Stephens Upgrades KeyCorp (KEY) to “Overweight”
KeyCorp (NYSE:KEY) was upgraded by investment analysts at Stephens from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Thursday. The brokerage currently has a $23.00 price objective on the financial services provider’s stock. Stephens’ target price points to a potential upside of 16.40% from the company’s current price.
Other research analysts have also recently issued reports about the stock. CIBC reiterated a “buy” rating on shares of KeyCorp in a report on Friday, December 8th. Oppenheimer reiterated 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 research report on Wednesday, September 27th. Zacks Investment Research lowered shares of KeyCorp from a “hold” rating to a “sell” rating in a research 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 research report on Thursday, October 19th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and sixteen have assigned a buy rating to the stock. KeyCorp has a consensus rating of “Buy” and a consensus target price of $21.28.
Shares of KeyCorp (NYSE:KEY) traded up $0.24 on Thursday, hitting $19.76. 16,624,227 shares of the company’s stock traded hands, compared to its average volume of 10,769,314. KeyCorp has a one year low of $16.28 and a one year high of $20.15. The firm has a market capitalization of $20,991.81, a PE ratio of 14.79, a price-to-earnings-growth ratio of 1.78 and a beta of 1.10. 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 earnings results on Thursday, October 19th. The financial services provider reported $0.35 EPS for the quarter, hitting the consensus estimate of $0.35. KeyCorp had a net margin of 18.69% and a return on equity of 10.35%. The company had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.56 billion. During the same period last year, the company posted $0.30 earnings per share. The business’s revenue for the quarter was up 13.7% on a year-over-year basis. sell-side analysts forecast that KeyCorp will post 1.37 EPS for the current year.
In related news, Director Carlton L. Highsmith sold 7,600 shares of the firm’s stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $18.39, for a total transaction of $139,764.00. Following the transaction, the director now owns 68,725 shares of the company’s stock, valued at $1,263,852.75. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Elizabeth R. Gile acquired 1,374 shares of the business’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were acquired at an average cost of $18.23 per share, for a total transaction of $25,048.02. Following the transaction, the director now owns 24,989 shares of the company’s stock, valued at approximately $455,549.47. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 57,212 shares of company stock worth $1,060,508. Insiders own 0.65% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of KEY. Beach Investment Management LLC. bought a new position in KeyCorp during the second quarter valued at approximately $241,000. Schwab Charles Investment Management Inc. raised its position in shares of KeyCorp by 5.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 3,504,869 shares of the financial services provider’s stock valued at $65,682,000 after purchasing an additional 183,795 shares during the period. DekaBank Deutsche Girozentrale raised its position in shares of KeyCorp by 7.3% in the second quarter. DekaBank Deutsche Girozentrale now owns 92,727 shares of the financial services provider’s stock valued at $1,799,000 after purchasing an additional 6,309 shares during the period. Wedbush Securities Inc. raised its position in shares of KeyCorp by 7.1% in the second quarter. Wedbush Securities Inc. now owns 15,275 shares of the financial services provider’s stock valued at $286,000 after purchasing an additional 1,016 shares during the period. Finally, Northpointe Capital LLC bought a new position in shares of KeyCorp in the second quarter valued at approximately $3,398,000. 81.20% of the stock is currently owned by hedge funds and other institutional investors.
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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