Jefferies Group Analysts Lower Earnings Estimates for KeyCorp (KEY)
KeyCorp (NYSE:KEY) – Equities researchers at Jefferies Group cut their FY2017 EPS estimates for shares of KeyCorp in a report released on Thursday. Jefferies Group analyst K. Usdin now forecasts that the financial services provider will post earnings per share of $1.37 for the year, down from their previous estimate of $1.39. Jefferies Group has a “Buy” rating and a $21.00 price target on the stock. Jefferies Group also issued estimates for KeyCorp’s Q4 2017 earnings at $0.35 EPS, Q2 2018 earnings at $0.35 EPS, Q3 2018 earnings at $0.36 EPS, Q4 2018 earnings at $0.38 EPS, FY2018 earnings at $1.45 EPS and FY2019 earnings at $1.58 EPS.
A number of other equities analysts have also weighed in on the company. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of KeyCorp in a research note on Saturday, July 22nd. Royal Bank Of Canada reiterated a “buy” rating and set a $21.00 price objective on shares of KeyCorp in a research report on Friday, July 28th. Piper Jaffray Companies restated a “buy” rating and set a $20.50 target price on shares of KeyCorp in a report on Friday, July 21st. Zacks Investment Research upgraded KeyCorp from a “hold” rating to a “buy” rating and set a $22.00 target price for the company in a report on Tuesday, July 11th. Finally, Instinet restated a “buy” rating and set a $23.00 target price on shares of KeyCorp in a report on Wednesday, July 12th. Four 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. The company currently has a consensus rating of “Hold” and a consensus price target of $20.31.
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KeyCorp (KEY) opened at 18.49 on Monday. KeyCorp has a 12 month low of $12.84 and a 12 month high of $19.53. The company has a market cap of $20.11 billion, a PE ratio of 18.36 and a beta of 1.13. The company has a 50 day moving average price of $18.11 and a 200-day moving average price of $18.14.
KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Thursday, October 19th. The financial services provider reported $0.35 EPS for the quarter, hitting the Zacks’ consensus estimate 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 analysts’ expectations of $1.56 billion. During the same quarter last year, the business earned $0.30 earnings per share. KeyCorp’s revenue was up 13.7% on a year-over-year basis.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pier 88 Investment Partners LLC lifted its stake in KeyCorp by 180.0% in the 3rd quarter. Pier 88 Investment Partners LLC now owns 14,000 shares of the financial services provider’s stock worth $263,000 after purchasing an additional 9,000 shares in the last quarter. Rockefeller Financial Services Inc. increased its holdings in shares of KeyCorp by 100.0% during the 3rd quarter. Rockefeller Financial Services Inc. now owns 180,000 shares of the financial services provider’s stock worth $3,388,000 after buying an additional 90,000 shares during the last quarter. Meeder Asset Management Inc. increased its holdings in shares of KeyCorp by 78.0% during the 3rd quarter. Meeder Asset Management Inc. now owns 56,046 shares of the financial services provider’s stock worth $1,055,000 after buying an additional 24,554 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of KeyCorp during the 3rd quarter worth approximately $919,000. Finally, Mutual of America Capital Management LLC increased its holdings in shares of KeyCorp by 14.8% during the 3rd quarter. Mutual of America Capital Management LLC now owns 417,616 shares of the financial services provider’s stock worth $7,860,000 after buying an additional 53,764 shares during the last quarter. 80.72% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Ruth Ann M. Gillis purchased 2,000 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The shares were purchased at an average cost of $17.91 per share, with a total value of $35,820.00. Following the purchase, the director now owns 10,551 shares of the company’s stock, valued at approximately $188,968.41. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Alexander M. Cutler purchased 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 25th. The stock was bought at an average cost of $18.55 per share, for a total transaction of $92,750.00. Following the completion of the purchase, the director now directly owns 55,000 shares in the company, valued at approximately $1,020,250. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 16,000 shares of company stock worth $290,540 and have sold 259,409 shares worth $4,794,449. Corporate insiders own 0.65% of the company’s stock.
KeyCorp announced that its board has authorized a stock buyback plan on Wednesday, June 28th that authorizes the company to repurchase $800.00 million in shares. This repurchase authorization authorizes the financial services provider to buy up to 4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.
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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