KeyCorp (KEY) to Post Q4 2017 Earnings of $0.36 Per Share, Oppenheimer Holdings Forecasts
KeyCorp (NYSE:KEY) – Research analysts at Oppenheimer Holdings lifted their Q4 2017 earnings per share (EPS) estimates for KeyCorp in a research report issued on Friday. Oppenheimer Holdings analyst B. Chittenden now forecasts that the financial services provider will earn $0.36 per share for the quarter, up from their previous forecast of $0.35. Oppenheimer Holdings currently has a “Hold” rating on the stock.
A number of other equities research analysts have also weighed in on the company. Morgan Stanley reaffirmed an “overweight” rating and set a $22.00 target price (up from $21.00) on shares of KeyCorp in a research report on Friday, July 7th. UBS AG raised KeyCorp from a “neutral” rating to a “buy” rating and lifted their target price for the company from $19.00 to $22.00 in a research report on Monday, July 10th. Sanford C. Bernstein raised KeyCorp from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $21.00 to $22.00 in a research report on Thursday, September 14th. Zacks Investment Research lowered KeyCorp from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $21.00 price target on shares of KeyCorp in a research report on Friday, July 28th. Four research analysts have rated the stock with a sell rating, ten have given a hold rating and fifteen have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $20.31.
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Shares of KeyCorp (NYSE KEY) opened at 18.49 on Monday. The stock has a market capitalization of $20.11 billion, a PE ratio of 18.36 and a beta of 1.13. KeyCorp has a 1-year low of $12.84 and a 1-year high of $19.53. The stock has a 50 day moving average price of $18.11 and a 200-day moving average price of $18.14.
KeyCorp (NYSE:KEY) last posted its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.35. KeyCorp had a return on equity of 9.84% and a net margin of 23.57%. The business had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.56 billion. During the same quarter in the prior year, the company earned $0.30 earnings per share. The firm’s quarterly revenue was up 13.7% compared to the same quarter last year.
KeyCorp announced that its board has authorized a stock buyback plan on Wednesday, June 28th that permits the company to buyback $800.00 million in outstanding 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 generally an indication that the company’s board believes its shares are undervalued.
In other news, Director Alexander M. Cutler purchased 5,000 shares of the company’s stock in a transaction on Tuesday, July 25th. The shares were acquired at an average price of $18.55 per share, for a total transaction of $92,750.00. Following the purchase, the director now owns 55,000 shares in the company, valued at $1,020,250. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Ruth Ann M. Gillis purchased 3,000 shares of the company’s stock in a transaction on Thursday, August 3rd. The shares were purchased at an average price of $18.00 per share, for a total transaction of $54,000.00. Following the purchase, the director now owns 10,551 shares in the company, valued at approximately $189,918. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 16,000 shares of company stock worth $290,540 and have sold 259,409 shares worth $4,794,449. 0.65% of the stock is currently owned by insiders.
A number of institutional investors have recently bought and sold shares of the business. Pier 88 Investment Partners LLC grew its stake in KeyCorp by 180.0% during the 3rd quarter. Pier 88 Investment Partners LLC now owns 14,000 shares of the financial services provider’s stock valued at $263,000 after purchasing an additional 9,000 shares during the last quarter. Rockefeller Financial Services Inc. grew its stake in KeyCorp by 100.0% during the 3rd quarter. Rockefeller Financial Services Inc. now owns 180,000 shares of the financial services provider’s stock valued at $3,388,000 after purchasing an additional 90,000 shares during the last quarter. Meeder Asset Management Inc. grew its stake in KeyCorp by 78.0% during the 3rd quarter. Meeder Asset Management Inc. now owns 56,046 shares of the financial services provider’s stock valued at $1,055,000 after purchasing an additional 24,554 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in KeyCorp during the 3rd quarter valued at about $919,000. Finally, Mutual of America Capital Management LLC grew its stake in 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 valued at $7,860,000 after purchasing an additional 53,764 shares during the last quarter. Institutional investors and hedge funds 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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