KeyCorp (NYSE:KEY) Releases Earnings Results, Beats Expectations By $0.01 EPS

KeyCorp (NYSE:KEY) posted its quarterly earnings data on Thursday. The financial services provider reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.01, RTT News reports. KeyCorp had a positive return on equity of 8.73% and a negative net margin of 2.52%. During the same quarter last year, the firm posted $0.20 earnings per share.

KeyCorp Stock Up 2.9 %

KEY opened at $14.47 on Thursday. The business has a 50 day moving average price of $15.88 and a two-hundred day moving average price of $17.16. KeyCorp has a 52 week low of $12.73 and a 52 week high of $20.04. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.77. The company has a market cap of $15.86 billion, a PE ratio of -48.56, a P/E/G ratio of 0.65 and a beta of 1.06.

KeyCorp announced that its Board of Directors has approved a share repurchase plan on Thursday, March 13th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other KeyCorp news, Director Of Nova Scotia Bank bought 50,000 shares of the company’s stock in a transaction on Wednesday, February 5th. The stock was purchased at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the acquisition, the director now owns 162,983,726 shares of the company’s stock, valued at $2,909,259,509.10. The trade was a 0.03 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. 0.61% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in KeyCorp stock. Brighton Jones LLC bought a new stake in KeyCorp (NYSE:KEY) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 27,767 shares of the financial services provider’s stock, valued at approximately $476,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on KEY shares. Stephens restated an “overweight” rating and set a $20.00 price target on shares of KeyCorp in a research note on Wednesday, January 22nd. Keefe, Bruyette & Woods dropped their price target on shares of KeyCorp from $22.00 to $21.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 22nd. Baird R W raised KeyCorp from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. Morgan Stanley reissued an “equal weight” rating on shares of KeyCorp in a report on Thursday. Finally, Royal Bank of Canada reaffirmed an “outperform” rating on shares of KeyCorp in a research note on Thursday. Seven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, KeyCorp has a consensus rating of “Moderate Buy” and an average price target of $19.31.

KeyCorp Company Profile

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.