KeyCorp (KEY) Raised to “Overweight” at Stephens

KeyCorp (NYSE:KEY) was upgraded by equities researchers at Stephens from an “equal weight” rating to an “overweight” rating in a note issued to investors on Thursday, MarketBeat.com reports. The brokerage currently has a $23.00 target price on the financial services provider’s stock. Stephens’ target price indicates a potential upside of 17.83% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. CIBC reissued a “buy” rating on shares of KeyCorp in a report on Friday, December 8th. Oppenheimer reissued a “hold” rating on shares of KeyCorp in a report on Friday, October 20th. Sanford C. Bernstein reissued an “outperform” rating and issued a $22.00 price target on shares of KeyCorp in a report on Wednesday, September 27th. Zacks Investment Research lowered shares of KeyCorp from a “hold” rating to a “sell” rating in a report on Monday, October 30th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $21.00 price target on shares of KeyCorp in a report on Thursday, October 19th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and sixteen have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $21.28.

Shares of KeyCorp (NYSE KEY) traded down $0.18 during trading on Thursday, reaching $19.52. 8,270,455 shares of the company’s stock were exchanged, compared to its average volume of 10,957,235. The company has a market cap of $21,508.00, a price-to-earnings ratio of 15.15, a PEG ratio of 1.82 and a beta of 1.10. KeyCorp has a 1-year low of $16.28 and a 1-year high of $20.15. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.89 and a current ratio of 0.90.

KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Thursday, October 19th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.35. The business had revenue of $1.55 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the firm earned $0.30 EPS. sell-side analysts expect that KeyCorp will post 1.37 earnings per share for the current year.

In other news, insider Andrew J. Paine III sold 46,854 shares of KeyCorp stock in a transaction dated 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 owns 110,052 shares of the company’s stock, valued at approximately $2,042,565.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Paul N. Harris sold 2,758 shares of KeyCorp stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $18.54, for a total transaction of $51,133.32. The disclosure for this sale can be found here. Insiders have sold a total of 57,212 shares of company stock worth $1,060,508 in the last ninety days. Insiders own 0.65% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Zions Bancorporation lifted its position in KeyCorp by 2,277.5% during the 3rd quarter. Zions Bancorporation now owns 5,706 shares of the financial services provider’s stock valued at $107,000 after acquiring an additional 5,466 shares during the period. Bank of Nova Scotia Trust Co. purchased a new position in KeyCorp during the 3rd quarter valued at about $132,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in KeyCorp during the 3rd quarter valued at about $145,000. Sun Life Financial INC lifted its position in KeyCorp by 80,370.0% during the 2nd quarter. Sun Life Financial INC now owns 8,047 shares of the financial services provider’s stock valued at $151,000 after acquiring an additional 8,037 shares during the period. Finally, AllSquare Wealth Management LLC purchased a new position in KeyCorp during the 3rd quarter valued at about $173,000. 81.20% of the stock is owned by institutional investors.

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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.