KeyCorp (KEY) Cut to Sell at Zacks Investment Research

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KeyCorp (NYSE:KEY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Monday.

According to Zacks, “KeyCorp’s shares have underperformed the industry over the past six months. Yet, the company has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in three of the trailing four quarters. Its fourth-quarter 2018 results benefited from higher revenues and a fall in costs. While the bank remains well positioned for revenue growth, given the higher interest rates along with improving loan and deposit balances, mounting expenses, mainly due to the company's investments in technology upgrades and acquisitions, will likely hurt bottom-line growth to some extent. Exposure to risky loan portfolios also remains a near-term concern for the company.”

KEY has been the topic of several other reports. Sandler O’Neill upgraded shares of KeyCorp from a “hold” rating to a “buy” rating and lifted their price target for the company from $16.50 to $19.00 in a research note on Friday, January 11th. Raymond James reiterated a “hold” rating on shares of KeyCorp in a research note on Wednesday, December 19th. Argus lowered their price target on shares of KeyCorp from $23.00 to $21.00 and set a “buy” rating on the stock in a research note on Tuesday, January 22nd. BMO Capital Markets lowered their price target on shares of KeyCorp from $24.00 to $21.00 and set an “outperform” rating on the stock in a research note on Friday, October 19th. Finally, Nomura reiterated a “neutral” rating and issued a $18.00 price target (down from $20.00) on shares of KeyCorp in a research note on Tuesday, November 13th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eleven have given a buy rating to the company. KeyCorp currently has a consensus rating of “Hold” and an average price target of $22.01.

Shares of NYSE:KEY traded down $0.02 during midday trading on Monday, reaching $16.95. 5,136,835 shares of the company were exchanged, compared to its average volume of 14,801,270. KeyCorp has a fifty-two week low of $13.65 and a fifty-two week high of $22.40. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.97. The firm has a market cap of $17.56 billion, a price-to-earnings ratio of 9.80, a PEG ratio of 0.55 and a beta of 1.19.

KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Thursday, January 17th. The financial services provider reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.01. KeyCorp had a net margin of 24.74% and a return on equity of 13.26%. The business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period last year, the business posted $0.33 earnings per share. Research analysts expect that KeyCorp will post 1.86 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of KEY. Verity & Verity LLC lifted its position in KeyCorp by 7.0% during the 4th quarter. Verity & Verity LLC now owns 213,854 shares of the financial services provider’s stock worth $3,161,000 after acquiring an additional 13,940 shares during the period. LGT Capital Partners LTD. raised its stake in shares of KeyCorp by 0.8% during the 3rd quarter. LGT Capital Partners LTD. now owns 1,638,120 shares of the financial services provider’s stock worth $32,582,000 after buying an additional 13,260 shares in the last quarter. Cullen Frost Bankers Inc. purchased a new position in shares of KeyCorp during the 3rd quarter worth approximately $6,582,000. LPL Financial LLC raised its stake in shares of KeyCorp by 12.6% during the 3rd quarter. LPL Financial LLC now owns 283,225 shares of the financial services provider’s stock worth $5,633,000 after buying an additional 31,689 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its stake in shares of KeyCorp by 684.0% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 678,064 shares of the financial services provider’s stock worth $13,487,000 after buying an additional 591,574 shares in the last quarter. 79.70% of the stock is owned by hedge funds and other institutional investors.

About KeyCorp

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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