Baird R W Downgrades KeyCorp (NYSE:KEY) to Hold

KeyCorp (NYSE:KEY) was downgraded by stock analysts at Baird R W from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday, Zacks.com reports.

A number of other research analysts have also recently weighed in on KEY. UBS Group cut KeyCorp from a “buy” rating to a “neutral” rating and dropped their price target for the company from $16.00 to $15.00 in a research report on Monday, July 8th. Robert W. Baird cut KeyCorp from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $18.00 to $17.00 in a research report on Monday. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $18.00 price objective on shares of KeyCorp in a research report on Tuesday, September 10th. DA Davidson lifted their price objective on KeyCorp from $16.00 to $18.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. Finally, Evercore ISI raised their price target on KeyCorp from $18.50 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 2nd. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $17.21.

KeyCorp Price Performance

KEY stock opened at $17.40 on Monday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.37. The business has a 50 day simple moving average of $16.37 and a 200-day simple moving average of $15.30. KeyCorp has a twelve month low of $9.50 and a twelve month high of $17.47. The company has a market capitalization of $16.41 billion, a P/E ratio of 22.03, a PEG ratio of 0.94 and a beta of 1.25.

KeyCorp (NYSE:KEY) last released its quarterly earnings data on Thursday, July 18th. The financial services provider reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.01. The firm had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.52 billion. KeyCorp had a return on equity of 8.64% and a net margin of 7.35%. KeyCorp’s revenue was down 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.27 earnings per share. As a group, equities analysts anticipate that KeyCorp will post 1.08 EPS for the current year.

Insider Activity

In other news, Director Carlton L. Highsmith sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $16.21, for a total value of $162,100.00. Following the completion of the sale, the director now directly owns 46,864 shares in the company, valued at approximately $759,665.44. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.61% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in KEY. Quarry LP acquired a new position in KeyCorp during the 4th quarter valued at approximately $38,000. Congress Asset Management Co. MA acquired a new stake in shares of KeyCorp in the fourth quarter valued at $157,000. Wellington Management Group LLP lifted its holdings in shares of KeyCorp by 104.4% in the fourth quarter. Wellington Management Group LLP now owns 407,448 shares of the financial services provider’s stock valued at $5,867,000 after buying an additional 208,077 shares during the period. Nomura Holdings Inc. acquired a new stake in shares of KeyCorp in the fourth quarter valued at $272,000. Finally, Trust Co. of Toledo NA OH lifted its holdings in shares of KeyCorp by 8.6% in the first quarter. Trust Co. of Toledo NA OH now owns 39,021 shares of the financial services provider’s stock valued at $617,000 after buying an additional 3,086 shares during the period. Institutional investors and hedge funds own 79.69% of the company’s stock.

About KeyCorp

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.