KeyCorp (KEY) Stock Rating Reaffirmed by Vining Sparks
KeyCorp (NYSE:KEY)‘s stock had its “buy” rating reaffirmed by stock analysts at Vining Sparks in a research note issued on Thursday. They currently have a $25.00 target price on the financial services provider’s stock. Vining Sparks’ price target indicates a potential upside of 21.83% from the company’s current price.
The analysts wrote, “We continue to expect KEY to grow its operating earnings per share by over 25% in 2018E, which remains 3% above market consensus expectations. This improvement should push KEY’s operating ROTCE up towards 17.5% in 2H’18E, which we believe should warrant a price-to- tangible book value of approximately 225%, which should generate over 20% of long-term shareholder value. P/TBV (%) 191% Sources: SNL Financial & Vining Sparks, IBG LP.””
Other research analysts have also issued reports about the company. Zacks Investment Research raised KeyCorp from a “hold” rating to a “buy” rating and set a $23.00 target price on the stock in a research report on Wednesday, June 20th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $23.00 target price on shares of KeyCorp in a research report on Thursday, April 5th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $23.00 target price on shares of KeyCorp in a research report on Friday, July 13th. Argus started coverage on KeyCorp in a research report on Tuesday, June 26th. They issued a “buy” rating and a $24.00 target price on the stock. Finally, ValuEngine lowered KeyCorp from a “buy” rating to a “hold” rating in a research report on Monday, April 2nd. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and fifteen have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $22.58.
KeyCorp (NYSE:KEY) last issued its earnings results on Thursday, July 19th. 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 11.03% and a net margin of 19.32%. The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.60 billion. During the same period in the prior year, the firm posted $0.36 EPS. The business’s revenue was up .4% compared to the same quarter last year. equities research analysts expect that KeyCorp will post 1.7 earnings per share for the current fiscal year.
KeyCorp declared that its Board of Directors has approved a share buyback plan on Thursday, June 28th that authorizes the company to buyback $1.23 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 5.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.
In other news, insider Edward J. Burke sold 10,000 shares of the stock in a transaction dated Tuesday, May 8th. The stock was sold at an average price of $19.83, for a total transaction of $198,300.00. Following the transaction, the insider now owns 126,526 shares of the company’s stock, valued at approximately $2,509,010.58. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.65% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Xact Kapitalforvaltning AB increased its holdings in shares of KeyCorp by 4.8% during the 4th quarter. Xact Kapitalforvaltning AB now owns 240,699 shares of the financial services provider’s stock valued at $4,855,000 after acquiring an additional 10,948 shares during the last quarter. Pinnacle Associates Ltd. increased its holdings in shares of KeyCorp by 3.0% during the 1st quarter. Pinnacle Associates Ltd. now owns 128,110 shares of the financial services provider’s stock valued at $2,505,000 after acquiring an additional 3,710 shares during the last quarter. Stifel Financial Corp increased its holdings in shares of KeyCorp by 3.5% during the 1st quarter. Stifel Financial Corp now owns 1,386,981 shares of the financial services provider’s stock valued at $27,142,000 after acquiring an additional 47,073 shares during the last quarter. We Are One Seven LLC acquired a new position in shares of KeyCorp during the 4th quarter valued at about $183,000. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in KeyCorp by 1.6% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 655,339 shares of the financial services provider’s stock valued at $13,218,000 after purchasing an additional 10,393 shares during the period. 80.00% of the stock is currently owned by institutional investors and hedge funds.
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, as well as personal property and casualty insurance, such as home, auto, renters, watercraft, and umbrella insurance for individuals.
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