KeyCorp (NYSE:KEY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released 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 equities analysts have also recently issued reports on KEY. Citigroup Inc. boosted their price objective on KeyCorp from $19.00 to $20.00 and gave the company a “neutral” rating in a report on Monday, October 9th. Robert W. Baird reissued a “hold” rating and issued a $18.00 price objective on shares of KeyCorp in a report on Friday, October 6th. Sanford C. Bernstein reissued an “outperform” rating and issued a $22.00 price objective on shares of KeyCorp in a report on Wednesday, September 27th. Wells Fargo & Company started coverage on KeyCorp in a report on Wednesday, August 9th. They issued a “market perform” rating and a $19.00 price objective for the company. Finally, BidaskClub cut KeyCorp from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and fourteen have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $20.31.
KeyCorp (NYSE:KEY) traded down 0.999% during mid-day trading on Tuesday, reaching $18.335. 6,156,550 shares of the company’s stock were exchanged. The stock has a 50-day moving average of $18.19 and a 200-day moving average of $18.17. The stock has a market cap of $19.94 billion, a price-to-earnings ratio of 18.208 and a beta of 1.13. KeyCorp has a one year low of $13.83 and a one year high of $19.53.
KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Thursday, October 19th. The financial services provider reported $0.35 EPS for the quarter, hitting 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 during the quarter, compared to analysts’ expectations of $1.56 billion. During the same quarter in the previous year, the firm posted $0.30 EPS. The firm’s revenue was up 13.7% compared to the same quarter last year. On average, equities research analysts anticipate that KeyCorp will post $1.31 earnings per share for the current year.
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In other news, General Counsel Paul N. Harris sold 205,024 shares of the company’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $18.56, for a total transaction of $3,805,245.44. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Andrew J. Paine III sold 46,854 shares of the company’s stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $18.56, for a total value of $869,610.24. Following the sale, the insider now directly owns 110,052 shares in the company, valued at approximately $2,042,565.12. The disclosure for this sale can be found here. Insiders have sold 277,636 shares of company stock worth $5,149,949 in the last ninety days. Corporate insiders own 0.65% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Cypress Capital Management LLC WY boosted its stake in shares of KeyCorp by 177.9% during the second quarter. Cypress Capital Management LLC WY now owns 7,030 shares of the financial services provider’s stock worth $132,000 after buying an additional 4,500 shares during the period. Sun Life Financial INC lifted its position in KeyCorp by 80,370.0% in the second quarter. Sun Life Financial INC now owns 8,047 shares of the financial services provider’s stock valued at $151,000 after purchasing an additional 8,037 shares during the period. Quantbot Technologies LP acquired a new stake in KeyCorp in the second quarter valued at about $174,000. First Financial Bank Trust Division acquired a new stake in KeyCorp in the second quarter valued at about $192,000. Finally, Equity Investment Corp Acquisition Inc lifted its position in KeyCorp by 3.9% in the second quarter. Equity Investment Corp Acquisition Inc now owns 10,465 shares of the financial services provider’s stock valued at $196,000 after purchasing an additional 390 shares during the period. 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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