Keefe, Bruyette & Woods Reaffirms “Buy” Rating for KeyCorp (KEY)
KeyCorp (NYSE:KEY)‘s stock had its “buy” rating restated by investment analysts at Keefe, Bruyette & Woods in a research note issued on Thursday. They currently have a $21.00 price target on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 13.57% from the company’s current price.
A number of other analysts have also issued reports on KEY. Zacks Investment Research lowered KeyCorp from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. Wells Fargo & Company assumed coverage on KeyCorp in a research note on Wednesday, August 9th. They set a “market perform” rating and a $19.00 price objective on the stock. Sanford C. Bernstein reiterated an “outperform” rating and set a $22.00 price objective on shares of KeyCorp in a research note on Wednesday, September 27th. BidaskClub lowered KeyCorp from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Finally, Deutsche Bank AG restated a “hold” rating on shares of KeyCorp in a research report on Monday, July 3rd. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $20.31.
KeyCorp (NYSE KEY) traded up 1.32% during mid-day trading on Thursday, hitting $18.49. The stock had a trading volume of 12,365,385 shares. The company’s 50 day moving average is $18.11 and its 200-day moving average is $18.14. The stock has a market capitalization of $19.95 billion, a P/E ratio of 18.87 and a beta of 1.13. KeyCorp has a 52 week low of $12.84 and a 52 week high of $19.53.
KeyCorp (NYSE:KEY) last released its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.35. KeyCorp had a return on equity of 9.84% and a net margin of 23.57%. The company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.56 billion. During the same period in the previous year, the company posted $0.30 EPS. The firm’s revenue for the quarter was up 13.7% compared to the same quarter last year. On average, analysts expect that KeyCorp will post $1.35 EPS for the current fiscal year.
KeyCorp announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 28th that authorizes the company to buyback $800.00 million in shares. This buyback authorization authorizes the financial services provider to purchase up to 4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
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In related news, Director David K. Wilson bought 3,500 shares of the company’s stock in a transaction that occurred on Friday, July 28th. The stock was bought at an average cost of $17.87 per share, for a total transaction of $62,545.00. Following the acquisition, the director now directly owns 15,000 shares of the company’s stock, valued at approximately $268,050. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Bruce D. Broussard bought 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The shares were bought at an average price of $18.17 per share, with a total value of $45,425.00. Following the completion of the acquisition, the director now directly owns 12,500 shares in the company, valued at $227,125. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 16,000 shares of company stock valued at $290,540 and have sold 259,409 shares valued at $4,794,449. Corporate insiders own 0.65% of the company’s stock.
A number of hedge funds have recently modified their holdings of KEY. BlackRock Inc. boosted its holdings in KeyCorp by 3,258.1% during the 1st quarter. BlackRock Inc. now owns 84,413,892 shares of the financial services provider’s stock valued at $1,500,878,000 after acquiring an additional 81,900,174 shares during the period. Janus Henderson Group PLC boosted its holdings in KeyCorp by 6,189.4% during the 2nd quarter. Janus Henderson Group PLC now owns 9,107,724 shares of the financial services provider’s stock valued at $170,679,000 after acquiring an additional 8,962,913 shares during the period. Janus Capital Management LLC boosted its holdings in KeyCorp by 2,048.7% during the 1st quarter. Janus Capital Management LLC now owns 6,317,037 shares of the financial services provider’s stock valued at $112,317,000 after acquiring an additional 6,023,049 shares during the period. Vanguard Group Inc. boosted its holdings in KeyCorp by 3.9% during the 2nd quarter. Vanguard Group Inc. now owns 111,418,810 shares of the financial services provider’s stock valued at $2,087,987,000 after acquiring an additional 4,230,390 shares during the period. Finally, Samlyn Capital LLC purchased a new stake in KeyCorp during the 2nd quarter valued at about $57,111,000. Institutional investors own 80.72% 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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