCorp (KEY) Stock Rating Reaffirmed by Morgan Stanley
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.
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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.
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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