KeyCorp (NYSE:KEY) – Equities research analysts at FBR & Co dropped their Q2 2018 earnings per share estimates for shares of KeyCorp in a research note issued on Thursday. FBR & Co analyst S. Moss now anticipates that the financial services provider will earn $0.37 per share for the quarter, down from their previous forecast of $0.38. FBR & Co also issued estimates for KeyCorp’s Q1 2019 earnings at $0.39 EPS, Q2 2019 earnings at $0.40 EPS and Q3 2019 earnings at $0.42 EPS.
Other research analysts also recently issued research reports about the stock. UBS AG upgraded shares of KeyCorp from a “neutral” rating to a “buy” rating and upped their price target for the stock from $19.00 to $22.00 in a research report on Monday, July 10th. Instinet restated a “buy” rating and set a $23.00 price target on shares of KeyCorp in a research report on Wednesday, July 12th. Zacks Investment Research raised shares of KeyCorp from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a research note on Tuesday, July 11th. Jefferies Group LLC reaffirmed a “buy” rating and set a $21.00 price objective on shares of KeyCorp in a research note on Friday, July 14th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and set a $20.50 price objective on shares of KeyCorp in a research note on Friday, July 21st. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have issued a buy rating to the company’s stock. KeyCorp presently has an average rating of “Hold” and an average target price of $20.31.
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KeyCorp (KEY) opened at 18.49 on Monday. The stock has a market cap 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. The stock’s 50 day moving average price is $18.11 and its 200-day moving average price is $18.14.
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, meeting the Zacks’ consensus estimate of $0.35. The firm had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.56 billion. KeyCorp had a return on equity of 9.84% and a net margin of 23.57%. The business’s quarterly revenue was up 13.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.30 earnings per share.
Several large investors have recently bought and sold shares of KEY. Teachers Advisors LLC boosted its position in shares of KeyCorp by 0.8% during the 1st quarter. Teachers Advisors LLC now owns 3,537,235 shares of the financial services provider’s stock worth $62,892,000 after purchasing an additional 28,691 shares during the period. Renaissance Technologies LLC purchased a new position in shares of KeyCorp during the 1st quarter worth approximately $47,742,000. BlackRock Inc. boosted its position in shares of KeyCorp by 3,258.1% during the 1st quarter. BlackRock Inc. now owns 84,413,892 shares of the financial services provider’s stock worth $1,500,878,000 after purchasing an additional 81,900,174 shares during the period. Amalgamated Bank boosted its position in shares of KeyCorp by 6.1% during the 1st quarter. Amalgamated Bank now owns 75,757 shares of the financial services provider’s stock worth $1,347,000 after purchasing an additional 4,359 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its position in shares of KeyCorp by 3.2% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 3,321,074 shares of the financial services provider’s stock worth $59,049,000 after purchasing an additional 101,959 shares during the period. 80.72% of the stock is owned by hedge funds and other institutional investors.
In related news, General Counsel Paul N. Harris sold 205,024 shares of the 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Craig A. Buffie sold 31,385 shares of the stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $18.01, for a total transaction of $565,243.85. The disclosure for this sale can be found here. In the last ninety days, insiders have purchased 16,000 shares of company stock valued at $290,540 and have sold 259,409 shares valued at $4,794,449. Company insiders own 0.65% of the company’s stock.
KeyCorp announced that its board has initiated a share buyback program on Wednesday, June 28th that allows the company to buyback $800.00 million in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership 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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