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

KeyCorp (NYSE:KEY) issued its earnings results on Thursday. The financial services provider reported $0.33 EPS 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%. During the same period in the prior year, the company posted $0.20 EPS.

KeyCorp Price Performance

NYSE:KEY opened at $14.08 on Thursday. 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 of $15.88 and a two-hundred day moving average of $17.16. The firm has a market cap of $15.43 billion, a P/E ratio of -46.93, a price-to-earnings-growth ratio of 0.65 and a beta of 1.06. KeyCorp has a 12 month low of $12.73 and a 12 month high of $20.04.

Insider Activity at KeyCorp

In other KeyCorp news, Director Of Nova Scotia Bank bought 50,000 shares of the firm’s stock in a transaction on Wednesday, February 5th. The shares were acquired at an average cost of $17.85 per share, with a total value of $892,500.00. Following the purchase, the director now directly owns 162,983,726 shares of the company’s stock, valued at $2,909,259,509.10. This trade represents a 0.03 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 0.61% of the stock is owned by corporate insiders.

Institutional Trading of KeyCorp

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

KeyCorp announced that its board has initiated a stock buyback program on Thursday, March 13th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Several analysts have issued reports on the company. Keefe, Bruyette & Woods dropped their target price on KeyCorp from $22.00 to $21.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 22nd. Citigroup restated a “buy” rating on shares of KeyCorp in a research note on Thursday. Truist Financial cut their target price on KeyCorp from $19.00 to $18.00 and set a “hold” rating on the stock in a research report on Friday, March 21st. JPMorgan Chase & Co. decreased their target price on KeyCorp from $18.50 to $16.50 and set a “neutral” rating for the company in a report on Thursday, April 3rd. Finally, DA Davidson reduced their price objective on KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Wednesday, January 22nd. Seven equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, KeyCorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.31.

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.