KeyCorp (NYSE:KEY) Downgraded by Zacks Investment Research

KeyCorp (NYSE:KEY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued 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.”

KEY has been the subject of several other research reports. BidaskClub cut shares of KeyCorp from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Morgan Stanley restated an “overweight” rating and set a $22.00 target price (up previously from $21.00) on shares of KeyCorp in a report on Friday, July 7th. Robert W. Baird reiterated a “hold” rating and issued a $18.00 price target on shares of KeyCorp in a research note on Friday, October 6th. Citigroup Inc. increased their price target on shares of KeyCorp from $19.00 to $20.00 and gave the company a “neutral” rating in a research note on Monday, October 9th. Finally, Deutsche Bank AG reiterated a “hold” rating on shares of KeyCorp in a research note on Monday, July 3rd. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $20.82.

Shares of KeyCorp (NYSE KEY) traded down $0.21 during trading hours on Monday, reaching $17.64. 11,448,700 shares of the company’s stock traded hands, compared to its average volume of 12,273,150. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.90 and a quick ratio of 0.89. KeyCorp has a 1 year low of $15.62 and a 1 year high of $19.53. The company has a market capitalization of $18,970.06, a P/E ratio of 13.36, a PEG ratio of 1.60 and a beta of 1.10.

KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.35. KeyCorp had a net margin of 18.69% and a return on equity of 10.35%. The company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.56 billion. During the same quarter in the prior year, the firm earned $0.30 earnings per share. The firm’s revenue was up 13.7% compared to the same quarter last year. equities analysts forecast that KeyCorp will post 1.38 earnings per share for the current year.

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In other KeyCorp news, Director Ruth Ann M. Gillis acquired 2,000 shares of the company’s stock in a transaction on Monday, August 14th. The shares were acquired at an average cost of $17.91 per share, with a total value of $35,820.00. Following the completion of the acquisition, the director now directly owns 10,551 shares in the company, valued at $188,968.41. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Andrew J. Paine III sold 46,854 shares of the company’s stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $18.56, for a total transaction of $869,610.24. Following the completion of the transaction, the insider now owns 110,052 shares in the company, valued at $2,042,565.12. The disclosure for this sale can be found here. Insiders sold a total of 57,212 shares of company stock worth $1,060,508 over the last three months. 0.65% of the stock is owned by insiders.

Hedge funds have recently bought and sold shares of the company. Wells Fargo & Company MN lifted its holdings in KeyCorp by 13.4% in the 3rd quarter. Wells Fargo & Company MN now owns 4,363,090 shares of the financial services provider’s stock worth $82,113,000 after purchasing an additional 514,692 shares in the last quarter. Dai Ichi Life Insurance Company Ltd lifted its holdings in KeyCorp by 5.3% in the 3rd quarter. Dai Ichi Life Insurance Company Ltd now owns 427,154 shares of the financial services provider’s stock worth $8,039,000 after purchasing an additional 21,515 shares in the last quarter. Schroder Investment Management Group lifted its holdings in KeyCorp by 304.2% in the 3rd quarter. Schroder Investment Management Group now owns 1,098,703 shares of the financial services provider’s stock worth $20,502,000 after purchasing an additional 826,913 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in KeyCorp by 8.6% in the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 88,447 shares of the financial services provider’s stock worth $1,665,000 after purchasing an additional 7,013 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in KeyCorp by 3.7% in the 3rd quarter. Legal & General Group Plc now owns 5,452,810 shares of the financial services provider’s stock worth $102,623,000 after purchasing an additional 195,869 shares in the last quarter. 81.25% of the stock is currently owned by hedge funds and other institutional investors.

About KeyCorp

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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