Zacks Investment Research Downgrades KeyCorp (NYSE:KEY) to Sell

KeyCorp (NYSE:KEY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Monday, October 30th.

According to Zacks, “KeyCorp’s shares have significantly underperformed the industry over the past six months. Yet, the company has an impressive earnings surprise history, not lagging the Zacks Consensus Estimate in the trailing four quarters. The company’s third-quarter 2017 results benefited from a rise in revenues and lower credit cost while an increase in expenses was a headwind. Though the bank remains well positioned to benefit from rising rate environment and growth in loan and deposit balances, persistently increasing expenses owing to investments in franchise and acquisitions are likely to hurt bottom-line growth. Also, significant exposure to real estate loans continues to be a major concern.”

Several other analysts have also issued reports on the company. Morgan Stanley reissued an “overweight” rating and set a $22.00 target price (up from $21.00) on shares of KeyCorp in a report on Friday, July 7th. UBS AG upgraded KeyCorp from a “neutral” rating to a “buy” rating and increased their target price for the company from $19.00 to $22.00 in a research report on Monday, July 10th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of KeyCorp in a research report on Saturday, July 22nd. Sanford C. Bernstein upgraded KeyCorp from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $21.00 to $22.00 in a research report on Thursday, September 14th. Finally, Royal Bank Of Canada restated a “buy” rating and set a $21.00 price objective on shares of KeyCorp in a research report on Friday, July 28th. Four analysts have rated the stock with a sell rating, nine have given a hold rating and thirteen have given a buy rating to the company’s stock. KeyCorp presently has a consensus rating of “Hold” and a consensus target price of $20.82.

KeyCorp (NYSE:KEY) opened at $18.31 on Monday. KeyCorp has a 12-month low of $16.28 and a 12-month high of $19.53. The firm has a market capitalization of $19,500.00, a P/E ratio of 13.83, a price-to-earnings-growth ratio of 1.66 and a beta of 1.10. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.89 and a current ratio of 0.90.

KeyCorp (NYSE:KEY) last posted its quarterly earnings results on Thursday, October 19th. The financial services provider reported $0.35 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.35. The business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.56 billion. KeyCorp had a return on equity of 10.35% and a net margin of 18.69%. The firm’s revenue for the quarter was up 13.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.30 EPS. sell-side analysts expect that KeyCorp will post 1.38 earnings per share for the current year.

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In related news, Director Carlton L. Highsmith sold 7,600 shares of KeyCorp stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $18.39, for a total transaction of $139,764.00. Following the transaction, the director now directly owns 68,725 shares in the company, valued at $1,263,852.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Paul N. Harris sold 2,758 shares of KeyCorp stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $18.54, for a total value of $51,133.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 57,212 shares of company stock worth $1,060,508. Company insiders own 0.65% of the company’s stock.

Large investors have recently bought and sold shares of the business. Zions Bancorporation raised its holdings in KeyCorp by 2,277.5% during the third quarter. Zions Bancorporation now owns 5,706 shares of the financial services provider’s stock valued at $107,000 after acquiring an additional 5,466 shares during the period. Cypress Capital Management LLC WY increased its holdings in shares of KeyCorp by 177.9% in the second quarter. Cypress Capital Management LLC WY now owns 7,030 shares of the financial services provider’s stock worth $132,000 after purchasing an additional 4,500 shares during the last quarter. Bank of Nova Scotia Trust Co. bought a new stake in shares of KeyCorp in the third quarter worth about $132,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of KeyCorp in the third quarter worth about $145,000. Finally, Sun Life Financial INC increased its holdings in shares of KeyCorp by 80,370.0% in the second quarter. Sun Life Financial INC now owns 8,047 shares of the financial services provider’s stock worth $151,000 after purchasing an additional 8,037 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

KeyCorp Company Profile

KeyCorp is a bank holding company. The Company is a bank-based financial services company. The Company operates through its subsidiary, KeyBank National Association (KeyBank), which is engaged in providing banking services. Through KeyBank and other subsidiaries, it provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, and investment banking products and services to individual, corporate and institutional clients.

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