KeyCorp (KEY) Raised to “Buy” at Sandler O’Neill

Sandler O’Neill upgraded shares of KeyCorp (NYSE:KEY) from a hold rating to a buy rating in a research report released on Friday morning, Marketbeat Ratings reports. They currently have $19.00 target price on the financial services provider’s stock, up from their previous target price of $16.50.

Several other research firms also recently commented on KEY. Citigroup lifted their price objective on KeyCorp from $19.00 to $20.00 and gave the stock a neutral rating in a report on Monday, December 3rd. Zacks Investment Research upgraded KeyCorp from a sell rating to a hold rating in a report on Monday, October 8th. Scotiabank reiterated a hold rating on shares of KeyCorp in a report on Friday, November 9th. UBS Group set a $23.00 price objective on KeyCorp and gave the stock a buy rating in a report on Monday, October 22nd. Finally, Nomura reiterated a neutral rating and issued a $18.00 price objective (down previously from $20.00) on shares of KeyCorp in a report on Tuesday, November 13th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and fifteen have given a buy rating to the company. KeyCorp has a consensus rating of Buy and an average target price of $22.29.

KEY opened at $15.96 on Friday. The stock has a market capitalization of $16.40 billion, a PE ratio of 11.74, a P/E/G ratio of 0.53 and a beta of 1.17. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 1.01. KeyCorp has a 12 month low of $13.65 and a 12 month high of $22.40.

KeyCorp (NYSE:KEY) last released its quarterly earnings data on Thursday, October 18th. The financial services provider reported $0.45 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.01. The firm had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.64 billion. KeyCorp had a return on equity of 12.56% and a net margin of 21.47%. The company’s quarterly revenue was up 3.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.32 earnings per share. On average, analysts predict that KeyCorp will post 1.74 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 15th. Shareholders of record on Tuesday, March 5th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, March 4th. This represents a $0.68 annualized dividend and a yield of 4.26%. KeyCorp’s payout ratio is 50.00%.

In other KeyCorp news, Director Carlton L. Highsmith sold 6,963 shares of KeyCorp stock in a transaction that occurred on Friday, November 2nd. The stock was sold at an average price of $18.37, for a total transaction of $127,910.31. Following the sale, the director now directly owns 68,088 shares of the company’s stock, valued at approximately $1,250,776.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Beth E. Mooney acquired 10,000 shares of the business’s stock in a transaction on Thursday, November 1st. The shares were purchased at an average cost of $18.26 per share, for a total transaction of $182,600.00. The disclosure for this purchase can be found here. Insiders own 0.67% of the company’s stock.

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in shares of KeyCorp by 1.4% in the 3rd quarter. Vanguard Group Inc. now owns 114,959,582 shares of the financial services provider’s stock worth $2,286,547,000 after purchasing an additional 1,604,187 shares in the last quarter. Vanguard Group Inc boosted its position in shares of KeyCorp by 1.4% in the 3rd quarter. Vanguard Group Inc now owns 114,959,582 shares of the financial services provider’s stock worth $2,286,547,000 after purchasing an additional 1,604,187 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of KeyCorp by 33.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 36,176,502 shares of the financial services provider’s stock worth $719,551,000 after purchasing an additional 9,086,291 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of KeyCorp by 14.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 16,968,275 shares of the financial services provider’s stock worth $337,498,000 after purchasing an additional 2,198,538 shares in the last quarter. Finally, FMR LLC boosted its position in shares of KeyCorp by 33.5% in the 3rd quarter. FMR LLC now owns 16,698,961 shares of the financial services provider’s stock worth $332,143,000 after purchasing an additional 4,186,177 shares in the last quarter. 79.44% of the stock is currently owned by institutional investors and hedge funds.

About KeyCorp

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, as well as personal property and casualty insurance, such as home, auto, renters, watercraft, and umbrella insurance for individuals.

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