KeyCorp (KEY) Stock Rating Reaffirmed by BMO Capital Markets
BMO Capital Markets reissued their buy rating on shares of KeyCorp (NYSE:KEY) in a research note released on Thursday morning. They currently have a $22.00 target price on the financial services provider’s stock.
Several other analysts also recently commented on KEY. Keefe, Bruyette & Woods set a $20.00 price objective on shares of KeyCorp and gave the stock a hold rating in a research report on Saturday, June 24th. Piper Jaffray Companies reaffirmed a buy rating and set a $20.50 price objective on shares of KeyCorp in a research report on Friday, July 21st. Jefferies Group LLC reaffirmed a buy rating and set a $21.00 price objective on shares of KeyCorp in a research report on Friday, July 14th. BidaskClub raised shares of KeyCorp from a hold rating to a buy rating in a research report on Saturday, June 10th. Finally, DA Davidson raised shares of KeyCorp from a neutral rating to a buy rating and raised their price objective for the stock from $20.00 to $21.00 in a research report on Thursday, July 20th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and fifteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $19.78.
KeyCorp (KEY) opened at 17.91 on Thursday. KeyCorp has a 52 week low of $11.35 and a 52 week high of $19.53. The company has a market cap of $19.57 billion, a price-to-earnings ratio of 17.79 and a beta of 1.13. The firm has a 50-day moving average of $18.66 and a 200-day moving average of $18.27.
KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.34 EPS for the quarter, hitting the consensus estimate of $0.34. The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.53 billion. KeyCorp had a net margin of 16.62% and a return on equity of 9.88%. The company’s quarterly revenue was up 52.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.27 EPS. Equities analysts forecast that KeyCorp will post $1.36 earnings per share for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Tuesday, August 29th will be paid a dividend of $0.095 per share. This represents a $0.38 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date of this dividend is Friday, August 25th. KeyCorp’s payout ratio is 38.78%.
KeyCorp announced that its board has approved 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 purchase up to 4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
In other KeyCorp news, Director Alexander M. Cutler bought 5,000 shares of the stock in a transaction dated Tuesday, July 25th. The shares were bought 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 purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director David K. Wilson bought 3,500 shares of the stock in a transaction dated Friday, July 28th. The shares were acquired at an average price of $17.87 per share, for a total transaction of $62,545.00. Following the completion of the purchase, the director now directly owns 15,000 shares in the company, valued at $268,050. The disclosure for this purchase can be found here. Insiders have bought a total of 11,000 shares of company stock worth $200,720 over the last quarter. Company insiders own 0.65% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Trust Co. of Toledo NA OH boosted its stake in KeyCorp by 0.4% in the second quarter. Trust Co. of Toledo NA OH now owns 42,951 shares of the financial services provider’s stock worth $805,000 after buying an additional 178 shares during the last quarter. Cutter & CO Brokerage Inc. boosted its stake in KeyCorp by 2.2% in the first quarter. Cutter & CO Brokerage Inc. now owns 14,206 shares of the financial services provider’s stock worth $253,000 after buying an additional 300 shares during the last quarter. Huntington National Bank boosted its stake in KeyCorp by 0.3% in the first quarter. Huntington National Bank now owns 120,563 shares of the financial services provider’s stock worth $2,144,000 after buying an additional 323 shares during the last quarter. Denver Investment Advisors LLC boosted its stake in KeyCorp by 0.4% in the first quarter. Denver Investment Advisors LLC now owns 93,603 shares of the financial services provider’s stock worth $1,665,000 after buying an additional 357 shares during the last quarter. Finally, Bouchey Financial Group Ltd boosted its stake in KeyCorp by 1.8% in the second quarter. Bouchey Financial Group Ltd now owns 24,265 shares of the financial services provider’s stock worth $455,000 after buying an additional 422 shares during the last quarter. Institutional investors own 81.23% 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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