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

Other research analysts have also recently issued research reports about the stock. Oppenheimer Holdings Inc. reissued a “hold” rating on shares of KeyCorp in a research report on Saturday, July 22nd. Royal Bank Of Canada reissued a “buy” rating and set a $21.00 price target on shares of KeyCorp in a research report on Friday, July 28th. Piper Jaffray Companies reissued a “buy” rating and set a $20.50 price target on shares of KeyCorp in a research report on Friday, July 21st. Instinet reissued a “buy” rating and set a $23.00 price target on shares of KeyCorp in a research report on Wednesday, July 12th. Finally, UBS AG raised shares of KeyCorp from a “neutral” rating to a “buy” rating and boosted their price target for the company from $19.00 to $22.00 in a research report on Monday, July 10th. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the company. KeyCorp has a consensus rating of “Hold” and an average target price of $20.53.

KeyCorp (KEY) traded down 0.844% during midday trading on Monday, hitting $18.215. 3,393,866 shares of the stock traded hands. The firm has a market cap of $19.81 billion, a PE ratio of 18.088 and a beta of 1.13. The stock has a 50-day moving average of $18.29 and a 200 day moving average of $18.18. KeyCorp has a 52-week low of $13.83 and a 52-week high of $19.53.

KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Thursday, October 19th. The financial services provider reported $0.35 earnings per share for the quarter, meeting the consensus estimate of $0.35. The firm had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.56 billion. KeyCorp had a net margin of 18.69% and a return on equity of 10.35%. The company’s revenue was up 13.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.30 EPS. Equities analysts forecast that KeyCorp will post $1.31 EPS for the current year.

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In related news, insider Andrew J. Paine III sold 46,854 shares of the company’s stock in a transaction that occurred on Tuesday, October 24th. The shares were sold at an average price of $18.56, for a total transaction of $869,610.24. Following the sale, the insider now directly owns 110,052 shares in the company, valued at $2,042,565.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Paul N. Harris sold 205,024 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $18.56, for a total transaction of $3,805,245.44. The disclosure for this sale can be found here. Insiders have sold 277,636 shares of company stock worth $5,149,949 over the last 90 days. Insiders own 0.65% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. increased its stake in shares of KeyCorp by 78.0% during the third quarter. Meeder Asset Management Inc. now owns 56,046 shares of the financial services provider’s stock worth $1,055,000 after buying an additional 24,554 shares during the period. Trust Co. of Toledo NA OH increased its stake in shares of KeyCorp by 0.4% during the second quarter. Trust Co. of Toledo NA OH now owns 42,951 shares of the financial services provider’s stock worth $805,000 after buying an additional 178 shares during the period. Flippin Bruce & Porter Inc. increased its stake in shares of KeyCorp by 3.9% during the second quarter. Flippin Bruce & Porter Inc. now owns 451,881 shares of the financial services provider’s stock worth $8,468,000 after buying an additional 17,103 shares during the period. Greenwood Capital Associates LLC increased its stake in shares of KeyCorp by 1.3% during the second quarter. Greenwood Capital Associates LLC now owns 41,874 shares of the financial services provider’s stock worth $785,000 after buying an additional 534 shares during the period. Finally, BlackRock Inc. increased its stake in shares of KeyCorp by 2.7% during the second quarter. BlackRock Inc. now owns 86,694,342 shares of the financial services provider’s stock worth $1,624,654,000 after buying an additional 2,280,450 shares during the period. Hedge funds and other institutional investors own 81.22% of the company’s stock.

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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