Morgan Stanley reaffirmed their overweight rating on shares of KeyCorp (NYSE:KEY) in a research report released on Thursday morning. The firm currently has a $23.00 price objective on the financial services provider’s stock.
A number of other research analysts also recently weighed in on KEY. Stephens upgraded shares of KeyCorp from an equal weight rating to an overweight rating and set a $23.00 price objective for the company in a research report on Thursday. Sanford C. Bernstein reiterated an outperform rating and issued a $22.00 price objective on shares of KeyCorp in a research report on Wednesday, September 27th. Zacks Investment Research downgraded shares of KeyCorp from a hold rating to a sell rating in a research report on Tuesday, October 17th. ValuEngine upgraded shares of KeyCorp from a hold rating to a buy rating in a research report on Friday, December 1st. Finally, Citigroup upped 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. Three research analysts have rated the stock with a sell rating, six have given a hold rating and sixteen have assigned a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $21.28.
Shares of KeyCorp (KEY) traded up $0.24 during trading on Thursday, hitting $19.76. 16,624,227 shares of the company’s stock were exchanged, compared to its average volume of 10,980,652. The firm has a market capitalization of $21,185.38, a P/E ratio of 14.92, a P/E/G ratio of 1.79 and a beta of 1.10. KeyCorp has a 1-year low of $16.28 and a 1-year high of $20.15. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.89 and a current ratio of 0.90.
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 analysts’ consensus estimates 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 prior year, the firm posted $0.30 earnings per share. sell-side analysts expect that KeyCorp will post 1.37 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Tuesday, November 28th will be paid a dividend of $0.105 per share. The ex-dividend date of this dividend is Monday, November 27th. This represents a $0.42 dividend on an annualized basis and a dividend yield of 2.13%. This is a boost from KeyCorp’s previous quarterly dividend of $0.10. KeyCorp’s payout ratio is currently 36.84%.
In related news, Director Carlton L. Highsmith sold 7,600 shares of the company’s stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $18.39, for a total transaction of $139,764.00. Following the completion of the sale, the director now owns 68,725 shares of the company’s stock, valued at approximately $1,263,852.75. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Elizabeth R. Gile acquired 1,374 shares of the company’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were acquired at an average cost of $18.23 per share, with a total value of $25,048.02. Following the purchase, the director now owns 24,989 shares in the company, valued at approximately $455,549.47. The disclosure for this purchase can be found here. Insiders have sold 57,212 shares of company stock valued at $1,060,508 in the last three months. Corporate insiders own 0.65% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Zions Bancorporation grew its stake in KeyCorp by 2,277.5% during the 3rd quarter. Zions Bancorporation now owns 5,706 shares of the financial services provider’s stock valued at $107,000 after acquiring an additional 5,466 shares in the last quarter. Bank of Nova Scotia Trust Co. purchased a new stake in KeyCorp during the 3rd quarter valued at about $132,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in KeyCorp during the 3rd quarter valued at about $145,000. Sun Life Financial INC grew its stake in KeyCorp by 80,370.0% during the 2nd quarter. Sun Life Financial INC now owns 8,047 shares of the financial services provider’s stock valued at $151,000 after acquiring an additional 8,037 shares in the last quarter. Finally, AllSquare Wealth Management LLC purchased a new stake in KeyCorp during the 3rd quarter valued at about $173,000. 81.20% of the stock is owned by institutional investors.
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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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