KeyCorp (NYSE:KEY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The brokerage presently has a $23.00 target price on the financial services provider’s stock. Zacks Investment Research‘s target price indicates a potential upside of 11.22% from the company’s current price.
According to Zacks, “KeyCorp’s shares have outperformed the industry over the past six months. Yet, the company does not have an impressive earnings surprise history, as it did not surpass the Zacks Consensus Estimate in any of the trailing four quarters. The bank remains well positioned for revenue growth, given a rising rate environment and improving loan and deposit balances. Also, lower tax rates will support profitability. However, persistently increasing expenses owing to investments in franchise and acquisitions and the company's significant exposure toward risky loan portfolios remain major concerns.”
Several other research analysts also recently commented on the company. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $23.00 target price on shares of KeyCorp in a report on Thursday, April 5th. UBS Group raised KeyCorp from a “neutral” rating to a “positive” rating in a report on Tuesday, April 24th. BMO Capital Markets cut their target price on KeyCorp from $25.00 to $24.00 and set an “outperform” rating on the stock in a report on Friday, April 20th. Susquehanna Bancshares raised KeyCorp from a “neutral” rating to a “positive” rating and lifted their target price for the stock from $24.00 to $25.00 in a report on Tuesday, April 24th. Finally, Vining Sparks reaffirmed a “buy” rating and set a $25.00 target price on shares of KeyCorp in a report on Friday, April 6th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and sixteen have issued a buy rating to the company. The company has an average rating of “Buy” and an average price target of $22.45.
KeyCorp (NYSE:KEY) last released its quarterly earnings data on Thursday, April 19th. The financial services provider reported $0.38 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.38. KeyCorp had a return on equity of 11.03% and a net margin of 19.32%. The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.56 billion. During the same quarter last year, the business posted $0.32 EPS. KeyCorp’s revenue for the quarter was up 3.1% on a year-over-year basis. research analysts anticipate that KeyCorp will post 1.7 earnings per share for the current fiscal year.
In other news, insider Edward J. Burke sold 10,000 shares of the business’s stock in a transaction dated Tuesday, May 8th. The stock was sold at an average price of $19.83, for a total value of $198,300.00. Following the transaction, the insider now directly owns 126,526 shares of the company’s stock, valued at approximately $2,509,010.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.67% of the stock is owned by insiders.
Several large investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company increased its position in KeyCorp by 61.8% in the 1st quarter. The Manufacturers Life Insurance Company now owns 13,628,892 shares of the financial services provider’s stock valued at $266,444,000 after buying an additional 5,205,496 shares in the last quarter. Eaton Vance Management increased its position in KeyCorp by 77.6% in the 4th quarter. Eaton Vance Management now owns 11,100,824 shares of the financial services provider’s stock valued at $223,904,000 after buying an additional 4,850,008 shares in the last quarter. Millennium Management LLC increased its position in KeyCorp by 136.3% in the 1st quarter. Millennium Management LLC now owns 7,484,951 shares of the financial services provider’s stock valued at $146,331,000 after buying an additional 4,317,598 shares in the last quarter. Two Sigma Investments LP increased its position in KeyCorp by 24,671.7% in the 4th quarter. Two Sigma Investments LP now owns 2,948,598 shares of the financial services provider’s stock valued at $59,473,000 after buying an additional 2,960,598 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new stake in KeyCorp in the 4th quarter valued at about $49,676,000. 79.88% of the stock is currently owned by institutional investors.
KeyCorp Company Profile
KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking services in the United States. The company's Key Community Bank segment offers various deposit and investment products, personal finance services, residential mortgages, home equity loans, credit cards, and installment loans, as well as personal property and casualty insurance, such as home, auto, renters, watercraft, and umbrella insurance for individuals.
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