KeyCorp (NYSE:KEY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Friday.
According to Zacks, “KeyCorp shares have outperformed the Zacks categorized Major Regional Banks industry over the last six months. Its persistent growth in loans and deposits are expected to aid top-line growth. Moreover, management expects the First Niagara deal to result in earnings accretion of approximately 5% in 2017. Further, the company’s consistent efforts to streamlining operations and diversifying products are likely to keep the overall expense stable in the near term. However, persistent pressure on net interest margin owing to low interest rate environment continue to be a major near-term concern. In addition, exposure to risky loans and heightened regulatory restrictions make us apprehensive about its future prospects.”
A number of other research analysts have also recently commented on the stock. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of KeyCorp in a research report on Wednesday, October 12th. Standpoint Research cut shares of KeyCorp from a “buy” rating to a “hold” rating in a research report on Monday. Wedbush reaffirmed an “outperform” rating and issued a $16.00 target price (up previously from $15.00) on shares of KeyCorp in a research report on Friday, October 28th. Vetr raised shares of KeyCorp from a “buy” rating to a “strong-buy” rating and set a $14.14 target price on the stock in a research report on Thursday, October 13th. Finally, Citigroup Inc. cut shares of KeyCorp from a “buy” rating to a “neutral” rating in a research report on Tuesday, November 8th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and sixteen have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $14.84.
KeyCorp (NYSE:KEY) traded down 0.60% during mid-day trading on Friday, hitting $17.33. 6,106,407 shares of the stock were exchanged. The firm has a market cap of $18.73 billion, a P/E ratio of 19.97 and a beta of 1.00. KeyCorp has a 12-month low of $9.88 and a 12-month high of $17.57. The company has a 50 day moving average of $14.38 and a 200 day moving average of $12.61.
KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Tuesday, October 25th. The financial services provider reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.04. The firm had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.28 billion. KeyCorp had a net margin of 15.72% and a return on equity of 8.44%. The company’s revenue was up 25.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.27 EPS. On average, equities analysts anticipate that KeyCorp will post $1.10 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Tuesday, November 29th will be issued a $0.085 dividend. This represents a $0.34 annualized dividend and a dividend yield of 1.94%. The ex-dividend date is Friday, November 25th. KeyCorp’s payout ratio is currently 39.08%.
Several large investors have recently bought and sold shares of the stock. MCF Advisors LLC increased its stake in 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 last quarter. MSI Financial Services Inc increased its stake in 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 last quarter. Virtus Investment Advisers Inc. purchased a new stake in KeyCorp during the third quarter valued at $109,000. Cutler Capital Management LLC purchased a new stake in KeyCorp during the third quarter valued at $121,000. Finally, Wealthfront Inc. purchased a new stake in KeyCorp during the second quarter valued at $123,000. 71.65% of the stock is owned by institutional investors and hedge funds.
KeyCorp Company Profile
KeyCorp is a bank holding company. The Bank operates through its subsidiary, KeyBank National Association (KeyBank), which is engaged in providing banking services. Through KeyBank and other subsidiaries, the Company provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, commercial mortgage servicing and special servicing, and investment banking products and services to individual, corporate and institutional clients.