KeyCorp (NYSE:KEY) Receives $49.14 Consensus PT from Brokerages

KeyCorp (NYSE:KEY) has been given a consensus rating of “Moderate Buy” by the twenty ratings firms that are presently covering the stock, Marketbeat reports. Seven research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $49.1389.

Several brokerages have recently issued reports on KEY. Wells Fargo & Company upped their price target on shares of KeyCorp from $24.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Morgan Stanley lifted their target price on shares of KeyCorp from $24.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. Wall Street Zen lowered KeyCorp from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Stephens assumed coverage on KeyCorp in a research note on Monday, June 15th. They issued an “overweight” rating and a $26.00 price objective for the company. Finally, JPMorgan Chase & Co. lifted their price target on KeyCorp from $22.50 to $24.50 and gave the stock a “neutral” rating in a report on Monday, July 6th.

KeyCorp Stock Performance

Shares of KeyCorp stock opened at $21.87 on Tuesday. The company has a 50 day moving average of $22.90 and a 200-day moving average of $21.79. The company has a market cap of $23.34 billion, a PE ratio of 12.72, a price-to-earnings-growth ratio of 0.72 and a beta of 1.03. KeyCorp has a 1-year low of $16.47 and a 1-year high of $24.07. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63.

KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.02. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%.The business had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same period in the prior year, the company earned $0.35 EPS. KeyCorp’s revenue for the quarter was up 6.7% on a year-over-year basis. As a group, equities research analysts forecast that KeyCorp will post 1.83 earnings per share for the current fiscal year.

KeyCorp declared that its board has authorized a share repurchase plan on Wednesday, May 13th that allows the company to repurchase $3.00 billion in 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 generally a sign that the company’s management believes its shares are undervalued.

KeyCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a $0.205 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.82 annualized dividend and a yield of 3.7%. KeyCorp’s dividend payout ratio (DPR) is 47.67%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. M&T Bank Corp increased its position in shares of KeyCorp by 5,317.0% during the 4th quarter. M&T Bank Corp now owns 1,350,519 shares of the financial services provider’s stock valued at $27,875,000 after purchasing an additional 1,325,588 shares during the last quarter. Jefferies Financial Group Inc. increased its stake in shares of KeyCorp by 62.1% in the fourth quarter. Jefferies Financial Group Inc. now owns 220,523 shares of the financial services provider’s stock worth $4,552,000 after buying an additional 84,497 shares during the period. Bank of New York Mellon Corp raised its stake in shares of KeyCorp by 14.8% during the fourth quarter. Bank of New York Mellon Corp now owns 5,602,637 shares of the financial services provider’s stock valued at $115,638,000 after acquiring an additional 721,421 shares during the last quarter. North Reef Capital Management LP bought a new position in KeyCorp during the 1st quarter valued at approximately $253,632,000. Finally, Mattson Financial Services LLC raised its holdings in shares of KeyCorp by 298.1% during the fourth quarter. Mattson Financial Services LLC now owns 75,771 shares of the financial services provider’s stock valued at $1,564,000 after acquiring an additional 56,736 shares in the last quarter. 79.69% of the stock is owned by 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.