KeyCorp (NYSE:KEY – Get Free Report)’s share price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $23.43 and last traded at $23.4560, with a volume of 723056 shares trading hands. The stock had previously closed at $23.12.
Wall Street Analysts Forecast Growth
Several analysts recently issued reports on the stock. Jefferies Financial Group boosted their target price on shares of KeyCorp from $21.00 to $23.00 and gave the company a “hold” rating in a research report on Friday, April 17th. Susquehanna lifted their price target on shares of KeyCorp from $300.00 to $415.00 and gave the stock a “positive” rating in a research note on Monday, May 18th. Piper Sandler boosted their price objective on shares of KeyCorp from $23.00 to $24.00 and gave the company an “overweight” rating in a research report on Friday, April 17th. TD Cowen restated a “buy” rating and issued a $68.00 price objective on shares of KeyCorp in a research note on Tuesday. Finally, Wall Street Zen downgraded KeyCorp from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Twelve research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $46.50.
Check Out Our Latest Stock Analysis on KEY
KeyCorp Trading Up 2.3%
KeyCorp (NYSE:KEY – Get Free Report) last announced its quarterly earnings data on Thursday, April 16th. The financial services provider reported $0.44 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 period last year, the firm earned $0.38 EPS. The company’s revenue was up 10.2% on a year-over-year basis. Equities research analysts expect that KeyCorp will post 1.82 EPS for the current year.
KeyCorp Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Tuesday, June 2nd were issued a dividend of $0.205 per share. The ex-dividend date of this dividend was Tuesday, June 2nd. This represents a $0.82 dividend on an annualized basis and a yield of 3.5%. KeyCorp’s dividend payout ratio (DPR) is currently 50.31%.
KeyCorp declared that its Board of Directors has approved a stock buyback plan on Wednesday, May 13th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 13% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
Insider Buying and Selling at KeyCorp
In other news, insider Angela G. Mago sold 22,826 shares of the company’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $21.66, for a total value of $494,411.16. Following the completion of the transaction, the insider owned 281,564 shares of the company’s stock, valued at $6,098,676.24. This represents a 7.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.56% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MCF Advisors LLC lifted its holdings in shares of KeyCorp by 31.6% in the fourth quarter. MCF Advisors LLC now owns 1,898 shares of the financial services provider’s stock worth $39,000 after buying an additional 456 shares in the last quarter. Prime Capital Investment Advisors LLC increased its holdings in KeyCorp by 1.7% in the 4th quarter. Prime Capital Investment Advisors LLC now owns 28,498 shares of the financial services provider’s stock valued at $588,000 after acquiring an additional 486 shares during the last quarter. Harbour Investments Inc. lifted its stake in KeyCorp by 19.0% in the 4th quarter. Harbour Investments Inc. now owns 3,180 shares of the financial services provider’s stock worth $66,000 after purchasing an additional 508 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in KeyCorp by 5.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 10,265 shares of the financial services provider’s stock worth $206,000 after purchasing an additional 522 shares in the last quarter. Finally, Centennial Wealth Advisory LLC boosted its holdings in shares of KeyCorp by 1.2% during the 4th quarter. Centennial Wealth Advisory LLC now owns 44,986 shares of the financial services provider’s stock valued at $929,000 after purchasing an additional 524 shares during the last quarter. 79.69% of the stock is currently owned by institutional investors.
About KeyCorp
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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