According to Zacks, “Estimates have been stable lately ahead of KeyCorp’s third-quarter 2016 earnings release. Further, as the company has been consistently streamlining operations, diversifying products and exiting unprofitable businesses, overall expenses are expected to remain stable in the near term. Also, an efficient organic growth strategy, improving credit quality and robust balance sheet position are anticipated to boost the company’s financials. However, a persistent decline in net interest margin owing low interest rate environment remains a major concern. Moreover, increased dependence on home equity and commercial real estate loans raises the exposure of the company’s profits to these avenues and any deterioration in its prices may have an adverse effect on its balance sheet.”
KEY has been the subject of a number of other reports. Citigroup Inc. reaffirmed a buy rating on shares of KeyCorp in a research note on Wednesday, June 29th. JPMorgan Chase & Co. began coverage on KeyCorp in a research note on Monday, July 25th. They issued an overweight rating and a $14.00 target price for the company. Vetr raised KeyCorp from a buy rating to a strong-buy rating and set a $13.77 target price for the company in a research note on Monday, June 13th. Morgan Stanley raised KeyCorp from an equal weight rating to an overweight rating and set a $15.00 target price for the company in a research note on Tuesday, July 5th. Finally, Barclays PLC reaffirmed a sell rating on shares of KeyCorp in a research note on Saturday, July 9th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of Buy and an average price target of $14.39.
Shares of KeyCorp (NYSE:KEY) traded down 0.4705% during trading on Tuesday, reaching $12.6701. 1,836,986 shares of the company’s stock were exchanged. The company has a market capitalization of $13.71 billion, a P/E ratio of 13.1025 and a beta of 1.21. The stock has a 50-day moving average price of $12.31 and a 200 day moving average price of $11.92. KeyCorp has a 12-month low of $9.88 and a 12-month high of $14.01.
KeyCorp (NYSE:KEY) last issued its earnings results on Tuesday, July 26th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.27. KeyCorp had a return on equity of 8.46% and a net margin of 17.81%. The business earned $1.07 billion during the quarter, compared to the consensus estimate of $1.09 billion. During the same period last year, the company earned $0.27 EPS. The company’s revenue for the quarter was down .1% on a year-over-year basis. Equities analysts expect that KeyCorp will post $1.06 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Friday, July 29th were given a $0.085 dividend. This represents a $0.34 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date of this dividend was Wednesday, July 27th. KeyCorp’s dividend payout ratio is currently 35.42%.
Hedge funds have recently added to or reduced their stakes in the stock. Foundry Partners LLC boosted its stake in KeyCorp by 9.4% in the third quarter. Foundry Partners LLC now owns 862,574 shares of the financial services provider’s stock worth $10,498,000 after buying an additional 74,263 shares in the last quarter. Independent Portfolio Consultants Inc. purchased a new stake in KeyCorp during the third quarter worth approximately $433,000. Chevy Chase Trust Holdings Inc. boosted its stake in KeyCorp by 25.5% in the third quarter. Chevy Chase Trust Holdings Inc. now owns 903,413 shares of the financial services provider’s stock worth $10,995,000 after buying an additional 183,811 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in KeyCorp during the second quarter worth approximately $376,000. Finally, Kentucky Retirement Systems purchased a new stake in KeyCorp during the second quarter worth approximately $792,000. Institutional investors and hedge funds own 66.25% of the company’s stock.
KeyCorp Company Profile
KeyCorp is a bank holding company. The Bank operates through its subsidiary, KeyBank National Association (KeyBank), which is engaged in providing banking services. Through KeyBank and other subsidiaries, the Company provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, commercial mortgage servicing and special servicing, and investment banking products and services to individual, corporate and institutional clients.
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