KeyCorp (NYSE:KEY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.
According to Zacks, “KeyCorp’s shares have outperformed the industry over the past six months. Yet, the company does not have an impressive earnings surprise history, as it did not surpass the Zacks Consensus Estimate in any of the trailing four quarters. The bank remains well positioned for revenue growth, given a rising rate environment and improving loan and deposit balances. Also, lower tax rates will support profitability. However, persistently increasing expenses owing to investments in franchise and acquisitions are likely to hurt bottom-line growth. Also, the company's significant exposure toward risky loan portfolios remains a major concern.”
Several other equities research analysts also recently issued reports on the company. Morgan Stanley upped their price target on KeyCorp from $24.50 to $25.00 and gave the stock an “overweight” rating in a report on Tuesday, April 24th. Susquehanna Bancshares upgraded KeyCorp from a “neutral” rating to a “positive” rating and upped their price target for the stock from $24.00 to $25.00 in a report on Tuesday, April 24th. UBS Group upgraded KeyCorp from a “neutral” rating to a “positive” rating in a report on Tuesday, April 24th. BMO Capital Markets decreased their price target on KeyCorp from $25.00 to $24.00 and set an “outperform” rating for the company in a report on Friday, April 20th. Finally, Vining Sparks reiterated a “buy” rating and set a $25.00 price target on shares of KeyCorp in a report on Friday, April 6th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and sixteen have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $22.52.
Shares of KeyCorp opened at $19.80 on Monday, Marketbeat reports. KeyCorp has a 12-month low of $16.28 and a 12-month high of $22.40. The firm has a market cap of $21.66 billion, a P/E ratio of 14.56, a P/E/G ratio of 1.26 and a beta of 1.02. The company has a quick ratio of 0.87, a current ratio of 0.89 and a debt-to-equity ratio of 0.99.
KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Thursday, April 19th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.38. KeyCorp had a return on equity of 11.03% and a net margin of 19.32%. The business had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.56 billion. During the same quarter in the prior year, the company posted $0.32 earnings per share. KeyCorp’s revenue was up 3.1% compared to the same quarter last year. equities analysts anticipate that KeyCorp will post 1.7 EPS for the current year.
In other KeyCorp news, insider Edward J. Burke sold 10,000 shares of the company’s stock in a transaction on Tuesday, May 8th. The stock was sold at an average price of $19.83, for a total value of $198,300.00. Following the completion of the transaction, the insider now owns 126,526 shares in the company, valued at approximately $2,509,010.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.67% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in KEY. Mount Yale Investment Advisors LLC purchased a new position in shares of KeyCorp during the 1st quarter valued at $114,000. First Personal Financial Services lifted its position in shares of KeyCorp by 139.7% during the 1st quarter. First Personal Financial Services now owns 5,894 shares of the financial services provider’s stock valued at $115,000 after buying an additional 3,435 shares during the last quarter. Adviser Investments LLC purchased a new position in shares of KeyCorp during the 1st quarter valued at $165,000. We Are One Seven LLC purchased a new position in shares of KeyCorp during the 4th quarter valued at $183,000. Finally, Meridian Wealth Management LLC purchased a new position in shares of KeyCorp during the 1st quarter valued at $196,000. Hedge funds and other institutional investors own 79.98% 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, as well as personal property and casualty insurance, such as home, auto, renters, watercraft, and umbrella insurance for individuals.
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