KeyCorp (KEY) Stock Rating Lowered by Zacks Investment Research
KeyCorp (NYSE:KEY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday.
According to Zacks, “KeyCorp shares have outperformed the Zacks categorized Major Regional Banks industry over the last six months. Its persistent growth in loans and deposits are expected to aid top-line growth. Moreover, management expects the First Niagara deal to result in earnings accretion of approximately 5% in 2017. Further, the company’s consistent efforts to streamlining operations and diversifying products are likely to keep the overall expense stable in the near term. However, persistent pressure on net interest margin owing to low interest rate environment continue to be a major near-term concern. In addition, exposure to risky loans and heightened regulatory restrictions make us apprehensive about its future prospects.”
KEY has been the subject of several other research reports. Citigroup Inc. boosted their target price on shares of KeyCorp from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, August 22nd. Susquehanna downgraded shares of KeyCorp from a “positive” rating to a “neutral” rating and boosted their target price for the company from $14.00 to $15.00 in a research note on Wednesday, November 9th. Wedbush assumed coverage on shares of KeyCorp in a research note on Thursday, October 6th. They issued an “outperform” rating and a $15.00 target price for the company. Piper Jaffray Cos. downgraded shares of KeyCorp from an “overweight” rating to a “neutral” rating and cut their target price for the company from $14.50 to $13.00 in a research note on Monday, August 29th. Finally, FBR & Co boosted their target price on shares of KeyCorp from $14.00 to $16.00 and gave the company an “outperform” rating in a research note on Tuesday, October 25th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and sixteen have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $14.84.
KeyCorp (NYSE:KEY) traded down 0.60% on Friday, hitting $17.33. 6,106,307 shares of the stock traded hands. The firm’s 50-day moving average price is $14.38 and its 200-day moving average price is $12.61. KeyCorp has a 12-month low of $9.88 and a 12-month high of $17.57. The stock has a market cap of $18.73 billion, a price-to-earnings ratio of 19.97 and a beta of 1.00.
KeyCorp (NYSE:KEY) last released its quarterly earnings data on Tuesday, October 25th. The financial services provider reported $0.30 EPS for the quarter, topping the consensus estimate of $0.26 by $0.04. KeyCorp had a net margin of 15.72% and a return on equity of 8.44%. The business had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same period in the previous year, the firm earned $0.27 EPS. The business’s revenue for the quarter was up 25.2% compared to the same quarter last year. On average, equities research analysts anticipate that KeyCorp will post $1.10 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Tuesday, November 29th will be paid a dividend of $0.085 per share. This represents a $0.34 annualized dividend and a dividend yield of 1.94%. The ex-dividend date is Friday, November 25th. KeyCorp’s dividend payout ratio (DPR) is currently 39.08%.
Several institutional investors have recently added to or reduced their stakes in KEY. Vanguard Group Inc. boosted its position in KeyCorp by 1.9% in the second quarter. Vanguard Group Inc. now owns 77,776,400 shares of the financial services provider’s stock valued at $859,430,000 after buying an additional 1,446,976 shares during the period. State Street Corp boosted its position in KeyCorp by 0.3% in the second quarter. State Street Corp now owns 43,989,618 shares of the financial services provider’s stock valued at $486,091,000 after buying an additional 111,119 shares during the period. Price T Rowe Associates Inc. MD boosted its position in KeyCorp by 123.8% in the third quarter. Price T Rowe Associates Inc. MD now owns 41,961,531 shares of the financial services provider’s stock valued at $510,672,000 after buying an additional 23,213,619 shares during the period. BlackRock Institutional Trust Company N.A. boosted its position in KeyCorp by 19.0% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 29,351,872 shares of the financial services provider’s stock valued at $357,212,000 after buying an additional 4,687,465 shares during the period. Finally, BlackRock Fund Advisors boosted its position in KeyCorp by 33.1% in the third quarter. BlackRock Fund Advisors now owns 18,653,152 shares of the financial services provider’s stock valued at $227,009,000 after buying an additional 4,643,902 shares during the period. Institutional investors own 71.65% of the company’s stock.
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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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