KeyCorp (KEY) Rating Lowered to Sell at Zacks Investment Research
KeyCorp (NYSE:KEY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.
According to Zacks, “KeyCorp’s shares have outperformed the industry over the past year. The performance was supported by the company’s impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. While the bank remains well positioned to benefit from rising rate environment, rise in loan and deposit balances, potential lesser regulations, and improving economic stability, exposure to real estate loans poses a risk to the company. Although there has been an improvement in the housing sector, any further deterioration in the real estate prices will create troubles for the company.”
A number of other research firms have also issued reports on KEY. Keefe, Bruyette & Woods raised KeyCorp from a “market perform” rating to an “outperform” rating and set a $21.00 price target on the stock in a research report on Monday, July 10th. BMO Capital Markets reissued a “buy” rating and set a $22.00 target price on shares of KeyCorp in a research report on Thursday, July 27th. Royal Bank Of Canada reissued a “buy” rating and set a $21.00 target price on shares of KeyCorp in a research report on Friday, July 28th. Instinet reissued a “buy” rating and set a $23.00 target price on shares of KeyCorp in a research report on Wednesday, July 12th. Finally, Piper Jaffray Companies reissued a “buy” rating and set a $20.50 target price on shares of KeyCorp in a research report on Friday, July 21st. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and sixteen have given a buy rating to the company. KeyCorp presently has an average rating of “Hold” and a consensus price target of $20.13.
Shares of KeyCorp (NYSE:KEY) opened at 18.15 on Tuesday. The stock has a market cap of $19.74 billion, a price-to-earnings ratio of 18.02 and a beta of 1.12. KeyCorp has a 52 week low of $11.89 and a 52 week high of $19.53. The stock’s 50 day moving average price is $17.64 and its 200-day moving average price is $18.06.
KeyCorp (NYSE:KEY) last posted its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.34. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.53 billion. KeyCorp had a return on equity of 9.88% and a net margin of 16.62%. KeyCorp’s revenue for the quarter was up 52.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.27 EPS. Equities analysts anticipate that KeyCorp will post $1.36 earnings per share for the current fiscal year.
KeyCorp declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $800.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.
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In related news, Director Ruth Ann M. Gillis bought 2,000 shares of the stock in a transaction on Monday, August 14th. The shares were bought at an average cost of $17.91 per share, for a total transaction of $35,820.00. Following the purchase, the director now owns 10,551 shares of the company’s stock, valued at approximately $188,968.41. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director David K. Wilson bought 3,500 shares of the stock in a transaction on Friday, July 28th. The stock was bought at an average price of $17.87 per share, for a total transaction of $62,545.00. Following the completion of the purchase, the director now directly owns 15,000 shares in the company, valued at approximately $268,050. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 16,000 shares of company stock worth $290,540 and sold 259,409 shares worth $4,794,449. Company insiders own 0.65% of the company’s stock.
Several hedge funds have recently made changes to their positions in KEY. Suntrust Banks Inc. grew its stake in shares of KeyCorp by 27.4% in the 1st quarter. Suntrust Banks Inc. now owns 26,521 shares of the financial services provider’s stock valued at $470,000 after purchasing an additional 5,701 shares during the last quarter. UBS Asset Management Americas Inc. grew its stake in shares of KeyCorp by 14.8% in the 1st quarter. UBS Asset Management Americas Inc. now owns 4,320,363 shares of the financial services provider’s stock valued at $76,816,000 after purchasing an additional 557,171 shares during the last quarter. Sei Investments Co. grew its stake in shares of KeyCorp by 45.0% in the 1st quarter. Sei Investments Co. now owns 280,591 shares of the financial services provider’s stock valued at $4,989,000 after purchasing an additional 87,066 shares during the last quarter. State of Tennessee Treasury Department grew its stake in shares of KeyCorp by 19.8% in the 1st quarter. State of Tennessee Treasury Department now owns 525,574 shares of the financial services provider’s stock valued at $9,345,000 after purchasing an additional 86,756 shares during the last quarter. Finally, Norinchukin Bank The grew its stake in shares of KeyCorp by 12.4% in the 1st quarter. Norinchukin Bank The now owns 37,692 shares of the financial services provider’s stock valued at $670,000 after purchasing an additional 4,147 shares during the last quarter. Institutional investors own 80.78% 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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