KeyCorp (NYSE:KEY) – Wedbush dropped their Q3 2018 earnings estimates for shares of KeyCorp in a report released on Wednesday, September 12th. Wedbush analyst P. Winter now expects that the financial services provider will post earnings per share of $0.45 for the quarter, down from their prior estimate of $0.46. Wedbush has a “Buy” rating and a $23.00 price target on the stock. Wedbush also issued estimates for KeyCorp’s Q4 2018 earnings at $0.46 EPS, FY2018 earnings at $1.73 EPS, Q1 2019 earnings at $0.42 EPS, Q2 2019 earnings at $0.46 EPS, Q3 2019 earnings at $0.49 EPS, Q4 2019 earnings at $0.51 EPS, FY2019 earnings at $1.88 EPS and FY2020 earnings at $2.05 EPS.

KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, July 19th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.02. The business had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.60 billion. KeyCorp had a return on equity of 11.73% and a net margin of 20.05%. The business’s revenue for the quarter was up .4% on a year-over-year basis. During the same period last year, the firm posted $0.36 earnings per share.

Other research analysts have also recently issued reports about the company. ValuEngine cut KeyCorp from a “hold” rating to a “sell” rating in a research report on Saturday, July 14th. Zacks Investment Research raised KeyCorp from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a research report on Tuesday, July 17th. Mizuho raised their target price on KeyCorp from $25.00 to $25.50 and gave the stock an “overweight” rating in a research report on Tuesday, July 24th. Vining Sparks reissued a “buy” rating and issued a $25.00 target price on shares of KeyCorp in a research report on Thursday, July 19th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $23.00 target price on shares of KeyCorp in a research report on Friday, July 13th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $23.22.

Shares of NYSE:KEY opened at $19.94 on Monday. The stock has a market capitalization of $21.80 billion, a price-to-earnings ratio of 14.66, a PEG ratio of 0.76 and a beta of 0.98. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.88 and a current ratio of 0.89. KeyCorp has a 52-week low of $17.40 and a 52-week high of $22.40.

Institutional investors and hedge funds have recently modified their holdings of the stock. Pinnacle Associates Ltd. raised its stake in 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 purchasing an additional 3,710 shares during the period. Boston Partners raised its stake in KeyCorp by 5.3% during the 2nd quarter. Boston Partners now owns 27,717,101 shares of the financial services provider’s stock valued at $541,592,000 after purchasing an additional 1,396,181 shares during the period. Stifel Financial Corp raised its stake in 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 purchasing an additional 47,073 shares during the period. BB&T Corp bought a new stake in KeyCorp during the 2nd quarter valued at approximately $1,026,000. Finally, South State Corp raised its stake in KeyCorp by 15.3% during the 2nd quarter. South State Corp now owns 73,032 shares of the financial services provider’s stock valued at $1,449,000 after purchasing an additional 9,670 shares during the period. 79.47% of the stock is currently owned by institutional investors.

In other news, insider Christopher M. Gorman sold 288,546 shares of KeyCorp stock in a transaction dated Wednesday, July 25th. The stock was sold at an average price of $20.80, for a total transaction of $6,001,756.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Edward J. Burke sold 46,360 shares of KeyCorp stock in a transaction dated Friday, August 10th. The shares were sold at an average price of $21.32, for a total value of $988,395.20. Following the transaction, the insider now directly owns 89,128 shares in the company, valued at $1,900,208.96. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 340,954 shares of company stock worth $7,120,124. Insiders own 0.65% of the company’s stock.

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 14th. Stockholders of record on Tuesday, August 28th were given a dividend of $0.17 per share. This is a boost from KeyCorp’s previous quarterly dividend of $0.12. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date of this dividend was Monday, August 27th. KeyCorp’s payout ratio is presently 50.00%.

KeyCorp announced that its Board of Directors has initiated a stock repurchase plan on Thursday, June 28th that allows the company to buyback $1.23 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 5.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

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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Earnings History and Estimates for KeyCorp (NYSE:KEY)

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