Raymond James Reaffirms Buy Rating for KeyCorp (KEY)

KeyCorp (NYSE:KEY)‘s stock had its “buy” rating restated by stock analysts at Raymond James in a note issued to investors on Thursday.

Several other research firms also recently weighed in on KEY. Zacks Investment Research raised KeyCorp from a “sell” rating to a “hold” rating in a research note on Monday, October 8th. Vining Sparks reaffirmed a “buy” rating and issued a $25.00 price objective on shares of KeyCorp in a research note on Thursday, July 19th. UBS Group set a $23.00 price objective on KeyCorp and gave the company a “buy” rating in a research note on Monday, October 22nd. Wedbush set a $23.00 price objective on KeyCorp and gave the company a “buy” rating in a research note on Thursday, September 13th. Finally, Nomura dropped their price target on KeyCorp from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Friday, October 19th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eighteen have issued a buy rating to the company. KeyCorp currently has an average rating of “Buy” and a consensus price target of $23.39.

NYSE KEY opened at $18.89 on Thursday. KeyCorp has a 1-year low of $16.48 and a 1-year high of $22.40. The company has a market capitalization of $19.35 billion, a P/E ratio of 13.89, a PEG ratio of 0.69 and a beta of 1.00. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 1.01.

KeyCorp (NYSE:KEY) last released its quarterly earnings data on Thursday, October 18th. The financial services provider reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.01. KeyCorp had a return on equity of 12.56% and a net margin of 21.47%. The firm had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.64 billion. During the same period last year, the business posted $0.32 EPS. KeyCorp’s quarterly revenue was up 3.1% on a year-over-year basis. On average, equities research analysts expect that KeyCorp will post 1.73 EPS for the current fiscal year.

In related news, insider Donald R. Kimble purchased 5,000 shares of the company’s stock in a transaction on Friday, November 2nd. The stock was bought at an average price of $18.55 per share, with a total value of $92,750.00. Following the completion of the transaction, the insider now owns 253,847 shares of the company’s stock, valued at approximately $4,708,861.85. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Beth E. Mooney purchased 10,000 shares of the company’s stock in a transaction on Thursday, November 1st. The shares were bought at an average cost of $18.26 per share, with a total value of $182,600.00. The disclosure for this purchase can be found here. Company insiders own 0.65% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its holdings in shares of KeyCorp by 33.5% during the third quarter. JPMorgan Chase & Co. now owns 36,176,502 shares of the financial services provider’s stock worth $719,551,000 after purchasing an additional 9,086,291 shares during the last quarter. Boston Partners boosted its holdings in shares of KeyCorp by 5.3% during the second quarter. Boston Partners now owns 27,717,101 shares of the financial services provider’s stock worth $541,592,000 after purchasing an additional 1,396,181 shares during the last quarter. FMR LLC boosted its holdings in shares of KeyCorp by 33.5% during the third quarter. FMR LLC now owns 16,698,961 shares of the financial services provider’s stock worth $332,143,000 after purchasing an additional 4,186,177 shares during the last quarter. Bessemer Group Inc. boosted its holdings in shares of KeyCorp by 0.6% during the third quarter. Bessemer Group Inc. now owns 14,437,154 shares of the financial services provider’s stock worth $287,156,000 after purchasing an additional 85,558 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of KeyCorp by 87.4% during the second quarter. Millennium Management LLC now owns 14,025,846 shares of the financial services provider’s stock worth $274,065,000 after purchasing an additional 6,540,895 shares during the last quarter. Institutional investors and hedge funds own 80.19% of the company’s stock.

About KeyCorp

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking services in the United States. The company's Key Community Bank segment offers various deposit and investment products, personal finance services, residential mortgages, home equity loans, credit cards, and installment loans, as well as personal property and casualty insurance, such as home, auto, renters, watercraft, and umbrella insurance for individuals.

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Analyst Recommendations for KeyCorp (NYSE:KEY)

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