KeyCorp (NYSE:KEY) Stock Rating Raised to “Hold” at Wall Street Zen

Wall Street Zen upgraded shares of KeyCorp (NYSE:KEY) from a sell rating to a hold rating in a report released on Sunday,Wall Street Zen reports.

A number of other research firms also recently commented on KEY. JPMorgan Chase & Co. decreased their price objective on shares of KeyCorp from $24.50 to $23.00 and set a “neutral” rating on the stock in a report on Friday, October 2nd. Wells Fargo & Company increased their target price on shares of KeyCorp from $24.00 to $27.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Argus upgraded shares of KeyCorp to a “strong-buy” rating in a research report on Wednesday, July 29th. Royal Bank Of Canada reduced their price target on shares of KeyCorp from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Wednesday. Finally, TD Cowen began coverage on KeyCorp in a research note on Thursday, October 8th. They set a “buy” rating and a $23.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $46.22.

KeyCorp Price Performance

Shares of NYSE KEY opened at $21.07 on Friday. The firm has a market capitalization of $22.49 billion, a P/E ratio of 11.58, a PEG ratio of 0.76 and a beta of 1.08. KeyCorp has a one year low of $16.91 and a one year high of $24.07. The company’s fifty day moving average is $21.06 and its two-hundred day moving average is $21.84. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.83 and a current ratio of 0.84.

KeyCorp (NYSE:KEY) last posted its quarterly earnings results on Tuesday, October 20th. The financial services provider reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.05. The business had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.05 billion. KeyCorp had a net margin of 18.56% and a return on equity of 12.06%. The business’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.41 EPS. Analysts forecast that KeyCorp will post 1.86 EPS for the current fiscal year.

Hedge Funds Weigh In On KeyCorp

A number of institutional investors have recently made changes to their positions in the stock. Bank of Nova Scotia acquired a new position in shares of KeyCorp in the second quarter valued at approximately $3,636,436,000. BlackRock Inc. purchased a new position in shares of KeyCorp during the second quarter valued at approximately $2,039,113,000. Deutsche Bank AG purchased a new position in shares of KeyCorp during the second quarter valued at approximately $380,244,000. North Reef Capital Management LP acquired a new stake in KeyCorp during the first quarter worth approximately $253,632,000. Finally, Legal & General Group Plc acquired a new stake in KeyCorp during the second quarter worth approximately $142,169,000. 79.69% of the stock is owned by institutional investors and hedge funds.

KeyCorp Company Profile

KeyCorp is a financial services company headquartered in Cleveland, Ohio, and the parent company of KeyBank National Association. Through KeyBank, it provides retail and commercial banking services to individuals, businesses, institutional clients and government entities.

KeyBank’s offerings include checking and savings accounts, consumer lending, mortgages, home equity financing, credit cards, business loans, treasury management and payment services. The company also provides investment banking and capital markets services through KeyBanc Capital Markets, as well as wealth management, investment management and personal financial planning services.

KeyCorp traces its history to 1825, when the institution that became KeyBank was established in Albany, New York.