KeyCorp (NYSE:KEY) – Equities researchers at Piper Sandler reduced their Q1 2022 earnings per share estimates for KeyCorp in a note issued to investors on Monday, September 13th. Piper Sandler analyst R. Siefers now anticipates that the financial services provider will earn $0.46 per share for the quarter, down from their previous forecast of $0.47. Piper Sandler also issued estimates for KeyCorp’s FY2022 earnings at $1.95 EPS, Q1 2023 earnings at $0.45 EPS, Q2 2023 earnings at $0.50 EPS and FY2023 earnings at $2.02 EPS.
Other equities analysts have also issued research reports about the stock. Odeon Capital Group lowered shares of KeyCorp from a “buy” rating to a “hold” rating and set a $17.73 price target on the stock. in a report on Monday, July 19th. Citigroup began coverage on shares of KeyCorp in a report on Friday, July 16th. They set a “hold” rating and a $20.16 price objective on the stock. Wells Fargo & Company upped their price objective on shares of KeyCorp from $32.00 to $34.00 and gave the company an “overweight” rating in a report on Thursday, June 24th. Morgan Stanley decreased their target price on shares of KeyCorp from $26.00 to $25.00 and set an “equal weight” rating for the company in a research report on Monday, August 2nd. Finally, Royal Bank of Canada boosted their target price on shares of KeyCorp from $33.00 to $36.00 and gave the stock an “outperform” rating in a research report on Friday, August 6th. Eight investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $25.65.
KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Monday, July 19th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.19. The business had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.73 billion. KeyCorp had a net margin of 30.87% and a return on equity of 14.21%. The firm’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period last year, the firm posted $0.17 earnings per share.
Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of KeyCorp by 2.5% in the second quarter. Vanguard Group Inc. now owns 112,375,438 shares of the financial services provider’s stock worth $2,320,553,000 after acquiring an additional 2,704,372 shares during the period. BlackRock Inc. lifted its holdings in KeyCorp by 0.5% during the second quarter. BlackRock Inc. now owns 81,084,308 shares of the financial services provider’s stock valued at $1,674,392,000 after purchasing an additional 402,480 shares in the last quarter. Capital International Investors lifted its holdings in KeyCorp by 1.9% during the second quarter. Capital International Investors now owns 71,317,436 shares of the financial services provider’s stock valued at $1,472,705,000 after purchasing an additional 1,322,539 shares in the last quarter. Boston Partners lifted its holdings in shares of KeyCorp by 2.9% in the second quarter. Boston Partners now owns 32,061,109 shares of the financial services provider’s stock worth $661,999,000 after buying an additional 889,709 shares in the last quarter. Finally, Royal Bank of Canada lifted its holdings in shares of KeyCorp by 6.8% in the second quarter. Royal Bank of Canada now owns 22,659,532 shares of the financial services provider’s stock worth $467,918,000 after buying an additional 1,446,896 shares in the last quarter. Institutional investors and hedge funds own 80.49% of the company’s stock.
In other news, insider Jamie Warder sold 3,112 shares of the firm’s stock in a transaction dated Friday, September 10th. The shares were sold at an average price of $19.97, for a total value of $62,146.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.56% of the company’s stock.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 15th. Stockholders of record on Tuesday, August 31st will be given a $0.185 dividend. The ex-dividend date of this dividend is Monday, August 30th. This represents a $0.74 annualized dividend and a dividend yield of 3.59%. KeyCorp’s dividend payout ratio is 58.73%.
KeyCorp operates as bank holding company, which engages in the provision of financial services. it provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, student loan refinancing, commercial mortgage servicing and special servicing, and investment banking products and services to individual, corporate, and institutional clients.
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