KeyCorp (NYSE:KEY) Shares Gap Up After Earnings Beat

Shares of KeyCorp (NYSE:KEY) gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $14.07, but opened at $14.50. KeyCorp shares last traded at $14.32, with a volume of 2,583,115 shares changing hands.

The financial services provider reported $0.33 EPS for the quarter, beating the consensus estimate of $0.32 by $0.01. The firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. KeyCorp had a negative net margin of 2.52% and a positive return on equity of 8.73%. During the same quarter in the previous year, the company earned $0.20 EPS.

KeyCorp declared that its Board of Directors has approved a stock buyback plan on Thursday, March 13th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several analysts recently issued reports on KEY shares. Keefe, Bruyette & Woods reduced their price objective on shares of KeyCorp from $22.00 to $21.00 and set an “outperform” rating on the stock in a report on Wednesday, January 22nd. Stephens reissued an “overweight” rating and issued a $20.00 price target on shares of KeyCorp in a research note on Wednesday, January 22nd. Wells Fargo & Company reaffirmed an “overweight” rating on shares of KeyCorp in a research report on Thursday. Baird R W upgraded KeyCorp from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. Finally, Citigroup reaffirmed a “buy” rating on shares of KeyCorp in a research note on Thursday. Seven investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, KeyCorp has a consensus rating of “Moderate Buy” and a consensus target price of $19.31.

Insider Transactions at KeyCorp

In related news, Director Of Nova Scotia Bank bought 50,000 shares of the stock in a transaction dated Wednesday, February 5th. The stock was acquired at an average price of $17.85 per share, for a total transaction of $892,500.00. Following the acquisition, the director now owns 162,983,726 shares in the company, valued at approximately $2,909,259,509.10. This represents a 0.03 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On KeyCorp

Institutional investors and hedge funds have recently bought and sold shares of the stock. TCTC Holdings LLC increased its position in shares of KeyCorp by 38.6% during the fourth quarter. TCTC Holdings LLC now owns 2,195 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 611 shares in the last quarter. Signaturefd LLC grew its stake in KeyCorp by 16.0% during the 4th quarter. Signaturefd LLC now owns 4,453 shares of the financial services provider’s stock worth $76,000 after buying an additional 614 shares during the last quarter. Modera Wealth Management LLC increased its position in KeyCorp by 3.9% during the fourth quarter. Modera Wealth Management LLC now owns 16,521 shares of the financial services provider’s stock worth $283,000 after buying an additional 627 shares during the period. Integrated Wealth Concepts LLC lifted its stake in KeyCorp by 2.6% in the fourth quarter. Integrated Wealth Concepts LLC now owns 24,679 shares of the financial services provider’s stock valued at $423,000 after buying an additional 631 shares during the last quarter. Finally, Ballentine Partners LLC boosted its holdings in shares of KeyCorp by 5.7% in the fourth quarter. Ballentine Partners LLC now owns 12,855 shares of the financial services provider’s stock valued at $220,000 after acquiring an additional 692 shares during the period. 79.69% of the stock is owned by hedge funds and other institutional investors.

KeyCorp Trading Up 1.3 %

The business’s 50-day moving average price is $15.82 and its 200-day moving average price is $17.14. The firm has a market capitalization of $15.62 billion, a PE ratio of -47.53, a price-to-earnings-growth ratio of 0.65 and a beta of 1.06. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84.

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.