KeyCorp (NYSE:KEY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Monday.

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. The bank remains well positioned to benefit from rising rate environment, increase in loan and deposit balances and improving economic stability. However, 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.”

Other equities research analysts also recently issued research reports about the company. Morgan Stanley reiterated an “overweight” rating and set a $22.00 price target (up previously 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 upped their price target for the stock from $19.00 to $22.00 in a report on Monday, July 10th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of KeyCorp in a report on Saturday, July 22nd. Sanford C. Bernstein upgraded KeyCorp from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $21.00 to $22.00 in a report on Thursday, September 14th. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $21.00 price target on shares of KeyCorp in a report on Friday, July 28th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and fifteen have given a buy rating to the stock. KeyCorp has a consensus rating of “Hold” and a consensus target price of $20.31.

Shares of KeyCorp (KEY) traded up 0.87% during trading on Monday, hitting $18.65. 4,672,663 shares of the stock traded hands. KeyCorp has a 52 week low of $12.84 and a 52 week high of $19.53. The company has a 50-day moving average of $18.11 and a 200-day moving average of $18.14. The firm has a market cap of $20.28 billion, a P/E ratio of 18.52 and a beta of 1.13.

KeyCorp (NYSE:KEY) last released its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.35 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.35. The firm had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.56 billion. KeyCorp had a return on equity of 9.84% and a net margin of 23.57%. The company’s quarterly revenue was up 13.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.30 earnings per share. On average, analysts forecast that KeyCorp will post $1.35 EPS for the current fiscal year.

KeyCorp declared that its Board of Directors has authorized a share repurchase program on Wednesday, June 28th that allows the company to repurchase $800.00 million in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

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In other KeyCorp news, insider Craig A. Buffie sold 31,385 shares of the company’s stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $18.01, for a total value of $565,243.85. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director David K. Wilson bought 3,500 shares of the firm’s stock in a transaction on Friday, July 28th. The stock was acquired at an average price of $17.87 per share, for a total transaction of $62,545.00. Following the completion of the purchase, the director now directly owns 15,000 shares in the company, valued at $268,050. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 16,000 shares of company stock worth $290,540 and sold 259,409 shares worth $4,794,449. 0.65% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in KEY. Cypress Capital Management LLC WY increased its stake in KeyCorp by 177.9% in the 2nd quarter. Cypress Capital Management LLC WY now owns 7,030 shares of the financial services provider’s stock worth $132,000 after acquiring an additional 4,500 shares during the last quarter. Sun Life Financial INC increased its stake in KeyCorp by 80,370.0% in the 2nd quarter. Sun Life Financial INC now owns 8,047 shares of the financial services provider’s stock worth $151,000 after acquiring an additional 8,037 shares during the last quarter. Quantbot Technologies LP bought a new position in KeyCorp in the 2nd quarter worth about $174,000. First Financial Bank Trust Division bought a new position in KeyCorp in the 2nd quarter worth about $192,000. Finally, Equity Investment Corp Acquisition Inc increased its stake in KeyCorp by 3.9% in the 2nd quarter. Equity Investment Corp Acquisition Inc now owns 10,465 shares of the financial services provider’s stock worth $196,000 after acquiring an additional 390 shares during the last quarter. Institutional investors and hedge funds own 80.72% of the company’s stock.

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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