Stephens began coverage on shares of KeyCorp (NYSE:KEY – Get Free Report) in a research note issued to investors on Monday. The brokerage set an “overweight” rating on the financial services provider’s stock.
Other equities analysts also recently issued research reports about the stock. Morgan Stanley cut their price objective on shares of KeyCorp from $26.00 to $24.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 31st. Truist Financial dropped their target price on KeyCorp from $23.00 to $22.00 and set a “hold” rating on the stock in a research report on Monday, March 23rd. Jefferies Financial Group upped their target price on KeyCorp from $21.00 to $23.00 and gave the company a “hold” rating in a research report on Friday, April 17th. JPMorgan Chase & Co. lowered their price objective on KeyCorp from $24.50 to $22.50 and set a “neutral” rating on the stock in a research report on Tuesday, April 7th. Finally, Weiss Ratings upgraded KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Thirteen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $42.78.
Check Out Our Latest Research Report on KEY
KeyCorp Stock Down 0.1%
KeyCorp (NYSE:KEY – Get Free Report) last posted its quarterly earnings data on Thursday, April 16th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.03. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The firm had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.93 billion. During the same quarter in the prior year, the company posted $0.38 earnings per share. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. Equities research analysts anticipate that KeyCorp will post 1.82 EPS for the current year.
KeyCorp declared that its board has initiated a share buyback plan on Wednesday, May 13th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 13% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
Insider Buying and Selling at KeyCorp
In related news, insider Angela G. Mago sold 22,826 shares of KeyCorp stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $21.66, for a total value of $494,411.16. Following the sale, the insider directly owned 281,564 shares in the company, valued at $6,098,676.24. The trade was a 7.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.56% of the stock is currently owned by company insiders.
Institutional Trading of KeyCorp
Institutional investors have recently modified their holdings of the business. DV Equities LLC purchased a new stake in shares of KeyCorp in the fourth quarter valued at approximately $27,000. Maseco LLP acquired a new position in KeyCorp in the fourth quarter valued at $27,000. GoalVest Advisory LLC purchased a new position in shares of KeyCorp in the 4th quarter worth about $30,000. Smithfield Trust Co purchased a new position in shares of KeyCorp in the 4th quarter worth about $31,000. Finally, True Wealth Design LLC grew its stake in shares of KeyCorp by 1,263.5% in the fourth quarter. True Wealth Design LLC now owns 1,718 shares of the financial services provider’s stock valued at $35,000 after buying an additional 1,592 shares in the last quarter. 79.69% of the stock is currently owned by hedge funds and other institutional investors.
KeyCorp Company Profile
KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank’s offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.
The company’s product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.
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