Bank of America lowered shares of KeyCorp (NYSE:KEY) from a neutral rating to an underperform rating in a research report sent to investors on Friday, Benzinga reports. Bank of America currently has $12.00 price objective on the financial services provider’s stock, down from their previous price objective of $15.00.
Other analysts also recently issued reports about the company. Stifel Nicolaus reduced their price target on KeyCorp from $29.00 to $27.00 and set a buy rating for the company in a research note on Thursday, May 14th. Nomura Securities reiterated a hold rating and set a $10.00 target price on shares of KeyCorp in a research report on Sunday, April 19th. Odeon Capital Group began coverage on KeyCorp in a research report on Monday, June 8th. They set a buy rating and a $16.10 target price for the company. Argus lowered their price target on KeyCorp from $22.00 to $15.00 and set a buy rating for the company in a report on Monday, April 20th. Finally, BofA Securities cut KeyCorp from a neutral rating to an underperform rating and lowered their price target for the stock from $15.00 to $12.00 in a report on Friday. Four research analysts have rated the stock with a sell rating, ten have given a hold rating and eight have issued a buy rating to the company’s stock. KeyCorp has an average rating of Hold and a consensus price target of $18.74.
NYSE:KEY opened at $11.55 on Friday. The firm has a market capitalization of $11.27 billion, a price-to-earnings ratio of 8.49, a price-to-earnings-growth ratio of 3.17 and a beta of 1.53. KeyCorp has a twelve month low of $7.45 and a twelve month high of $20.52. The stock’s 50 day moving average price is $12.52 and its two-hundred day moving average price is $14.47. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.89.
KeyCorp (NYSE:KEY) last issued its earnings results on Thursday, April 16th. The financial services provider reported $0.12 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.06). The business had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.55 billion. KeyCorp had a return on equity of 10.43% and a net margin of 18.85%. The business’s revenue was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.38 earnings per share. As a group, analysts anticipate that KeyCorp will post 0.64 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a $0.185 dividend. The ex-dividend date is Monday, August 31st. This represents a $0.74 annualized dividend and a yield of 6.41%. KeyCorp’s payout ratio is currently 41.11%.
In related news, COO Christopher M. Gorman bought 100,000 shares of the company’s stock in a transaction dated Friday, April 17th. The shares were bought at an average price of $10.36 per share, for a total transaction of $1,036,000.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ruth Ann M. Gillis bought 4,485 shares of the company’s stock in a transaction dated Monday, April 20th. The stock was bought at an average price of $11.10 per share, for a total transaction of $49,783.50. Following the acquisition, the director now directly owns 19,911 shares of the company’s stock, valued at $221,012.10. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 106,485 shares of company stock worth $1,109,564. Corporate insiders own 0.70% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of KEY. Wedge Capital Management L L P NC boosted its stake in KeyCorp by 3.9% in the second quarter. Wedge Capital Management L L P NC now owns 1,817,145 shares of the financial services provider’s stock valued at $22,133,000 after acquiring an additional 67,870 shares in the last quarter. Forte Capital LLC ADV purchased a new position in shares of KeyCorp in the 2nd quarter valued at $118,000. LGT Capital Partners LTD. grew its position in shares of KeyCorp by 11.5% in the 2nd quarter. LGT Capital Partners LTD. now owns 2,385,490 shares of the financial services provider’s stock valued at $29,055,000 after buying an additional 245,730 shares during the last quarter. Mount Yale Investment Advisors LLC purchased a new position in shares of KeyCorp in the 2nd quarter valued at $127,000. Finally, Carnegie Capital Asset Management LLC grew its position in shares of KeyCorp by 17.8% in the 2nd quarter. Carnegie Capital Asset Management LLC now owns 14,889 shares of the financial services provider’s stock valued at $181,000 after buying an additional 2,255 shares during the last quarter. 79.33% of the stock is owned by institutional investors.
KeyCorp Company Profile
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.
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