On April 26th, 2023, Richard J. Hipple, a director at KeyCorp (NYSE:KEY), bought 2,200 shares of the stock at an average price of $10.66 per share. This brought his total holdings to 68,374 shares worth approximately $728,866.84. The acquisition was disclosed in a document filed with the Securities & Exchange Commission and can be accessed on their website.
Despite this recent purchase by Hipple, the stock has been trading down since its highest point in the previous year at $20.34. On May 1st, 2023, NYSE KEY traded up slightly to reach $11.26 with a market cap of $10.41 billion and a PE ratio of 6.37. The company’s beta sits at 1.25 and its price-to-earnings-growth ratio is at 1.40.
KeyCorp is a bank holding company that offers financial services such as retail and commercial banking, investment management, consumer finance, student loan refinancing and more to individuals and businesses alike.
Numerous hedge funds have recently invested in or divested from KEY shares indicating some volatility in the stock over time. Hedge funds own almost all of the company’s stock overall.
Although KeyCorp may seem like viable option for those seeking financial planning assistance or offerings such as loans or investments; individuals must take into consideration that buying potential could be quite limited given multiple hedge fund involvements leading to reduced market control over time with a higher likelihood of volatility setting precedent over time as compared to a client base consisting entirely of retail investors amongst others factors such as general economic forecasts by existing experts however its long-term viability remains unclear until we see further changes in its stock prices soon which seems highly probable given past trends seen for this particular entity within this specific industry altogether creating widespread market uncertainty for it going forward looking towards decades ahead in future.
Mixed Views on KeyCorp’s Financial Performance and Stock Price
KeyCorp (NYSE:KEY) recently released its earnings results for the quarter ending April 20th, with financial performance that met analysts’ consensus estimates of $0.44 EPS. The company’s quarterly revenue came in at $1.71 billion, which was slightly lower than analysts’ expectations of $1.80 billion. Despite a small year-over-year growth in their quarterly revenue by 1.1%, KeyCorp had a return on equity of 15.63%, alongside a net margin of 19.09%.
From various research analyst reports, it appears that KEY has been receiving mixed reviews in terms of its stock price and overall rating by sell-side analysis firms.
One such report from Robert W. Baird upgraded KeyCorp from neutral to outperform before setting the stock’s price target at $20 per share on March 10th this year – indicating bullishness for the firm going forward.
However, Deutsche Bank Aktiengesellschaft downgraded KeyCorp’s price target from $23 to $20 a share earlier this year while DA Davidson lowered theirs from $16 to $15 per share following the company’s recent earnings report on April 21st.
Moreover, Royal Bank of Canada dropped their price objective for KeyCorp shares significantly from $19 to $16 per share and maintained an “outperform” rating on Friday, April 21st – an indication that they remain optimistic about the future prospects for this financial services provider despite recent struggles.
Lastly, StockNews.com assumed coverage for KeyCorp and issued a “sell” rating on Thursday, March 16th, accurately reflecting the views of some within the industry who remain bearish on this stock.
Currently, three research analysts have rated KEY as being a sell while seven have given it a hold rating and six buy ratings according to data provided by Bloomberg. It appears that there is no general consensus concerning the best course of action when it comes to investing in KeyCorp shares.
As of May 1, 2023, the company is set to hit a figure of 1.75 earnings per share for the current fiscal year – this news will surely pique the interest of investors worldwide.
