KeyCorp (NYSE:KEY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Monday.

According to Zacks, “KeyCorp’s shares have underperformed the industry over the past six months. Yet, the company has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in three of the trailing four quarters. Its fourth-quarter 2018 results benefited from higher revenues and a fall in costs. While the bank remains well positioned for revenue growth, given the higher interest rates along with improving loan and deposit balances, mounting expenses, mainly due to the company's investments in technology upgrades and acquisitions, will likely hurt bottom-line growth to some extent. Exposure to risky loan portfolios also remains a near-term concern for the company.”

A number of other equities research analysts have also recently issued reports on KEY. Nomura decreased their price target on shares of KeyCorp from $25.00 to $22.00 and set a “buy” rating for the company in a report on Friday, October 19th. BMO Capital Markets decreased their price target on shares of KeyCorp from $24.00 to $21.00 and set an “outperform” rating for the company in a report on Friday, October 19th. Piper Jaffray Companies restated a “buy” rating and set a $21.00 price target on shares of KeyCorp in a report on Monday, October 22nd. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $23.00 price objective on shares of KeyCorp in a research report on Monday, October 22nd. Finally, UBS Group set a $23.00 price objective on shares of KeyCorp and gave the company a “buy” rating in a research report on Monday, October 22nd. Four analysts have rated the stock with a sell rating, eight have given a hold rating and eleven have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $22.01.

NYSE:KEY traded down $0.02 during trading hours on Monday, reaching $16.95. The company’s stock had a trading volume of 5,136,835 shares, compared to its average volume of 14,801,270. The stock has a market capitalization of $17.56 billion, a PE ratio of 9.80, a P/E/G ratio of 0.55 and a beta of 1.19. KeyCorp has a one year low of $13.65 and a one year high of $22.40. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.97.

KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Thursday, January 17th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.01. The firm had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.63 billion. KeyCorp had a net margin of 24.74% and a return on equity of 13.26%. During the same period in the prior year, the company posted $0.33 earnings per share. On average, sell-side analysts forecast that KeyCorp will post 1.86 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of KEY. FMR LLC lifted its position in KeyCorp by 3.3% in the second quarter. FMR LLC now owns 12,512,784 shares of the financial services provider’s stock worth $244,500,000 after purchasing an additional 401,074 shares during the period. State of Alaska Department of Revenue raised its position in shares of KeyCorp by 4.5% during the third quarter. State of Alaska Department of Revenue now owns 148,894 shares of the financial services provider’s stock valued at $2,961,000 after buying an additional 6,364 shares during the last quarter. Bank of Montreal Can raised its position in shares of KeyCorp by 19.4% during the third quarter. Bank of Montreal Can now owns 3,603,242 shares of the financial services provider’s stock valued at $71,668,000 after buying an additional 586,523 shares during the last quarter. Scout Investments Inc. raised its position in shares of KeyCorp by 96.2% during the third quarter. Scout Investments Inc. now owns 858,133 shares of the financial services provider’s stock valued at $17,068,000 after buying an additional 420,855 shares during the last quarter. Finally, First Hawaiian Bank acquired a new position in shares of KeyCorp during the third quarter valued at about $1,065,000. 79.70% of the stock is owned by institutional investors.

KeyCorp Company Profile

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking services in the United States. The company's Key Community Bank segment offers various deposit and investment products, personal finance services, residential mortgages, home equity loans, credit cards, and installment loans, as well as personal property and casualty insurance, such as home, auto, renters, watercraft, and umbrella insurance for individuals.

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