KeyCorp (KEY) Forecasted to Earn Q4 2017 Earnings of $0.36 Per Share
KeyCorp (NYSE:KEY) – Investment analysts at Wedbush dropped their Q4 2017 earnings estimates for shares of KeyCorp in a report released on Thursday. Wedbush analyst P. Winter now expects that the financial services provider will earn $0.36 per share for the quarter, down from their prior forecast of $0.37. Wedbush also issued estimates for KeyCorp’s FY2018 earnings at $1.48 EPS.
Other analysts have also issued reports about the stock. UBS AG upgraded 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 report on Monday, July 10th. Instinet reiterated a “buy” rating and set a $23.00 target price on shares of KeyCorp in a research report on Wednesday, July 12th. Zacks Investment Research upgraded shares of KeyCorp from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a research report on Tuesday, July 11th. Jefferies Group LLC reiterated a “buy” rating and set a $21.00 target price on shares of KeyCorp in a research report on Friday, July 14th. Finally, Piper Jaffray Companies reiterated a “buy” rating and set a $20.50 target price on shares of KeyCorp in a research report on Friday, July 21st. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and fifteen have given a buy rating to the company’s stock. KeyCorp 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 stock has a 50 day moving average of $18.11 and a 200-day moving average of $18.14. KeyCorp has a 52 week low of $12.84 and a 52 week high of $19.53. The firm has a market cap of $20.11 billion, a price-to-earnings ratio of 18.36 and a beta of 1.13.
KeyCorp (NYSE:KEY) last issued its earnings results 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. The business 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 company’s revenue for the quarter was up 13.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.30 EPS.
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in KeyCorp by 3.9% during the second quarter. Vanguard Group Inc. now owns 111,418,810 shares of the financial services provider’s stock valued at $2,087,987,000 after purchasing an additional 4,230,390 shares during the period. BlackRock Inc. grew its holdings in KeyCorp by 2.7% during the second quarter. BlackRock Inc. now owns 86,694,342 shares of the financial services provider’s stock valued at $1,624,654,000 after purchasing an additional 2,280,450 shares during the period. Northern Trust Corp grew its holdings in KeyCorp by 1.9% during the second quarter. Northern Trust Corp now owns 12,429,250 shares of the financial services provider’s stock valued at $232,925,000 after purchasing an additional 231,558 shares during the period. Bessemer Group Inc. grew its holdings in KeyCorp by 0.7% during the second quarter. Bessemer Group Inc. now owns 12,000,915 shares of the financial services provider’s stock valued at $224,897,000 after purchasing an additional 87,019 shares during the period. Finally, Janus Henderson Group PLC grew its holdings in KeyCorp by 6,189.4% during the second quarter. Janus Henderson Group PLC now owns 9,107,724 shares of the financial services provider’s stock valued at $170,679,000 after purchasing an additional 8,962,913 shares during the period. 80.72% of the stock is owned by institutional investors and hedge funds.
In related news, General Counsel Paul N. Harris sold 205,024 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $18.56, for a total transaction of $3,805,245.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ruth Ann M. Gillis purchased 3,000 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The shares were acquired at an average cost of $18.00 per share, with a total value of $54,000.00. Following the completion of the purchase, the director now owns 10,551 shares of the company’s stock, valued at $189,918. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 16,000 shares of company stock valued at $290,540 and have sold 259,409 shares valued at $4,794,449. Insiders own 0.65% of the company’s stock.
KeyCorp declared that its Board of Directors has initiated a share buyback plan on Wednesday, June 28th that permits the company to buyback $800.00 million in shares. This buyback authorization permits the financial services provider to reacquire up to 4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board 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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