Zacks Investment Research upgraded shares of KeyCorp (NYSE:KEY) from a hold rating to a buy rating in a research note released on Wednesday morning. The firm currently has $19.00 price objective on the financial services provider’s stock.
According to Zacks, “KeyCorp’s 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. Also, improving credit quality and steady capital deployment activities continue to be major positives for the company. 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.”
Several other research analysts have also commented on KEY. Rafferty Capital Markets raised shares of KeyCorp from a hold rating to a buy rating in a report on Tuesday, October 25th. BMO Capital Markets reissued a buy rating and set a $15.00 target price on shares of KeyCorp in a research note on Wednesday, July 27th. Jefferies Group reissued a buy rating and set a $16.00 target price on shares of KeyCorp in a research note on Wednesday, October 26th. Citigroup Inc. lowered shares of KeyCorp from a buy rating to a neutral rating in a research note on Tuesday, November 8th. Finally, Standpoint Research lowered shares of KeyCorp from a buy rating to a hold rating in a research note on Monday, November 21st. One analyst has rated the stock with a sell rating, nine have given a hold rating and sixteen have issued a buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $14.84.
Shares of KeyCorp (NYSE:KEY) opened at 17.33 on Wednesday. The stock has a 50 day moving average of $14.56 and a 200 day moving average of $12.65. The firm has a market capitalization of $18.73 billion, a price-to-earnings ratio of 19.97 and a beta of 1.00. KeyCorp has a 52-week low of $9.88 and a 52-week high of $17.57.
KeyCorp (NYSE:KEY) last posted its quarterly earnings results on Tuesday, October 25th. The financial services provider reported $0.30 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.04. KeyCorp had a net margin of 15.72% and a return on equity of 8.44%. The business earned $1.34 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same period in the previous year, the business posted $0.27 EPS. The company’s quarterly revenue was up 25.2% on a year-over-year basis. On average, analysts predict that KeyCorp will post $1.10 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Tuesday, November 29th will be given a dividend of $0.085 per share. This represents a $0.34 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date is Friday, November 25th. KeyCorp’s payout ratio is presently 39.08%.
A number of hedge funds have recently bought and sold shares of KEY. 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 in the last quarter. Virtus Investment Advisers Inc. acquired a new stake in KeyCorp during the third quarter valued at approximately $109,000. 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 in the last quarter. Cutler Capital Management LLC acquired a new stake in KeyCorp during the third quarter valued at approximately $121,000. Finally, Checchi Capital Advisers LLC increased its stake in 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 in the last quarter. 78.55% of the stock is owned by institutional investors.
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.