KeyCorp (KEY) Stock Rating Upgraded by Zacks Investment Research
KeyCorp (NYSE:KEY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The brokerage currently has a $19.00 price objective on the financial services provider’s stock. Zacks Investment Research’s target price indicates a potential upside of 13.57% from the stock’s current price.
According to Zacks, “KeyCorp’s third quarter 2016 adjusted earnings surpassed the Zacks Consensus Estimate as synergies from the First Niagara deal were impressive. Higher revenues were partially offset by a rise in expenses and provision for credit losses. Persistent growth in loans and deposits are expected to further aid top-line. Moreover, the company’s consistent efforts to streamlining operations and diversifying products are likely to keep the overall expense stable in the near term. Further, improving credit quality continues to be a major positive for the company. However, persistent pressure on net interest margin, exposure to risky loans and heightened regulatory restrictions remain matters of concern.”
A number of other research firms have also recently commented on KEY. Piper Jaffray Cos. cut KeyCorp from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $14.50 to $13.00 in a research report on Monday, August 29th. Vetr upgraded KeyCorp from a “buy” rating to a “strong-buy” rating and set a $14.14 price objective for the company in a research report on Thursday, October 13th. Jefferies Group reiterated a “buy” rating and set a $16.00 price objective on shares of KeyCorp in a research report on Wednesday, October 26th. BMO Capital Markets reiterated a “buy” rating and set a $15.00 price objective on shares of KeyCorp in a research report on Wednesday, July 27th. Finally, Citigroup Inc. lifted their price objective on KeyCorp from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Monday, August 22nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eighteen have assigned a buy rating to the company. KeyCorp currently has an average rating of “Buy” and a consensus price target of $14.84.
Shares of KeyCorp (NYSE:KEY) traded up 1.046% during mid-day trading on Thursday, hitting $16.905. 11,994,576 shares of the stock traded hands. The stock has a 50 day moving average price of $13.69 and a 200-day moving average price of $12.43. The company has a market cap of $18.27 billion, a P/E ratio of 19.476 and a beta of 1.00. KeyCorp has a one year low of $9.88 and a one year high of $17.12.
KeyCorp (NYSE:KEY) last released its quarterly earnings results on Tuesday, October 25th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.04. The business earned $1.34 billion during the quarter, compared to the consensus estimate of $1.28 billion. KeyCorp had a return on equity of 8.44% and a net margin of 15.72%. The business’s revenue was up 25.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.27 EPS. On average, analysts forecast that KeyCorp will post $1.10 earnings per share for the current fiscal year.
Several institutional investors have recently made changes to their positions in KEY. MCF Advisors LLC raised its position in shares of KeyCorp by 0.7% in the third quarter. MCF Advisors LLC now owns 8,598 shares of the financial services provider’s stock worth $105,000 after buying an additional 59 shares during the last quarter. MSI Financial Services Inc raised its position in shares of KeyCorp by 10.6% in the third quarter. MSI Financial Services Inc now owns 8,993 shares of the financial services provider’s stock worth $109,000 after buying an additional 860 shares during the last quarter. Virtus Investment Advisers Inc. acquired a new position in shares of KeyCorp during the third quarter worth about $109,000. Cutler Capital Management LLC acquired a new position in shares of KeyCorp during the third quarter worth about $121,000. Finally, Wealthfront Inc. acquired a new position in shares of KeyCorp during the second quarter worth about $123,000. 70.15% of the stock is currently owned by 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.
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