KeyCorp (KEY) Raised to Outperform at Sanford C. Bernstein
KeyCorp (NYSE:KEY) was upgraded by stock analysts at Sanford C. Bernstein from a “market perform” rating to an “outperform” rating in a note issued to investors on Thursday, The Fly reports.
Several other brokerages have also recently weighed in on KEY. Morgan Stanley reaffirmed an “overweight” rating and set a $22.00 price target (up from $21.00) on shares of KeyCorp in a research note on Friday, July 7th. UBS AG raised shares of KeyCorp from a “neutral” rating to a “buy” rating and raised their price target for the stock from $19.00 to $22.00 in a research note on Monday, July 10th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of KeyCorp in a research note on Saturday, July 22nd. Zacks Investment Research cut shares of KeyCorp from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and set a $21.00 price target on shares of KeyCorp in a research note on Friday, July 28th. Three equities 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 company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $19.98.
Shares of KeyCorp (NYSE KEY) opened at 17.86 on Thursday. The firm has a 50-day moving average of $17.66 and a 200-day moving average of $18.10. KeyCorp has a 1-year low of $11.89 and a 1-year high of $19.53. The firm has a market capitalization of $19.42 billion, a PE ratio of 17.74 and a beta of 1.12.
KeyCorp (NYSE:KEY) last posted its earnings results on Thursday, July 20th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates 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 analysts’ expectations of $1.53 billion. During the same period in the prior year, the business earned $0.27 EPS. KeyCorp’s revenue for the quarter was up 52.1% compared to the same quarter last year. On average, equities research analysts anticipate that KeyCorp will post $1.36 EPS for the current fiscal year.
KeyCorp announced that its Board of Directors has authorized a share buyback program on Wednesday, June 28th that allows the company to repurchase $800.00 million in outstanding 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 generally an indication that the company’s board believes its shares are undervalued.
In other news, General Counsel Paul N. Harris sold 205,024 shares of KeyCorp stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $18.56, for a total value of $3,805,245.44. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Ruth Ann M. Gillis acquired 2,000 shares of the business’s stock in a transaction dated Monday, August 14th. The stock was acquired at an average price of $17.91 per share, for a total transaction of $35,820.00. Following the completion of the transaction, the director now owns 10,551 shares in the company, valued at approximately $188,968.41. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 16,000 shares of company stock worth $290,540 and sold 259,409 shares worth $4,794,449. 0.65% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the company. Caisse DE Depot ET Placement DU Quebec grew its position in shares of KeyCorp by 447.1% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,182,062 shares of the financial services provider’s stock worth $21,040,000 after buying an additional 966,000 shares during the last quarter. Trust Co. of Toledo NA OH grew its position in shares of KeyCorp by 0.4% in the 2nd 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. Flippin Bruce & Porter Inc. grew its position in shares of KeyCorp by 3.9% in the 2nd quarter. Flippin Bruce & Porter Inc. now owns 451,881 shares of the financial services provider’s stock worth $8,468,000 after buying an additional 17,103 shares during the last quarter. Greenwood Capital Associates LLC grew its position in shares of KeyCorp by 1.3% in the 2nd quarter. Greenwood Capital Associates LLC now owns 41,874 shares of the financial services provider’s stock worth $785,000 after buying an additional 534 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its position in shares of KeyCorp by 62.1% in the 2nd quarter. State of Alaska Department of Revenue now owns 68,512 shares of the financial services provider’s stock worth $1,283,000 after buying an additional 26,248 shares during the last quarter. Hedge funds and other institutional investors 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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