KeyCorp (NYSE:KEY) Posts Earnings Results, Beats Expectations By $0.01 EPS

KeyCorp (NYSE:KEY) issued its quarterly earnings results on Thursday. The financial services provider reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.01, RTT News reports. KeyCorp had a negative net margin of 2.52% and a positive return on equity of 8.73%. The company had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same period in the prior year, the business posted $0.20 EPS.

KeyCorp Stock Up 1.3 %

Shares of KeyCorp stock opened at $14.26 on Friday. KeyCorp has a 1 year low of $12.73 and a 1 year high of $20.04. The company has a market cap of $15.62 billion, a P/E ratio of -47.53, a P/E/G ratio of 0.65 and a beta of 1.06. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77. The stock has a 50-day moving average price of $15.75 and a 200 day moving average price of $17.13.

Insider Buying and Selling at KeyCorp

In related news, Director Of Nova Scotia Bank purchased 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The stock was acquired at an average cost of $17.85 per share, for a total transaction of $892,500.00. Following the completion of the acquisition, the director now owns 162,983,726 shares in the company, valued at $2,909,259,509.10. This trade represents a 0.03 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On KeyCorp

A hedge fund recently bought a new stake in KeyCorp stock. Brighton Jones LLC purchased a new position in KeyCorp (NYSE:KEY) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 27,767 shares of the financial services provider’s stock, valued at approximately $476,000. 79.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Wells Fargo & Company restated an “overweight” rating on shares of KeyCorp in a research report on Thursday. Truist Financial cut their price objective on KeyCorp from $19.00 to $18.00 and set a “hold” rating for the company in a report on Friday, March 21st. Stephens reaffirmed an “overweight” rating and set a $20.00 target price on shares of KeyCorp in a report on Wednesday, January 22nd. DA Davidson cut their price target on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a report on Wednesday, January 22nd. Finally, Barclays lifted their price objective on shares of KeyCorp from $19.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Monday, January 6th. Seven research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, KeyCorp presently has an average rating of “Moderate Buy” and a consensus price target of $19.31.

KeyCorp declared that its board has authorized a stock repurchase plan on Thursday, March 13th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

KeyCorp Company Profile

KeyCorp operates as the holding company for KeyBank National Association that 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 deposits, investment products and services; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.