Brokers Set Expectations for KeyCorp’s Q1 2018 Earnings (KEY)
KeyCorp (NYSE:KEY) – Research analysts at DA Davidson issued their Q1 2018 earnings per share (EPS) estimates for KeyCorp in a report released on Thursday. DA Davidson analyst K. Reevey forecasts that the financial services provider will earn $0.39 per share for the quarter. DA Davidson has a “Buy” rating and a $21.00 price target on the stock. DA Davidson also issued estimates for KeyCorp’s Q2 2018 earnings at $0.39 EPS, Q3 2018 earnings at $0.40 EPS, Q4 2018 earnings at $0.41 EPS and FY2019 earnings at $1.74 EPS.
KEY has been the subject of several other research reports. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $21.00 target price on shares of KeyCorp in a research note on Thursday. Morgan Stanley reaffirmed an “overweight” rating and set a $22.00 target price (up previously from $21.00) on shares of KeyCorp in a research note on Friday, July 7th. Citigroup Inc. raised their target price on KeyCorp from $19.00 to $20.00 and gave the company a “neutral” rating in a research note on Monday, October 9th. Jefferies Group LLC reaffirmed a “buy” rating and set a $21.00 target price on shares of KeyCorp in a research note on Friday, July 14th. Finally, Zacks Investment Research raised KeyCorp from a “hold” rating to a “buy” rating and set a $22.00 target price for the company in a research note on Tuesday, July 11th. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $20.31.
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Shares of KeyCorp (NYSE:KEY) opened at 18.49 on Monday. The firm’s 50 day moving average is $18.11 and its 200 day moving average is $18.14. The stock has a market capitalization of $20.11 billion, a price-to-earnings ratio of 18.36 and a beta of 1.13. KeyCorp has a 12 month low of $12.84 and a 12 month high of $19.53.
KeyCorp (NYSE:KEY) last issued its earnings results on Thursday, October 19th. The financial services provider reported $0.35 EPS for the quarter, hitting the consensus estimate of $0.35. The company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.56 billion. KeyCorp had a net margin of 23.57% and a return on equity of 9.84%. The business’s revenue was up 13.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.30 EPS.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of KeyCorp by 3.9% during the 2nd quarter. Vanguard Group Inc. now owns 111,418,810 shares of the financial services provider’s stock worth $2,087,987,000 after purchasing an additional 4,230,390 shares in the last quarter. BlackRock Inc. raised its stake in shares of KeyCorp by 2.7% during the 2nd quarter. BlackRock Inc. now owns 86,694,342 shares of the financial services provider’s stock worth $1,624,654,000 after purchasing an additional 2,280,450 shares in the last quarter. Northern Trust Corp raised its stake in shares of KeyCorp by 1.9% during the 2nd quarter. Northern Trust Corp now owns 12,429,250 shares of the financial services provider’s stock worth $232,925,000 after purchasing an additional 231,558 shares in the last quarter. Bessemer Group Inc. raised its stake in shares of KeyCorp by 0.7% during the 2nd quarter. Bessemer Group Inc. now owns 12,000,915 shares of the financial services provider’s stock worth $224,897,000 after purchasing an additional 87,019 shares in the last quarter. Finally, Janus Henderson Group PLC raised its stake in shares of 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 worth $170,679,000 after purchasing an additional 8,962,913 shares in the last quarter. 80.72% of the stock is owned by institutional investors.
In other KeyCorp news, Director Alexander M. Cutler acquired 5,000 shares of KeyCorp stock in a transaction that occurred on Tuesday, July 25th. The stock was purchased at an average cost of $18.55 per share, with a total value of $92,750.00. Following the purchase, the director now owns 55,000 shares in the company, valued at $1,020,250. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ruth Ann M. Gillis acquired 2,000 shares of KeyCorp stock in a transaction that occurred on Monday, August 14th. The stock was acquired at an average cost of $17.91 per share, with a total value of $35,820.00. Following the completion of the purchase, 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 three months, insiders purchased 16,000 shares of company stock valued at $290,540 and sold 259,409 shares valued at $4,794,449. 0.65% of the stock is currently owned by corporate insiders.
KeyCorp announced that its board has authorized a share buyback program on Wednesday, June 28th that permits the company to buyback $800.00 million in shares. This buyback authorization permits the financial services provider to repurchase up to 4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
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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