Todays Report: Today, Citigroup Inc. Downgrade KeyCorp (KEY) to Neutral

Today, Citigroup Inc. Downgrade KeyCorp (KEY) to Neutral

KeyCorp (NYSE:KEY) was downgraded by analysts at Citigroup Inc. from a “buy” rating to a “neutral” rating in a report released on Tuesday.

Other equities analysts have also recently issued research reports about the company. Vetr cut KeyCorp from a “strong-buy” rating to a “buy” rating and set a $14.14 target price on the stock. in a research note on Wednesday, October 19th. BMO Capital Markets reissued a “buy” rating and issued a $15.00 price target on shares of KeyCorp in a research note on Wednesday, July 27th. Jefferies Group reissued a “buy” rating and issued a $14.00 price target (down previously from $14.50) on shares of KeyCorp in a research note on Wednesday, July 27th. Credit Suisse Group AG reissued a “buy” rating on shares of KeyCorp in a research note on Monday, July 11th. Finally, Rafferty Capital Markets raised KeyCorp from a “hold” rating to a “buy” rating in a research note on Tuesday, October 25th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and sixteen have assigned a buy rating to the stock. KeyCorp has an average rating of “Buy” and a consensus price target of $14.84.

KeyCorp (NYSE:KEY) traded down 0.60% during mid-day trading on Tuesday, hitting $17.33. 6,134,531 shares of the stock were exchanged. KeyCorp has a one year low of $9.88 and a one year high of $17.57. The company has a 50-day moving average price of $14.56 and a 200-day moving average price of $12.65. The company has a market cap of $18.73 billion, a P/E ratio of 19.97 and a beta of 1.00.

KeyCorp (NYSE:KEY) last released its earnings results on Tuesday, October 25th. The financial services provider reported $0.30 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.04. KeyCorp had a return on equity of 8.44% and a net margin of 15.72%. The company had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.28 billion. During the same quarter in the previous year, the business posted $0.27 EPS. The business’s revenue for the quarter was up 25.2% on a year-over-year basis. On average, analysts predict that KeyCorp will post $1.10 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Tuesday, November 29th will be issued a dividend of $0.085 per share. This represents a $0.34 annualized dividend and a dividend yield of 1.96%. The ex-dividend date of this dividend is Friday, November 25th. KeyCorp’s payout ratio is presently 39.08%.

Several hedge funds have recently made changes to their positions in the company. MCF Advisors LLC raised its position in shares of KeyCorp by 0.7% in the third quarter. MCF Advisors LLC now owns 8,598 shares of the financial services provider’s stock valued at $105,000 after buying an additional 59 shares during the period. Virtus Investment Advisers Inc. purchased a new position in shares of KeyCorp during the third quarter valued at about $109,000. MSI Financial Services Inc raised its position in shares of KeyCorp by 10.6% in the third quarter. MSI Financial Services Inc now owns 8,993 shares of the financial services provider’s stock valued at $109,000 after buying an additional 860 shares during the period. Cutler Capital Management LLC purchased a new position in shares of KeyCorp during the third quarter valued at about $121,000. Finally, Checchi Capital Advisers LLC raised its position in shares of KeyCorp by 55.6% in the third quarter. Checchi Capital Advisers LLC now owns 10,231 shares of the financial services provider’s stock valued at $125,000 after buying an additional 3,657 shares during the period. Institutional investors own 71.65% of the company’s stock.

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