KeyCorp (NYSE:KEY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday, October 17th.
According to Zacks, “KeyCorp’s shares have underperformed the industry over the past six months. Yet, the company has an impressive earnings surprise history, with having surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. The bank remains well positioned to benefit from rising rate environment, increase in loan and deposit balances and improving economic stability. However, persistently increasing expenses owing to investments in franchise is likely to hurt bottom line growth. Also, significant exposure toward real estate loans continues to be a major concern.”
Several other research firms have also issued reports on KEY. Keefe, Bruyette & Woods upgraded KeyCorp from a “market perform” rating to an “outperform” rating and set a $21.00 price target on the stock in a research report on Monday, July 10th. Instinet restated a “buy” rating and set a $23.00 price target on shares of KeyCorp in a research report on Wednesday, July 12th. UBS AG upgraded KeyCorp from a “neutral” rating to a “buy” rating and raised their price target for the stock from $19.00 to $22.00 in a research report on Monday, July 10th. Jefferies Group LLC restated a “buy” rating and set a $21.00 price target on shares of KeyCorp in a research report on Friday, July 14th. Finally, DA Davidson upgraded KeyCorp from a “neutral” rating to a “buy” rating and raised their price target for the stock from $20.00 to $21.00 in a research report on Thursday, July 20th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $20.31.
Shares of KeyCorp (NYSE KEY) traded down 0.81% during mid-day trading on Tuesday, reaching $18.37. The company had a trading volume of 10,633,113 shares. The firm has a market capitalization of $19.98 billion, a PE ratio of 18.24 and a beta of 1.13. KeyCorp has a 12-month low of $13.83 and a 12-month high of $19.53. The stock has a 50 day moving average price of $18.19 and a 200 day moving average price of $18.17.
KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.35 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.35. KeyCorp had a return on equity of 10.35% and a net margin of 18.69%. The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.56 billion. During the same period last year, the firm posted $0.30 EPS. KeyCorp’s revenue for the quarter was up 13.7% compared to the same quarter last year. On average, equities analysts forecast that KeyCorp will post $1.31 earnings per share for the current year.
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In other KeyCorp news, General Counsel Paul N. Harris sold 2,758 shares of KeyCorp stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $18.54, for a total transaction of $51,133.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ruth Ann M. Gillis acquired 3,000 shares of the stock in a transaction on Thursday, August 3rd. The shares were bought at an average price of $18.00 per share, with a total value of $54,000.00. Following the purchase, the director now directly owns 10,551 shares of the company’s stock, valued at approximately $189,918. The disclosure for this purchase can be found here. Insiders have sold 277,636 shares of company stock valued at $5,149,949 in the last quarter. 0.65% of the stock is owned by company insiders.
Large investors have recently made changes to their positions in the business. Caisse DE Depot ET Placement DU Quebec raised its stake in KeyCorp by 447.1% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,182,062 shares of the financial services provider’s stock valued at $21,040,000 after buying an additional 966,000 shares during the last quarter. Trust Co. of Toledo NA OH raised its stake in KeyCorp by 0.4% during the second quarter. Trust Co. of Toledo NA OH now owns 42,951 shares of the financial services provider’s stock valued at $805,000 after buying an additional 178 shares during the last quarter. Flippin Bruce & Porter Inc. raised its stake in KeyCorp by 3.9% during the second quarter. Flippin Bruce & Porter Inc. now owns 451,881 shares of the financial services provider’s stock valued at $8,468,000 after buying an additional 17,103 shares during the last quarter. Greenwood Capital Associates LLC raised its stake in KeyCorp by 1.3% during the second quarter. Greenwood Capital Associates LLC now owns 41,874 shares of the financial services provider’s stock valued at $785,000 after buying an additional 534 shares during the last quarter. Finally, BlackRock Inc. raised its stake in KeyCorp by 2.7% during the second quarter. BlackRock Inc. now owns 86,694,342 shares of the financial services provider’s stock valued at $1,624,654,000 after buying an additional 2,280,450 shares during the last quarter. Institutional investors and hedge funds own 80.64% of the company’s stock.
KeyCorp Company Profile
KeyCorp is a bank holding company. The Company is a bank-based financial services company. The Company operates through its subsidiary, KeyBank National Association (KeyBank), which is engaged in providing banking services. Through KeyBank and other subsidiaries, it provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, and investment banking products and services to individual, corporate and institutional clients.
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