KeyCorp (NYSE:KEY) Rating Increased to Strong-Buy at Argus

KeyCorp (NYSE:KEY) was upgraded by analysts at Argus to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

KEY has been the subject of several other reports. Susquehanna lifted their price target on shares of KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a report on Monday, May 18th. The Goldman Sachs Group upped their price objective on shares of KeyCorp from $25.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, April 17th. Stephens assumed coverage on shares of KeyCorp in a report on Monday, June 15th. They set an “overweight” rating and a $26.00 price objective for the company. Keefe, Bruyette & Woods lifted their target price on shares of KeyCorp from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Wednesday, July 22nd. Finally, UBS Group boosted their target price on KeyCorp from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $49.14.

KeyCorp Stock Performance

KeyCorp stock opened at $22.61 on Wednesday. The firm has a market capitalization of $24.41 billion, a P/E ratio of 13.15, a P/E/G ratio of 0.73 and a beta of 1.02. The stock has a fifty day moving average price of $22.57 and a two-hundred day moving average price of $21.63. KeyCorp has a 52-week low of $16.47 and a 52-week high of $24.07. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.84 and a quick ratio of 0.83.

KeyCorp (NYSE:KEY) last issued its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 EPS for the quarter, beating the consensus estimate of $0.42 by $0.02. KeyCorp had a net margin of 17.83% and a return on equity of 11.23%. The company had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter in the previous year, the company earned $0.35 EPS. The firm’s revenue for the quarter was up 6.7% compared to the same quarter last year. As a group, analysts anticipate that KeyCorp will post 1.83 EPS for the current fiscal year.

KeyCorp announced that its board has approved a stock buyback plan on Wednesday, May 13th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 13% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at KeyCorp

In other news, insider Angela G. Mago sold 22,826 shares of the company’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $21.66, for a total transaction of $494,411.16. Following the transaction, the insider owned 281,564 shares of the company’s stock, valued at $6,098,676.24. This represents a 7.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.56% of the stock is currently owned by insiders.

Institutional Trading of KeyCorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Maseco LLP bought a new stake in KeyCorp during the 4th quarter worth about $27,000. DV Equities LLC bought a new position in shares of KeyCorp in the 4th quarter valued at about $27,000. Smithfield Trust Co bought a new position in shares of KeyCorp in the 4th quarter valued at about $31,000. Kelleher Financial Advisors acquired a new stake in shares of KeyCorp during the 3rd quarter worth approximately $32,000. Finally, Richardson Financial Services Inc. acquired a new stake in shares of KeyCorp during the 4th quarter worth approximately $38,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

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.