KeyCorp (NYSE:KEY) Receives Consensus Rating of “Hold” from Brokerages
KeyCorp (NYSE:KEY – Get Rating) shares received a consensus “Hold” recommendation from the eighteen analysts who cover the stock, MarketBeat reports. One research analyst rated the stock with a sell recommendation, seven gave the company a hold recommendation and six gave the company a buy recommendation. The average 1-year target price among brokerages that have reported on the stock in the past year is $23.39.
A number of research analysts have recently published reports on the company. Citigroup cut its price target on KeyCorp from $22.00 to $19.00 and set a “neutral” rating on the stock in a Tuesday, July 12 report. Piper Sandler set a price target of $19.00 on KeyCorp in a Monday, June 20 report. Wedbush raised its price target on KeyCorp to $21.00 in a Friday, July 22 research report. Wolfe Research cut its price target on KeyCorp from $23.00 to $17.00 and gave the stock an “underperform” rating in a Thursday, May 26 research report. Finally, Morgan Stanley raised its price target on KeyCorp from $21.00 to $23.00 and gave the company an “equal weight” rating in a Friday, July 22 research report.
KeyCorp shares down 3.3%
KEY opened at $18.43 on Monday. KeyCorp has a 12-month low of $16.41 and a 12-month high of $27.17. The company has a market capitalization of $17.19 billion, a P/E ratio of 8.08, a P/E/G ratio of 0.46 and a beta of 1.32. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt ratio of 1.33. The company’s 50-day moving average price is $18.06 and its 200-day moving average price is $20.23.
KeyCorp (NYSE:KEY – Get Rating) last reported quarterly results on Thursday, July 21. The financial services provider reported earnings per share (EPS) of $0.54 for the quarter, beating consensus analyst estimates of $0.52 by $0.02. KeyCorp had a return on equity of 15.01% and a net margin of 28.53%. The company posted revenue of $1.79 billion for the quarter, versus a consensus estimate of $1.76 billion. In the same quarter of the previous year, the company achieved EPS of $0.72. KeyCorp’s revenue increased 1.1% compared to the same quarter last year. On average, equity analysts expect KeyCorp to post EPS of 2.24 for the current year.
KeyCorp Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 15. Shareholders of record on Tuesday, August 30 will receive a dividend of $0.195. The ex-dividend date is Monday, August 29. This represents a dividend of $0.78 on an annualized basis and a dividend yield of 4.23%. KeyCorp’s dividend payout ratio is currently 34.21%.
Hedge funds weigh on KeyCorp
Several hedge funds and other institutional investors have recently increased or reduced their stake in KEY. SG Americas Securities LLC increased its position in KeyCorp by 134.3% in the 4th quarter. SG Americas Securities LLC now owns 38,623 shares of the financial services provider valued at $893,000 after acquiring 22,139 additional shares last quarter. Keybank National Association OH bought a new position in KeyCorp in Q4 worth approximately $423,000. CIBC Asset Management Inc. increased its position in KeyCorp by 2.6% in the fourth quarter. CIBC Asset Management Inc. now owns 90,221 shares of the financial services provider valued at $2,087,000 after acquiring 2,287 additional shares last quarter. Bank of America Corp DE increased its position in KeyCorp by 3.5% in the fourth quarter. Bank of America Corp DE now owns 8,627,092 shares of the financial services provider valued at $199,545,000 after acquiring an additional 295,493 shares last quarter. Finally, CIBC Private Wealth Group LLC increased its position in KeyCorp by 1.0% in the 4th quarter. CIBC Private Wealth Group LLC now owns 106,669 shares of the financial services provider valued at $2,467,000 after acquiring 1,033 additional shares last quarter. 83.24% of the shares are held by institutional investors.
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KeyCorp operates as a holding company of the KeyBank National Association which provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The Company offers various investment deposits, products and services; and personal finance and financial wellness, student loan refinance, mortgage and home equity, loans, credit cards, cash flow, business consulting, wealth management, asset management, investing, cash management, management portfolio, trust and related services to individuals and small and medium-sized businesses.
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