KeyCorp (NYSE:KEY) Board Initiates Share Repurchase Plan

KeyCorp (NYSE:KEY) declared that its Board of Directors has initiated a stock repurchase program on Wednesday, May 13th, RTT News reports. The company plans to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 13% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on KEY shares. Argus raised their target price on KeyCorp from $21.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. Weiss Ratings raised KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday. Evercore reissued an “outperform” rating on shares of KeyCorp in a research report on Tuesday, April 21st. Jefferies Financial Group raised their target price on KeyCorp from $21.00 to $23.00 and gave the stock a “hold” rating in a research report on Friday, April 17th. Finally, DA Davidson raised their target price on KeyCorp from $26.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. Twelve analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $23.18.

KeyCorp Price Performance

Shares of KEY traded down $0.55 during mid-day trading on Wednesday, reaching $20.74. The stock had a trading volume of 7,806,176 shares, compared to its average volume of 11,757,080. The firm has a market cap of $22.48 billion, a price-to-earnings ratio of 12.72, a PEG ratio of 0.68 and a beta of 1.06. KeyCorp has a 12 month low of $15.28 and a 12 month high of $23.34. The business has a fifty day moving average of $20.72 and a 200 day moving average of $20.37. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83.

KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Thursday, April 16th. The financial services provider reported $0.44 EPS for the quarter, beating the consensus estimate of $0.41 by $0.03. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The firm had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.93 billion. During the same period last year, the firm earned $0.38 EPS. The company’s revenue was up 10.2% on a year-over-year basis. Equities analysts predict that KeyCorp will post 1.82 EPS for the current year.

Insider Transactions at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $21.66, for a total value of $494,411.16. Following the completion of the sale, the insider owned 281,564 shares in the company, valued at approximately $6,098,676.24. This represents a 7.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.56% of the company’s stock.

KeyCorp Company Profile

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank’s offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company’s product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.