Piper Jaffray Companies Comments on KeyCorp’s FY2019 Earnings (KEY)
KeyCorp (NYSE:KEY) – Analysts at Piper Jaffray Companies reduced their FY2019 earnings per share (EPS) estimates for shares of KeyCorp in a research report issued to clients and investors on Sunday, April 21st. Piper Jaffray Companies analyst K. Barker now anticipates that the financial services provider will earn $1.77 per share for the year, down from their prior forecast of $1.81. Piper Jaffray Companies also issued estimates for KeyCorp’s Q4 2019 earnings at $0.46 EPS, Q1 2020 earnings at $0.38 EPS, Q3 2020 earnings at $0.49 EPS, Q4 2020 earnings at $0.51 EPS and FY2020 earnings at $1.86 EPS.
Several other research analysts also recently issued reports on KEY. Zacks Investment Research downgraded shares of KeyCorp from a “hold” rating to a “sell” rating in a research report on Thursday, January 24th. JPMorgan Chase & Co. downgraded shares of KeyCorp from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $18.00 to $17.00 in a report on Thursday, April 4th. ValuEngine raised shares of KeyCorp from a “strong sell” rating to a “sell” rating in a report on Thursday, April 18th. Nomura raised shares of KeyCorp from a “reduce” rating to a “neutral” rating and set a $16.00 target price on the stock in a report on Friday, March 29th. Finally, Argus lowered their target price on shares of KeyCorp from $23.00 to $21.00 and set a “buy” rating on the stock in a report on Tuesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the stock. KeyCorp currently has a consensus rating of “Hold” and a consensus target price of $22.46.
KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Thursday, April 18th. The financial services provider reported $0.40 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.42 by ($0.02). KeyCorp had a return on equity of 13.16% and a net margin of 24.18%. The company had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.60 billion. During the same quarter in the prior year, the business earned $0.38 earnings per share. KeyCorp’s revenue was down 2.1% compared to the same quarter last year.
In other news, insider Angela G. Mago sold 4,162 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $17.33, for a total value of $72,127.46. Following the transaction, the insider now directly owns 128,464 shares in the company, valued at approximately $2,226,281.12. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Robert A. Deangelis sold 31,166 shares of the firm’s stock in a transaction dated Friday, February 15th. The stock was sold at an average price of $17.37, for a total transaction of $541,353.42. Following the completion of the transaction, the insider now owns 196,478 shares in the company, valued at $3,412,822.86. The disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Verity & Verity LLC lifted its position in shares of KeyCorp by 7.0% in the 4th quarter. Verity & Verity LLC now owns 213,854 shares of the financial services provider’s stock worth $3,161,000 after buying an additional 13,940 shares during the last quarter. Bank of Montreal Can lifted its position in shares of KeyCorp by 52.4% in the 4th quarter. Bank of Montreal Can now owns 5,491,759 shares of the financial services provider’s stock worth $81,168,000 after buying an additional 1,888,517 shares during the last quarter. Bell Rock Capital LLC lifted its position in shares of KeyCorp by 1.1% in the 1st quarter. Bell Rock Capital LLC now owns 181,703 shares of the financial services provider’s stock worth $2,863,000 after buying an additional 1,908 shares during the last quarter. TrimTabs Asset Management LLC bought a new position in shares of KeyCorp in the 1st quarter worth about $1,163,000. Finally, JPMorgan Chase & Co. lifted 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 buying an additional 9,086,291 shares during the last quarter. Institutional investors own 82.52% of the company’s stock.
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.
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