Zacks Reiterates Neutral Rating for KeyCorp (KEY)
KeyCorp (NYSE:KEY)‘s stock had its “neutral” rating reaffirmed by Zacks in a research report issued to clients and investors on Tuesday, American Banking News reports. They currently have a $12.50 price objective on the stock. Zacks‘ target price suggests a potential upside of 4.25% from the stock’s previous close.
Zacks‘ analyst wrote, “KeyCorp’s second-quarter earnings comfortably outpaced the Zacks Consensus Estimate. Results benefited from increased net interest income, partially offset by a fall in fee income and increased operating expenses. Further, consistent improvement in credit quality and robust capital ratios were the tailwinds. We expect the company’s business restructuring actions to continue to drive its credit quality and liquidity. Moreover, the company’s capital deployment actions highlight its sound capital position. However, we remain wary of the persisting slow economic recovery, stringent regulatory restrictions and the existing low interest-rate scenario. Nevertheless, we are optimistic about the company’s strong balance sheet and improved market share.”
A number of other analysts have also recently weighed in on KEY. Analysts at Credit Suisse raised their price target on shares of KeyCorp (NYSE:KEY) from $13.75 to $14.00 in a research note to investors on Friday. Finally, analysts at Barclays Capital upgraded shares of KeyCorp (NYSE:KEY) from an “equal weight” rating to an “overweight” rating in a research note to investors on Tuesday, September 3rd.
Two investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and ten have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $11.65.
KeyCorp (NYSE:KEY) traded up 1.08% on Tuesday, hitting $12.119. The stock had a trading volume of 5,489,679 shares. KeyCorp has a one year low of $7.81 and a one year high of $12.63. The stock has a 50-day moving average of $12.14 and a 200-day moving average of $10.79. The company has a market cap of $11.045 billion and a P/E ratio of 13.70.
KeyCorp (NYSE:KEY) last released its earnings data on Thursday, July 18th. The company reported $0.24 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.20 by $0.04. The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.02 billion. During the same quarter last year, the company posted $0.23 earnings per share. KeyCorp’s revenue was up 1.4% compared to the same quarter last year. On average, analysts predict that KeyCorp will post $0.89 earnings per share for the current fiscal year.
KeyCorp is a bank holding company. It is a bank-based financial services company. KeyCorp is the parent holding company for KeyBank National Association (NYSE:KEY), its principal subsidiary, through which most of its banking services are provided.
To view Zacks’ full report, visit www.zacks.com
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