KeyCorp (NYSE:KEY) issued its earnings results on Monday. The financial services provider reported $0.61 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.13, MarketWatch Earnings reports. The business had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.68 billion. KeyCorp had a net margin of 16.38% and a return on equity of 7.87%. The firm’s revenue for the quarter was up 19.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.12 earnings per share.
NYSE:KEY traded up $0.61 during mid-day trading on Wednesday, reaching $20.45. 430,067 shares of the company’s stock were exchanged, compared to its average volume of 9,174,137. KeyCorp has a one year low of $9.05 and a one year high of $21.81. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.89 and a current ratio of 0.90. The business’s fifty day simple moving average is $20.47 and its two-hundred day simple moving average is $17.24. The firm has a market capitalization of $19.63 billion, a PE ratio of 17.79 and a beta of 1.58.
KeyCorp declared that its board has approved a stock buyback plan on Thursday, January 21st that allows the company to repurchase $900.00 million in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
A number of research analysts have recently commented on the stock. Jefferies Financial Group lifted their price objective on shares of KeyCorp from $21.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, April 9th. Deutsche Bank Aktiengesellschaft lifted their price target on KeyCorp from $18.00 to $21.00 and gave the stock a “hold” rating in a report on Thursday, April 1st. Credit Suisse Group raised their price objective on KeyCorp from $28.00 to $30.00 and gave the company an “outperform” rating in a research report on Wednesday, January 27th. Piper Sandler reiterated a “neutral” rating and set a $20.50 target price on shares of KeyCorp in a research note on Tuesday, March 9th. Finally, Stephens increased their price target on KeyCorp from $20.00 to $23.00 and gave the company an “equal weight” rating in a research note on Tuesday, March 30th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company’s stock. KeyCorp currently has a consensus rating of “Hold” and a consensus price target of $22.74.
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; 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.
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