KeyCorp (NYSE:KEY) Issues Quarterly Earnings Results

KeyCorp (NYSE:KEY) issued its quarterly earnings results on Tuesday. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.02, FiscalAI reports. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The firm had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $1.97 billion.

KeyCorp Stock Down 0.9%

KeyCorp stock opened at $23.34 on Tuesday. The company has a market capitalization of $25.19 billion, a PE ratio of 14.32, a PEG ratio of 0.74 and a beta of 1.02. KeyCorp has a 12-month low of $16.47 and a 12-month high of $24.07. The firm’s fifty day moving average is $22.33 and its 200 day moving average is $21.55. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62.

KeyCorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.205 per share. This represents a $0.82 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Tuesday, September 1st. KeyCorp’s payout ratio is presently 50.31%.

Insider Buying and Selling

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of the firm’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $21.66, for a total value of $494,411.16. Following the completion of the sale, the insider directly owned 281,564 shares in the company, valued at approximately $6,098,676.24. This trade represents a 7.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On KeyCorp

A number of institutional investors and hedge funds have recently made changes to their positions in KEY. DV Equities LLC acquired a new stake in shares of KeyCorp in the 4th quarter valued at about $27,000. Kelleher Financial Advisors bought a new stake in KeyCorp in the 3rd quarter valued at about $32,000. MUFG Securities EMEA plc acquired a new position in KeyCorp during the 2nd quarter worth approximately $51,000. Zions Bancorporation National Association UT raised its stake in KeyCorp by 585.5% during the 4th quarter. Zions Bancorporation National Association UT now owns 2,934 shares of the financial services provider’s stock worth $61,000 after buying an additional 2,506 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its holdings in KeyCorp by 58.0% in the second quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider’s stock worth $90,000 after acquiring an additional 1,890 shares in the last quarter. Institutional investors own 79.69% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on KEY shares. Truist Financial increased their price objective on shares of KeyCorp from $23.00 to $24.00 and gave the stock a “hold” rating in a research report on Wednesday, June 24th. Piper Sandler upped their price target on shares of KeyCorp from $23.00 to $24.00 and gave the company an “overweight” rating in a research report on Friday, April 17th. Morgan Stanley upped their price target on shares of KeyCorp from $24.00 to $25.00 and gave the company an “equal weight” rating in a research report on Monday, June 29th. Evercore reiterated an “outperform” rating on shares of KeyCorp in a report on Tuesday, April 21st. Finally, TD Cowen reissued a “buy” rating and issued a $68.00 price objective on shares of KeyCorp in a research report on Tuesday, June 23rd. Thirteen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, KeyCorp currently has a consensus rating of “Moderate Buy” and an average target price of $47.34.

KeyCorp declared that its board has initiated a share buyback plan on Wednesday, May 13th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 13% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

About KeyCorp

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.