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.”
Several other equities research 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 for the company in a report on Monday, June 13th. Deutsche Bank AG reiterated a hold rating and issued a $13.00 price objective on shares of KeyCorp in a report on Wednesday, June 15th. Jefferies Group reiterated a buy rating on shares of KeyCorp in a report on Wednesday, June 29th. Citigroup Inc. reiterated a buy rating on shares of KeyCorp in a 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 for the company in a report on Tuesday, July 5th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of Buy and an average price target of $14.37.
KeyCorp (NYSE:KEY) opened at 12.41 on Tuesday. KeyCorp has a one year low of $9.88 and a one year high of $14.01. The company has a 50 day moving average of $12.28 and a 200-day moving average of $11.91. The stock has a market capitalization of $13.43 billion, a P/E ratio of 12.83 and a beta of 1.21.
KeyCorp (NYSE:KEY) last released its quarterly earnings data on Tuesday, July 26th. The financial services provider reported $0.27 EPS for the quarter, hitting the consensus estimate of $0.27. KeyCorp had a return on equity of 8.46% and a net margin of 17.81%. The company earned $1.07 billion during the quarter, compared to the consensus estimate of $1.09 billion. During the same period last year, the company earned $0.27 EPS. KeyCorp’s revenue for the quarter was down .1% on a year-over-year basis. Equities research analysts predict that KeyCorp will post $1.06 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Friday, July 29th were given a dividend of $0.085 per share. This represents a $0.34 annualized dividend and a dividend yield of 2.74%. The ex-dividend date of this dividend was Wednesday, July 27th. KeyCorp’s dividend payout ratio is currently 35.42%.
Institutional investors have recently added to or reduced their stakes in the stock. Wealthfront Inc. bought a new position in KeyCorp during the second quarter valued at $123,000. Sigma Investment Management Co increased its position in KeyCorp by 11.0% in the second quarter. Sigma Investment Management Co now owns 11,454 shares of the financial services provider’s stock valued at $127,000 after buying an additional 1,135 shares in the last quarter. Regentatlantic Capital LLC bought a new position in KeyCorp during the second quarter valued at $134,000. Mizuho Asset Management Co. Ltd. increased its position in KeyCorp by 84.1% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 12,341 shares of the financial services provider’s stock valued at $136,000 after buying an additional 5,639 shares in the last quarter. Finally, Stephens Inc. AR increased its position in KeyCorp by 18.4% in the second quarter. Stephens Inc. AR now owns 13,266 shares of the financial services provider’s stock valued at $147,000 after buying an additional 2,064 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other 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.
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