Wall Street Zen Upgrades KeyCorp (NYSE:KEY) to “Hold”

KeyCorp (NYSE:KEY) was upgraded by stock analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Sunday, Wall Street Zen reports.

Other equities research analysts also recently issued research reports about the stock. Jefferies Financial Group lowered their price objective on shares of KeyCorp from $24.00 to $22.00 and set a “hold” rating for the company in a research report on Thursday, September 24th. Royal Bank Of Canada cut their target price on shares of KeyCorp from $25.00 to $24.00 and set an “outperform” rating on the stock in a report on Wednesday, October 21st. Citigroup reissued a “neutral” rating on shares of KeyCorp in a report on Tuesday, September 22nd. Robert W. Baird lifted their target price on KeyCorp from $22.00 to $23.00 and gave the company a “neutral” rating in a research note on Wednesday, July 22nd. Finally, TD Cowen initiated coverage on KeyCorp in a report on Thursday, October 8th. They set a “buy” rating and a $23.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, KeyCorp currently has an average rating of “Moderate Buy” and a consensus price target of $46.22.

KeyCorp Stock Up 0.6%

KEY stock opened at $21.20 on Friday. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.84 and a quick ratio of 0.83. KeyCorp has a 1-year low of $16.91 and a 1-year high of $24.07. The firm has a fifty day moving average price of $21.08 and a two-hundred day moving average price of $21.55. The firm has a market cap of $22.62 billion, a price-to-earnings ratio of 11.71, a PEG ratio of 0.76 and a beta of 1.08.

KeyCorp (NYSE:KEY) last issued its 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. KeyCorp had a net margin of 18.56% and a return on equity of 12.06%. The company had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.05 billion. During the same period in the prior year, the company earned $0.41 earnings per share. The firm’s revenue was up 8.3% compared to the same quarter last year. Research analysts predict that KeyCorp will post 1.86 EPS for the current year.

Hedge Funds Weigh In On KeyCorp

Several institutional investors have recently modified their holdings of KEY. Bank of Nova Scotia bought a new stake in KeyCorp in the 2nd quarter valued at about $3,636,436,000. BlackRock Inc. acquired a new position in KeyCorp during the 2nd quarter valued at about $2,039,113,000. State Street Corp grew its position in KeyCorp by 9.0% in the 2nd quarter. State Street Corp now owns 51,368,660 shares of the financial services provider’s stock worth $1,184,048,000 after purchasing an additional 4,238,225 shares during the last quarter. Deutsche Bank AG bought a new position in KeyCorp in the 2nd quarter worth about $380,244,000. Finally, North Reef Capital Management LP bought a new position in KeyCorp in the 1st quarter worth about $253,632,000. Institutional investors own 79.69% of the company’s stock.

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.