KeyCorp (NYSE:KEY) – Investment analysts at Wedbush lowered their FY2020 earnings per share estimates for KeyCorp in a note issued to investors on Wednesday, March 27th, according to Zacks Investment Research. Wedbush analyst P. Winter now anticipates that the financial services provider will post earnings per share of $1.97 for the year, down from their prior forecast of $1.99. Wedbush currently has a “Neutral” rating and a $16.63 target price on the stock.
Other equities research analysts have also issued reports about the stock. CIBC reiterated an “average” rating on shares of KeyCorp in a research note on Monday, February 4th. Desjardins reiterated an “average” rating and set a $34.00 target price on shares of KeyCorp in a research note on Tuesday, February 5th. Sandler O’Neill upgraded KeyCorp from a “hold” rating to a “buy” rating and upped their price objective for the stock from $16.50 to $19.00 in a research note on Friday, January 11th. Argus reduced their price objective on KeyCorp from $23.00 to $21.00 and set a “buy” rating for the company in a research note on Tuesday, January 22nd. Finally, Scotiabank restated a “buy” rating and issued a $36.00 price objective on shares of KeyCorp in a research note on Friday, February 22nd. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $22.46.
KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, April 18th. The financial services provider reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.02). The company had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.60 billion. KeyCorp had a net margin of 24.18% and a return on equity of 13.16%. KeyCorp’s quarterly revenue was down 2.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.38 earnings per share.
A number of institutional investors have recently modified their holdings of the stock. Cornell Pochily Investment Advisors Inc. bought a new position in shares of KeyCorp during the 1st quarter valued at about $204,000. Cozad Asset Management Inc. bought a new position in shares of KeyCorp during the 1st quarter valued at about $640,000. Valicenti Advisory Services Inc. boosted its holdings in shares of KeyCorp by 5.8% during the 1st quarter. Valicenti Advisory Services Inc. now owns 184,216 shares of the financial services provider’s stock valued at $2,901,000 after purchasing an additional 10,140 shares during the last quarter. Oakbrook Investments LLC boosted its holdings in shares of KeyCorp by 3.6% during the 1st quarter. Oakbrook Investments LLC now owns 97,300 shares of the financial services provider’s stock valued at $1,532,000 after purchasing an additional 3,340 shares during the last quarter. Finally, IFM Investors Pty Ltd lifted its holdings in shares of KeyCorp by 8.3% in the 1st quarter. IFM Investors Pty Ltd now owns 68,327 shares of the financial services provider’s stock valued at $1,076,000 after acquiring an additional 5,245 shares during the last quarter. 82.52% of the stock is owned by institutional investors.
In related news, insider Robert A. Deangelis sold 31,166 shares of the company’s stock in a transaction on Friday, February 15th. The shares were sold at an average price of $17.37, for a total value of $541,353.42. Following the completion of the transaction, the insider now owns 196,478 shares of the company’s stock, valued at approximately $3,412,822.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Angela G. Mago sold 4,162 shares of the company’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $17.33, for a total transaction of $72,127.46. Following the completion of the transaction, the insider now directly owns 128,464 shares of the company’s stock, valued at approximately $2,226,281.12. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.
KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking services in the United States. The company's Key Community Bank segment offers various deposit and investment products, personal finance services, residential mortgages, home equity loans, credit cards, and installment loans.
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