KeyCorp (KEY) Raised to Outperform at Sanford C. Bernstein
Sanford C. Bernstein upgraded shares of KeyCorp (NYSE:KEY) from a market perform rating to an outperform rating in a research report released on Thursday, MarketBeat.com reports. Sanford C. Bernstein currently has $22.00 price objective on the financial services provider’s stock, up from their previous price objective of $21.00.
A number of other equities analysts have also weighed in on KEY. Keefe, Bruyette & Woods set a $20.00 target price on KeyCorp and gave the stock a hold rating in a research report on Saturday, June 24th. Wells Fargo & Company assumed coverage on KeyCorp in a research report on Wednesday, August 9th. They issued a market perform rating and a $19.00 target price for the company. BidaskClub raised KeyCorp from a hold rating to a buy rating in a research report on Saturday, June 10th. Deutsche Bank AG reissued a hold rating on shares of KeyCorp in a research report on Monday, July 3rd. Finally, Zacks Investment Research raised KeyCorp from a hold rating to a buy rating and set a $21.00 target price for the company in a research report on Wednesday, June 21st. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and sixteen have assigned a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $20.13.
Shares of KeyCorp (NYSE:KEY) opened at 17.92 on Thursday. The company’s 50-day moving average is $17.63 and its 200-day moving average is $18.09. The stock has a market cap of $19.49 billion, a P/E ratio of 17.80 and a beta of 1.12. KeyCorp has a 12-month low of $11.89 and a 12-month high of $19.53.
KeyCorp (NYSE:KEY) last issued its earnings results on Thursday, July 20th. The financial services provider reported $0.34 earnings per share for the quarter, hitting the Zacks’ consensus estimate 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 during the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the previous year, the firm earned $0.27 EPS. KeyCorp’s revenue was up 52.1% on a year-over-year basis. On average, equities research analysts anticipate that KeyCorp will post $1.36 earnings per share for the current year.
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KeyCorp declared that its board has authorized 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 repurchase 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 stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Tuesday, August 29th were paid a $0.095 dividend. The ex-dividend date of this dividend was Friday, August 25th. This represents a $0.38 annualized dividend and a yield of 2.12%. KeyCorp’s payout ratio is 38.78%.
In other KeyCorp news, Director Alexander M. Cutler purchased 5,000 shares of the company’s stock in a transaction on Tuesday, July 25th. The stock was acquired at an average cost of $18.55 per share, for a total transaction of $92,750.00. Following the purchase, the director now directly owns 55,000 shares of the company’s stock, valued at approximately $1,020,250. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Ruth Ann M. Gillis purchased 2,000 shares of the company’s stock in a transaction on Monday, August 14th. The stock was acquired at an average price of $17.91 per share, with a total value of $35,820.00. Following the completion of the purchase, the director now directly owns 10,551 shares in the company, valued at $188,968.41. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 16,000 shares of company stock valued at $290,540 and sold 259,409 shares valued at $4,794,449. Corporate insiders own 0.65% of the company’s stock.
A number of hedge funds have recently bought and sold shares of KEY. BlackRock Inc. boosted its stake in KeyCorp by 3,258.1% in the 1st quarter. BlackRock Inc. now owns 84,413,892 shares of the financial services provider’s stock worth $1,500,878,000 after purchasing an additional 81,900,174 shares during the period. Janus Henderson Group PLC boosted its stake in KeyCorp by 6,189.4% in the 2nd quarter. Janus Henderson Group PLC now owns 9,107,724 shares of the financial services provider’s stock worth $170,679,000 after purchasing an additional 8,962,913 shares during the period. Janus Capital Management LLC boosted its stake in KeyCorp by 2,048.7% in the 1st quarter. Janus Capital Management LLC now owns 6,317,037 shares of the financial services provider’s stock worth $112,317,000 after purchasing an additional 6,023,049 shares during the period. Vanguard Group Inc. boosted its stake in KeyCorp by 3.9% in the 2nd quarter. Vanguard Group Inc. now owns 111,418,810 shares of the financial services provider’s stock worth $2,087,987,000 after purchasing an additional 4,230,390 shares during the period. Finally, Samlyn Capital LLC bought a new position in KeyCorp in the 2nd quarter worth approximately $57,111,000. Institutional investors and hedge funds own 80.79% 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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