On September 17, 2023, financial services provider KeyCorp (NYSE:KEY) experienced a notable increase in its position thanks to B.O.S.S. Retirement Advisors LLC. According to the most recent Form 13F filing with the SEC, B.O.S.S. Retirement Advisors LLC raised its position in KeyCorp by 56.1% during the second quarter. The institutional investor now holds 160,792 shares of KeyCorp’s stock after acquiring an additional 57,813 shares during this period. The total value of B.O.S.S. Retirement Advisors LLC’s holdings in KeyCorp is currently worth $1,486,000.
KeyCorp recently released its quarterly earnings data on July 20th, revealing that it reported earnings per share of $0.27 for the quarter. This figure missed the consensus estimate of $0.32 by ($0.05). Additionally, the company generated $1.60 billion in revenue during this period, slightly lower than the consensus estimate of $1.62 billion. It is worth noting that KeyCorp’s revenue for the quarter was down 11% compared to the same quarter last year when it earned $0.54 per share.
Equity analysts have offered their insight into KeyCorp based on recent reports and data analysis from Bloomberg. One such analyst is Argus, who lowered their price objective on KeyCorp shares from $17 to $14 and issued a “buy” rating for the company in a research report on July 24th. Odeon Capital Group also upgraded their rating on KeyCorp from a “hold” to a “buy” and set a target price of $11 for the stock back in May.
Furthermore, Wedbush increased its target price on KeyCorp’s shares from $10 to $13 and gave them a “neutral” rating in a report released on July 21st. Similarly, The Goldman Sachs Group raised its target price from $11.50 to $13 and issued a “buy” rating for the stock in July. Citigroup also increased its target price on KeyCorp’s shares from $14 to $15 and gave them a “buy” rating.
Overall, according to Bloomberg data, KeyCorp currently has a consensus rating of “Moderate Buy” with an average target price of $14.73. It is important to consider all available information and perform thorough research when making investment decisions, as equities research analysts’ ratings are based on their independent analysis and opinions.
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KeyCorp Receives Increased Attention from Institutional Investors and Analysts, Reflecting Confidence in Performance and Growth Potential
KeyCorp, a financial services provider, has seen recent activity from several large investors. Vanguard Group Inc. increased its position in KeyCorp by 1.2% during the first quarter, now owning over 111 million shares worth $2.48 billion. BlackRock Inc., another major investor, increased its position by 10.3% during the same period, owning over 89 million shares worth $1.12 billion. Royal Bank of Canada and FMR LLC also increased their positions in KeyCorp, acquiring additional shares in the last quarter.
These actions by institutional investors demonstrate confidence in KeyCorp’s performance and potential for growth. This is further supported by the fact that these investors now collectively own 77.77% of the company’s stock.
Shares of KEY opened at $11.72 on Friday with a market capitalization of $10.97 billion and a PE ratio of 7.81, indicating strong market presence and stability for the company. The PEG ratio stands at 2.12 and the beta is at 1.26.
KeyCorp has shown resilience with its 50-day moving average at $11.27 and its 200-day moving average at $11.26, demonstrating consistent performance over time.
While the company’s fifty-two week low is $8.53, its fifty-two week high is much higher at $20.30, indicating potential for significant growth when considering historical fluctuations in stock prices.
Equity research analysts have also weighed in on KeyCorp, providing insights into its stock performance and outlook for future growth. Argus lowered their price objective from $17 to $14 but maintained a “buy” rating for the company in a recent research report.
Odeon Capital Group upgraded KeyCorp from a “hold” rating to a “buy” rating with a target price of $11 per share.
Wedbush has given a “neutral” rating to KeyCorp and increased its target price from $10 to $13, while The Goldman Sachs Group also raised their target price from $11.50 to $13 and maintained a “buy” rating.
Citigroup has also given KeyCorp a “buy” rating, increasing their target price from $14 to $15.
Overall, according to data from Bloomberg, KeyCorp currently holds a consensus rating of “Moderate Buy” and an average target price of $14.73, indicating positive sentiment from analysts.
In terms of dividends, KeyCorp recently declared a quarterly dividend and paid it on September 15th. Investors who were recorded on August 29th received a dividend of $0.205 per share. This represents an annualized dividend payout ratio of 54.67% and a yield of 7.00%.
In recent news, Director Devina A. Rankin purchased 10,000 shares of KeyCorp stock at an average cost of $11.49 per share, totaling a value of $114,900. Following this transaction, the director now owns 10,000 shares in the company with a value of $114,900.
This purchase was disclosed in a document filed with the Securities & Exchange Commission, showing transparency in the company’s activities.
Overall, KeyCorp continues to attract attention from large investors and analysts alike due to its stable performance and potential for growth in the financial services sector.
