KeyCorp (KEY) Upgraded by Zacks Investment Research to “Hold”
According to Zacks, “Estimates have been stable lately ahead of KeyCorp’s third-quarter 2016 earnings release. Further, as the company has been consistently streamlining operations, diversifying products and exiting unprofitable businesses, overall expenses are expected to remain stable in the near term. Also, an efficient organic growth strategy, improving credit quality and robust balance sheet position are anticipated to boost the company’s financials. However, a persistent decline in net interest margin owing low interest rate environment remains a major concern. Moreover, increased dependence on home equity and commercial real estate loans raises the exposure of the company’s profits to these avenues and any deterioration in its prices may have an adverse effect on its balance sheet.”
A number of other equities analysts also recently commented on KEY. Vetr upgraded KeyCorp from a buy rating to a strong-buy rating and set a $13.77 price objective on the stock in a research report on Monday, June 13th. Deutsche Bank AG reiterated a hold rating and set a $13.00 price objective on shares of KeyCorp in a research report on Wednesday, June 15th. Jefferies Group reiterated a buy rating on shares of KeyCorp in a research report on Wednesday, June 29th. Citigroup Inc. reiterated a buy rating on shares of KeyCorp in a research report on Wednesday, June 29th. Finally, Morgan Stanley upgraded KeyCorp from an equal weight rating to an overweight rating and set a $15.00 price objective on the stock in a research report on Tuesday, July 5th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. KeyCorp currently has a consensus rating of Buy and an average target price of $14.37.
KeyCorp (NYSE:KEY) opened at 12.41 on Tuesday. KeyCorp has a 52-week low of $9.88 and a 52-week high of $14.01. The stock’s 50 day moving average price is $12.28 and its 200 day moving average price is $11.91. The company has a market cap of $13.43 billion, a P/E ratio of 12.83 and a beta of 1.21.
KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Tuesday, July 26th. The financial services provider reported $0.27 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.27. KeyCorp had a return on equity of 8.46% and a net margin of 17.81%. The firm had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same quarter last year, the business posted $0.27 earnings per share. The firm’s revenue was down .1% compared to the same quarter last year. Analysts expect that KeyCorp will post $1.06 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Friday, July 29th were paid a dividend of $0.085 per share. The ex-dividend date was Wednesday, July 27th. This represents a $0.34 annualized dividend and a yield of 2.74%. KeyCorp’s payout ratio is 35.42%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of Montreal Can bought a new position in KeyCorp during the second quarter valued at approximately $185,766,000. Renaissance Technologies LLC bought a new position in KeyCorp during the first quarter valued at approximately $30,658,000. Samlyn Capital LLC boosted its position in KeyCorp by 69.5% in the first quarter. Samlyn Capital LLC now owns 14,217,900 shares of the financial services provider’s stock valued at $156,966,000 after buying an additional 5,830,900 shares during the last quarter. Boston Advisors LLC boosted its position in KeyCorp by 3.4% in the second quarter. Boston Advisors LLC now owns 1,064,933 shares of the financial services provider’s stock valued at $11,768,000 after buying an additional 35,237 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in KeyCorp by 2.7% in the first quarter. Geode Capital Management LLC now owns 7,476,448 shares of the financial services provider’s stock valued at $82,386,000 after buying an additional 195,301 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for KeyCorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for KeyCorp and related companies with MarketBeat.com's FREE daily email newsletter.