KeyCorp (NYSE:KEY) Announces Quarterly Earnings Results

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

KeyCorp Price Performance

KeyCorp stock opened at $23.34 on Tuesday. KeyCorp has a 52-week low of $16.47 and a 52-week high of $24.07. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.62. The firm’s fifty day moving average is $22.33 and its 200 day moving average is $21.55. The company has a market cap of $25.19 billion, a price-to-earnings ratio of 14.32, a PEG ratio of 0.74 and a beta of 1.02.

KeyCorp Dividend Announcement

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

KeyCorp announced that its Board of Directors has authorized a stock repurchase program on Wednesday, May 13th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 13% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on KEY. Weiss Ratings raised KeyCorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Susquehanna raised their target price on shares of KeyCorp from $300.00 to $415.00 and gave the stock a “positive” rating in a report on Monday, May 18th. Evercore reiterated an “outperform” rating on shares of KeyCorp in a research note on Tuesday, April 21st. Wall Street Zen cut KeyCorp from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Finally, Wells Fargo & Company increased their price objective on shares of KeyCorp from $24.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Thirteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, KeyCorp presently has an average rating of “Moderate Buy” and a consensus price target of $47.34.

Insider Activity at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 22,826 shares of KeyCorp 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 transaction, the insider directly owned 281,564 shares of the company’s stock, valued at $6,098,676.24. This trade represents a 7.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.56% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. DV Equities LLC purchased a new position in shares of KeyCorp in the 4th quarter worth approximately $27,000. Kelleher Financial Advisors bought a new position in KeyCorp during the third quarter valued at $32,000. MUFG Securities EMEA plc purchased a new stake in shares of KeyCorp in the second quarter valued at $51,000. Zions Bancorporation National Association UT lifted its holdings in shares of KeyCorp by 585.5% in the 4th quarter. Zions Bancorporation National Association UT now owns 2,934 shares of the financial services provider’s stock worth $61,000 after acquiring an additional 2,506 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of KeyCorp by 58.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider’s stock worth $90,000 after purchasing an additional 1,890 shares during the period. Hedge funds and other institutional investors own 79.69% of the company’s stock.

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.