KeyCorp (KEY) Given Buy Rating at Royal Bank Of Canada
Royal Bank Of Canada reaffirmed their buy rating on shares of KeyCorp (NYSE:KEY) in a report issued on Friday. Royal Bank Of Canada currently has a $21.00 price target on the financial services provider’s stock.
KEY has been the subject of a number of other research reports. Zacks Investment Research upgraded KeyCorp from a hold rating to a buy rating and set a $21.00 price objective for the company in a research note on Wednesday, June 21st. Morgan Stanley reiterated an overweight rating and issued a $22.00 price objective (up previously from $21.00) on shares of KeyCorp in a research note on Friday, July 7th. Deutsche Bank AG reiterated a hold rating on shares of KeyCorp in a research note on Monday, July 3rd. CIBC reiterated a hold rating on shares of KeyCorp in a research note on Monday, April 24th. Finally, FBR & Co reiterated an outperform rating and issued a $22.00 price objective (up previously from $21.00) on shares of KeyCorp in a research note on Thursday, April 20th. Three 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 company presently has an average rating of Hold and a consensus price target of $19.78.
KeyCorp (NYSE KEY) opened at 18.04 on Friday. KeyCorp has a 52-week low of $11.35 and a 52-week high of $19.53. The firm’s 50-day moving average is $18.64 and its 200-day moving average is $18.27. The stock has a market capitalization of $19.71 billion, a price-to-earnings ratio of 17.91 and a beta of 1.13.
KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.34 earnings per share 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 during the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter in the previous year, the business earned $0.27 earnings per share. The firm’s revenue for the quarter was up 52.1% on a year-over-year basis. Analysts predict that KeyCorp will post $1.36 earnings per share for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Tuesday, August 29th will be given a $0.095 dividend. This represents a $0.38 annualized dividend and a yield of 2.11%. The ex-dividend date of this dividend is Friday, August 25th. KeyCorp’s payout ratio is 38.78%.
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 stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
In other KeyCorp news, Director Alexander M. Cutler acquired 5,000 shares of the business’s stock in a transaction on Tuesday, July 25th. The stock was purchased at an average price of $18.55 per share, for a total transaction of $92,750.00. Following the completion of the transaction, the director now owns 55,000 shares of the company’s stock, valued at approximately $1,020,250. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Craig A. Buffie sold 31,385 shares of the stock in a transaction on Friday, July 28th. The stock was sold at an average price of $18.01, for a total value of $565,243.85. The disclosure for this sale can be found here. Insiders acquired 11,000 shares of company stock valued at $200,720 in the last quarter. 0.65% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of KEY. BlackRock Inc. raised 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 valued at $1,500,878,000 after buying an additional 81,900,174 shares during the period. Janus Capital Management LLC raised its stake in KeyCorp by 2,048.7% in the first quarter. Janus Capital Management LLC now owns 6,317,037 shares of the financial services provider’s stock valued at $112,317,000 after buying an additional 6,023,049 shares during the period. Vanguard Group Inc. raised 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 valued at $1,905,811,000 after buying an additional 3,502,973 shares during the period. Renaissance Technologies LLC purchased a new stake in KeyCorp during the first quarter valued at $47,742,000. Finally, JPMorgan Chase & Co. raised 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 valued at $760,682,000 after buying an additional 2,386,757 shares during the period. 81.23% of the stock is currently owned by institutional investors.
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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