KeyCorp (KEY) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research cut shares of KeyCorp (NYSE:KEY) from a hold rating to a sell rating in a report issued on Monday morning.

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.”

A number of other analysts have also commented on KEY. Deutsche Bank AG reissued a hold rating on shares of KeyCorp in a report on Monday, July 3rd. Morgan Stanley reissued an overweight rating and set a $22.00 price objective (up from $21.00) on shares of KeyCorp in a report on Friday, July 7th. UBS AG raised KeyCorp from a neutral rating to a buy rating and boosted their price objective for the stock from $19.00 to $22.00 in a report on Monday, July 10th. Keefe, Bruyette & Woods raised KeyCorp from a market perform rating to an outperform rating and set a $21.00 price objective for the company in a report on Monday, July 10th. Finally, Instinet reissued a buy rating and set a $23.00 price objective on shares of KeyCorp in a report on Wednesday, July 12th. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $20.53.

Shares of KeyCorp (KEY) traded up 0.11% on Monday, reaching $18.25. The company had a trading volume of 8,859,813 shares. KeyCorp has a 12 month low of $13.83 and a 12 month high of $19.53. The stock has a 50-day moving average price of $18.33 and a 200-day moving average price of $18.20. The stock has a market cap of $19.85 billion, a PE ratio of 18.12 and a beta of 1.13.

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

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In related news, insider Amy G. Brady sold 18,000 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $18.42, for a total value of $331,560.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Ruth Ann M. Gillis acquired 2,000 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The stock was purchased at an average price of $17.91 per share, for a total transaction of $35,820.00. Following the purchase, the director now owns 10,551 shares of the company’s stock, valued at approximately $188,968.41. The disclosure for this purchase can be found here. In the last quarter, insiders sold 277,636 shares of company stock worth $5,149,949. 0.65% of the stock is owned by company insiders.

Institutional investors have recently bought and sold shares of the stock. Ballentine Partners LLC lifted its position in shares of KeyCorp by 0.5% during the second quarter. Ballentine Partners LLC now owns 12,113 shares of the financial services provider’s stock worth $223,000 after acquiring an additional 66 shares in the last quarter. Comerica Securities Inc. lifted its position in shares of KeyCorp by 0.7% during the second quarter. Comerica Securities Inc. now owns 11,535 shares of the financial services provider’s stock worth $216,000 after acquiring an additional 83 shares in the last quarter. Essex Financial Services Inc. lifted its position in shares of KeyCorp by 0.3% during the second quarter. Essex Financial Services Inc. now owns 39,160 shares of the financial services provider’s stock worth $734,000 after acquiring an additional 117 shares in the last quarter. Dividend Assets Capital LLC lifted its position in shares of KeyCorp by 0.5% during the second quarter. Dividend Assets Capital LLC now owns 24,475 shares of the financial services provider’s stock worth $459,000 after acquiring an additional 125 shares in the last quarter. Finally, HM Payson & Co. lifted its position in shares of KeyCorp by 1.2% during the second quarter. HM Payson & Co. now owns 13,041 shares of the financial services provider’s stock worth $244,000 after acquiring an additional 150 shares in the last quarter. Institutional investors and hedge funds 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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