Research Analysts Issue Forecasts for KeyCorp’s Q3 2017 Earnings (KEY)
KeyCorp (NYSE:KEY) – Jefferies Group dropped their Q3 2017 EPS estimates for KeyCorp in a report released on Thursday. Jefferies Group analyst K. Usdin now anticipates that the financial services provider will post earnings per share of $0.35 for the quarter, down from their prior forecast of $0.36. Jefferies Group currently has a “Buy” rating and a $21.00 price target on the stock. Jefferies Group also issued estimates for KeyCorp’s Q4 2017 earnings at $0.36 EPS, FY2017 earnings at $1.39 EPS and FY2018 earnings at $1.50 EPS.
A number of other research analysts have also issued reports on KEY. Keefe, Bruyette & Woods set a $20.00 target price on shares of KeyCorp and gave the stock a “hold” rating in a research report on Saturday, June 24th. Piper Jaffray Companies restated a “buy” rating and set a $20.50 target price on shares of KeyCorp in a research report on Friday. BidaskClub upgraded shares of KeyCorp from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. DA Davidson upgraded shares of KeyCorp from a “neutral” rating to a “buy” rating and increased their target price for the stock from $20.00 to $21.00 in a research report on Thursday, July 20th. Finally, Instinet restated a “buy” rating and set a $23.00 target price on shares of KeyCorp in a research report on Wednesday, July 12th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and sixteen have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $19.51.
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Shares of KeyCorp (NYSE KEY) opened at 18.30 on Monday. The company’s 50-day moving average price is $18.61 and its 200-day moving average price is $18.28. The firm has a market capitalization of $20.00 billion, a P/E ratio of 18.17 and a beta of 1.13. KeyCorp has a 52-week low of $11.35 and a 52-week high of $19.53.
KeyCorp (NYSE:KEY) last released its earnings results on Thursday, July 20th. The financial services provider reported $0.34 earnings per share for the quarter, hitting analysts’ consensus estimates 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 the consensus estimate of $1.53 billion. During the same period last year, the business earned $0.27 earnings per share. The firm’s revenue for the quarter was up 52.1% compared to the same quarter last year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Tuesday, August 29th will be issued a $0.095 dividend. This represents a $0.38 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date is Friday, August 25th. KeyCorp’s payout ratio is 38.78%.
KeyCorp announced that its board has approved a share repurchase program on Wednesday, June 28th that authorizes the company to repurchase $800.00 million in shares. This repurchase authorization authorizes the financial services provider to purchase up to 4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.
A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in KeyCorp by 3.4% in the first quarter. Vanguard Group Inc. now owns 107,188,420 shares of the financial services provider’s stock worth $1,905,811,000 after buying an additional 3,502,973 shares during the last quarter. BlackRock Inc. boosted its stake in KeyCorp by 3,258.1% in the first quarter. BlackRock Inc. now owns 84,413,892 shares of the financial services provider’s stock worth $1,500,878,000 after buying an additional 81,900,174 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in KeyCorp by 5.9% in the first quarter. JPMorgan Chase & Co. now owns 42,783,161 shares of the financial services provider’s stock worth $760,682,000 after buying an additional 2,386,757 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in 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 worth $302,458,000 after buying an additional 636,778 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in KeyCorp by 5.5% in the first quarter. Geode Capital Management LLC now owns 10,693,438 shares of the financial services provider’s stock worth $189,862,000 after buying an additional 556,612 shares during the last quarter. Institutional investors and hedge funds own 80.96% 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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