KeyCorp (KEY) Upgraded by Keefe, Bruyette & Woods to Outperform
KeyCorp (NYSE:KEY) was upgraded by research analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Monday, July 10th, Marketbeat reports. The brokerage currently has a $21.00 price objective on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 14.63% from the stock’s current price.
A number of other brokerages have also weighed in on KEY. FBR & Co reaffirmed an “outperform” rating and issued a $22.00 target price (up from $21.00) on shares of KeyCorp in a research note on Thursday, April 20th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of KeyCorp in a research note on Friday, April 21st. Zacks Investment Research raised shares of KeyCorp from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a research note on Wednesday, June 21st. Nomura reaffirmed a “buy” rating and issued a $23.00 target price on shares of KeyCorp in a research note on Friday, April 21st. Finally, BMO Capital Markets upped their target price on shares of KeyCorp to $22.00 and gave the stock a “buy” rating in a research note on Friday, April 28th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $19.78.
KeyCorp (NYSE KEY) opened at 18.32 on Monday. KeyCorp has a one year low of $11.89 and a one year high of $19.53. The company has a 50-day moving average price of $18.63 and a 200-day moving average price of $18.26. The company has a market capitalization of $20.02 billion, a price-to-earnings ratio of 18.19 and a beta of 1.11.
KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.34. KeyCorp had a net margin of 25.03% and a return on equity of 11.19%. The company had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the previous year, the business earned $0.27 EPS. The firm’s revenue was up 52.1% on a year-over-year basis. Equities research analysts anticipate that KeyCorp will post $1.36 EPS for the current year.
KeyCorp declared that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that allows the company to buyback $800.00 million in outstanding shares. This buyback authorization allows the financial services provider to buy up to 4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
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In other news, Director Ruth Ann M. Gillis purchased 3,000 shares of KeyCorp stock in a transaction that occurred on Thursday, August 3rd. The shares were acquired at an average price of $18.00 per share, for a total transaction of $54,000.00. Following the transaction, the director now owns 10,551 shares of the company’s stock, valued at approximately $189,918. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David K. Wilson purchased 3,500 shares of KeyCorp stock in a transaction that occurred on Friday, July 28th. The shares were purchased at an average price of $17.87 per share, for a total transaction of $62,545.00. Following the transaction, the director now directly owns 15,000 shares in the company, valued at approximately $268,050. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 14,000 shares of company stock worth $254,720. Company insiders own 0.65% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Burns J W & Co. Inc. NY raised its stake in KeyCorp by 2.8% in the first quarter. Burns J W & Co. Inc. NY now owns 115,450 shares of the financial services provider’s stock valued at $2,053,000 after buying an additional 3,145 shares in the last quarter. Chevy Chase Trust Holdings Inc. raised its stake in KeyCorp by 2.4% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 924,505 shares of the financial services provider’s stock valued at $16,438,000 after buying an additional 21,454 shares in the last quarter. 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 valued at $15,885,000 after buying an additional 209,075 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in KeyCorp during the fourth quarter valued at about $639,000. Finally, Kentucky Retirement Systems purchased a new stake in KeyCorp during the fourth quarter valued at about $1,433,000. Institutional investors and hedge funds own 81.27% 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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