Wedbush Weighs in on KeyCorp’s FY2019 Earnings (KEY)
KeyCorp (NYSE:KEY) – Analysts at Wedbush issued their FY2019 earnings estimates for KeyCorp in a report released on Thursday. Wedbush analyst P. Winter anticipates that the financial services provider will earn $1.84 per share for the year.
Several other analysts also recently weighed in on KEY. Sanford C. Bernstein upgraded shares of KeyCorp from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $21.00 to $22.00 in a research report on Thursday, September 14th. Zacks Investment Research downgraded shares of KeyCorp from a “hold” rating to a “sell” rating in a research report on Tuesday, September 19th. Robert W. Baird restated a “hold” rating and set a $18.00 price objective on shares of KeyCorp in a research report on Friday, October 6th. Citigroup boosted their price objective on shares of KeyCorp from $19.00 to $20.00 and gave the stock a “neutral” rating in a research report on Monday, October 9th. Finally, Keefe, Bruyette & Woods restated a “buy” rating and set a $21.00 price objective on shares of KeyCorp in a research report on Thursday, October 19th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $21.56.
KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.35 earnings per share for the quarter, hitting the consensus estimate of $0.35. The business had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.56 billion. KeyCorp had a net margin of 18.69% and a return on equity of 10.35%. The company’s revenue was up 13.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.30 EPS.
A number of hedge funds have recently added to or reduced their stakes in KEY. Vanguard Group Inc. increased its stake in KeyCorp by 3.9% in 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 buying an additional 4,230,390 shares during the period. BlackRock Inc. increased its stake in KeyCorp by 2.7% in the 2nd quarter. BlackRock Inc. now owns 86,694,342 shares of the financial services provider’s stock valued at $1,624,654,000 after buying an additional 2,280,450 shares during the period. Barrow Hanley Mewhinney & Strauss LLC increased its stake in KeyCorp by 8.0% in the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 23,857,079 shares of the financial services provider’s stock valued at $448,990,000 after buying an additional 1,765,263 shares during the period. Boston Partners acquired a new position in KeyCorp in the 3rd quarter valued at $356,111,000. Finally, Northern Trust Corp increased its stake in KeyCorp by 1.9% in the 2nd quarter. Northern Trust Corp now owns 12,429,250 shares of the financial services provider’s stock valued at $232,925,000 after buying an additional 231,558 shares during the period. Hedge funds and other institutional investors own 80.91% of the company’s stock.
In other KeyCorp news, Director Elizabeth R. Gile purchased 1,374 shares of KeyCorp stock in a transaction that occurred on Wednesday, November 22nd. The stock was purchased at an average price of $18.23 per share, for a total transaction of $25,048.02. Following the transaction, the director now directly owns 24,989 shares in the company, valued at $455,549.47. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Paul N. Harris sold 2,758 shares of the company’s stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $18.54, for a total transaction of $51,133.32. The disclosure for this sale can be found here. In the last quarter, insiders sold 57,212 shares of company stock valued at $1,060,508. 0.65% of the stock is owned by insiders.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Tuesday, November 28th were given a $0.105 dividend. This is an increase from KeyCorp’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Monday, November 27th. This represents a $0.42 annualized dividend and a yield of 2.07%. KeyCorp’s dividend payout ratio is 36.52%.
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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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