KeyCorp (KEY) Issues Quarterly Earnings Results, Hits Expectations
KeyCorp (NYSE:KEY) released its quarterly earnings results on Thursday. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.36, Bloomberg Earnings reports. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.58 billion. KeyCorp had a return on equity of 10.66% and a net margin of 18.06%. During the same period in the previous year, the company posted $0.31 EPS.
Shares of KeyCorp (NYSE KEY) opened at $21.16 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 1.02. KeyCorp has a 1 year low of $16.28 and a 1 year high of $21.71. The firm has a market capitalization of $22,389.83, a price-to-earnings ratio of 18.89, a P/E/G ratio of 1.59 and a beta of 1.10.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Tuesday, February 27th will be given a dividend of $0.105 per share. The ex-dividend date is Monday, February 26th. This represents a $0.42 annualized dividend and a dividend yield of 1.98%. KeyCorp’s dividend payout ratio is currently 37.50%.
In other KeyCorp news, Director Elizabeth R. Gile acquired 1,374 shares of the company’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was acquired at an average cost of $18.23 per share, for a total transaction of $25,048.02. Following the transaction, the director now directly owns 24,989 shares in the company, valued at $455,549.47. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Paul N. Harris sold 2,758 shares of the company’s stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $18.54, for a total value of $51,133.32. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 57,212 shares of company stock valued at $1,060,508. 0.65% of the stock is owned by corporate insiders.
Several hedge funds have recently made changes to their positions in the stock. State of Alaska Department of Revenue lifted its position in shares of KeyCorp by 25.7% during the 4th quarter. State of Alaska Department of Revenue now owns 168,222 shares of the financial services provider’s stock worth $3,391,000 after buying an additional 34,390 shares during the last quarter. Fox Run Management L.L.C. lifted its position in shares of KeyCorp by 27.0% during the 4th quarter. Fox Run Management L.L.C. now owns 36,462 shares of the financial services provider’s stock worth $735,000 after buying an additional 7,762 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its position in shares of KeyCorp by 3.8% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 3,710,242 shares of the financial services provider’s stock worth $74,836,000 after buying an additional 134,355 shares during the last quarter. National Pension Service lifted its position in shares of KeyCorp by 4.5% during the 4th quarter. National Pension Service now owns 1,113,145 shares of the financial services provider’s stock worth $22,452,000 after buying an additional 47,814 shares during the last quarter. Finally, Bank of Montreal Can lifted its position in shares of KeyCorp by 7.1% during the 4th quarter. Bank of Montreal Can now owns 3,074,125 shares of the financial services provider’s stock worth $62,004,000 after buying an additional 204,584 shares during the last quarter. Institutional investors and hedge funds own 81.01% of the company’s stock.
Several analysts recently issued reports on KEY shares. Sanford C. Bernstein restated an “outperform” rating and issued a $22.00 price target on shares of KeyCorp in a research note on Wednesday, September 27th. Morgan Stanley restated an “overweight” rating and issued a $23.00 price target on shares of KeyCorp in a research note on Thursday, December 14th. ValuEngine upgraded KeyCorp from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Oppenheimer reiterated a “hold” rating on shares of KeyCorp in a research report on Friday, October 20th. Finally, Zacks Investment Research downgraded KeyCorp from a “hold” rating to a “sell” rating in a research report on Monday, October 30th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and seventeen have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $21.98.
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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