Morgan Stanley Reaffirms Overweight Rating for KeyCorp (KEY)

Morgan Stanley reissued their overweight rating on shares of KeyCorp (NYSE:KEY) in a research note released on Thursday. They currently have a $23.00 price target on the financial services provider’s stock.

KEY has been the topic of a number of other research reports. Zacks Investment Research upgraded KeyCorp from a sell rating to a hold rating in a report on Monday, October 23rd. ValuEngine upgraded KeyCorp from a hold rating to a buy rating in a report on Friday, December 1st. Citigroup boosted their price target on KeyCorp from $19.00 to $20.00 and gave the company a neutral rating in a report on Monday, October 9th. Robert W. Baird restated a hold rating and set a $18.00 price target on shares of KeyCorp in a report on Friday, October 6th. Finally, Sanford C. Bernstein upgraded KeyCorp from a market perform rating to an outperform rating and boosted their price target for the company from $21.00 to $22.00 in a report on Thursday, September 14th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and sixteen have assigned a buy rating to the company. The company presently has an average rating of Buy and a consensus price target of $21.28.

KeyCorp (NYSE:KEY) opened at $19.76 on Thursday. KeyCorp has a twelve month low of $16.28 and a twelve month high of $20.15. The stock has a market capitalization of $21,249.90, a PE ratio of 14.97, a P/E/G ratio of 1.80 and a beta of 1.10. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 1.06.

KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Thursday, October 19th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.35. KeyCorp had a return on equity of 10.35% and a net margin of 18.69%. The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.56 billion. During the same quarter in the previous year, the business earned $0.30 EPS. KeyCorp’s revenue was up 13.7% compared to the same quarter last year. equities analysts forecast that KeyCorp will post 1.37 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Tuesday, November 28th were given a dividend of $0.105 per share. This represents a $0.42 annualized dividend and a yield of 2.13%. This is a boost from KeyCorp’s previous quarterly dividend of $0.10. The ex-dividend date was Monday, November 27th. KeyCorp’s payout ratio is presently 36.84%.

In other news, insider Andrew J. Paine III sold 46,854 shares of the business’s stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $18.56, for a total value of $869,610.24. Following the sale, the insider now directly owns 110,052 shares of the company’s stock, valued at approximately $2,042,565.12. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Carlton L. Highsmith sold 7,600 shares of the business’s stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $18.39, for a total value of $139,764.00. Following the completion of the sale, the director now directly owns 68,725 shares in the company, valued at $1,263,852.75. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 57,212 shares of company stock worth $1,060,508. Insiders own 0.65% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of KeyCorp by 3.9% in the 2nd quarter. Vanguard Group Inc. now owns 111,418,810 shares of the financial services provider’s stock worth $2,087,987,000 after purchasing an additional 4,230,390 shares in the last quarter. BlackRock Inc. boosted its position in shares of KeyCorp by 2.7% in the 2nd quarter. BlackRock Inc. now owns 86,694,342 shares of the financial services provider’s stock worth $1,624,654,000 after purchasing an additional 2,280,450 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its position in shares of KeyCorp by 8.0% in the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 23,857,079 shares of the financial services provider’s stock worth $448,990,000 after purchasing an additional 1,765,263 shares in the last quarter. Boston Partners bought a new stake in shares of KeyCorp in the 3rd quarter worth approximately $356,111,000. Finally, Northern Trust Corp boosted its position in shares of KeyCorp by 1.9% in the 2nd quarter. Northern Trust Corp now owns 12,429,250 shares of the financial services provider’s stock worth $232,925,000 after purchasing an additional 231,558 shares in the last quarter. 81.20% of the stock is currently owned by hedge funds and other institutional investors.

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About KeyCorp

KeyCorp is a bank holding company. The Company is a bank-based financial services company. The Company operates through its subsidiary, KeyBank National Association (KeyBank), which is engaged in providing banking services. Through KeyBank and other subsidiaries, it provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, and investment banking products and services to individual, corporate and institutional clients.

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