Brokerages Set KeyCorp (KEY) PT at $23.24
Shares of KeyCorp (NYSE:KEY) have earned a consensus rating of “Buy” from the twenty-one brokerages that are covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, four have given a hold recommendation and fifteen have given a buy recommendation to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $23.24.
KEY has been the subject of several analyst reports. Zacks Investment Research cut shares of KeyCorp from a “buy” rating to a “hold” rating in a research note on Monday, June 25th. Argus began coverage on shares of KeyCorp in a research report on Tuesday, June 26th. They set a “buy” rating and a $24.00 price objective for the company. Susquehanna Bancshares raised shares of KeyCorp from a “neutral” rating to a “positive” rating and increased their price objective for the stock from $24.00 to $25.00 in a research report on Tuesday, April 24th. Vining Sparks reaffirmed a “buy” rating and set a $25.00 price objective on shares of KeyCorp in a research report on Thursday, July 19th. Finally, UBS Group raised shares of KeyCorp from a “neutral” rating to a “positive” rating in a research report on Tuesday, April 24th.
In other news, insider Edward J. Burke sold 46,360 shares of the firm’s stock in a transaction on Friday, August 10th. The shares were sold at an average price of $21.32, for a total value of $988,395.20. Following the sale, the insider now directly owns 89,128 shares in the company, valued at approximately $1,900,208.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christopher M. Gorman sold 288,546 shares of the firm’s stock in a transaction on Wednesday, July 25th. The shares were sold at an average price of $20.80, for a total transaction of $6,001,756.80. The disclosure for this sale can be found here. 0.67% of the stock is owned by corporate insiders.
Shares of KeyCorp stock traded up $0.11 during mid-day trading on Wednesday, hitting $21.70. The stock had a trading volume of 211,182 shares, compared to its average volume of 9,583,069. KeyCorp has a 12-month low of $16.28 and a 12-month high of $22.40. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.89 and a quick ratio of 0.88. The stock has a market cap of $22.49 billion, a price-to-earnings ratio of 15.90, a price-to-earnings-growth ratio of 0.78 and a beta of 1.00.
KeyCorp (NYSE:KEY) last posted its quarterly earnings results on Thursday, July 19th. The financial services provider reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.02. KeyCorp had a net margin of 20.05% and a return on equity of 11.73%. The business had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.60 billion. During the same quarter in the prior year, the company posted $0.36 EPS. The business’s revenue for the quarter was up .4% on a year-over-year basis. equities analysts expect that KeyCorp will post 1.74 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 14th. Shareholders of record on Tuesday, August 28th will be issued a dividend of $0.17 per share. The ex-dividend date is Monday, August 27th. This is a positive change from KeyCorp’s previous quarterly dividend of $0.12. This represents a $0.68 dividend on an annualized basis and a yield of 3.13%. KeyCorp’s dividend payout ratio is 35.29%.
KeyCorp announced that its board has initiated a share buyback program on Thursday, June 28th that allows the company to buyback $1.23 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 5.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking services in the United States. The company's Key Community Bank segment offers various deposit and investment products, personal finance services, residential mortgages, home equity loans, credit cards, and installment loans, as well as personal property and casualty insurance, such as home, auto, renters, watercraft, and umbrella insurance for individuals.
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