Wolfe Research Initiates Coverage on KeyCorp (NYSE:KEY)

Research analysts at Wolfe Research initiated coverage on shares of KeyCorp (NYSE:KEY) in a report issued on Friday, The Fly reports. The brokerage set an “underperform” rating on the financial services provider’s stock.

Other research analysts have also issued reports about the stock. Stifel Nicolaus lowered their price objective on shares of KeyCorp from $29.00 to $27.00 and set a “buy” rating on the stock in a research note on Thursday, May 14th. Bank of America downgraded shares of KeyCorp from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $15.00 to $12.00 in a research note on Friday, July 10th. ValuEngine raised shares of KeyCorp from a “sell” rating to a “hold” rating in a research note on Thursday, July 2nd. Nomura Securities reissued a “hold” rating and issued a $10.00 price objective on shares of KeyCorp in a research note on Sunday, April 19th. Finally, Wells Fargo & Co increased their price objective on shares of KeyCorp from $11.00 to $12.00 in a research note on Friday, June 5th. Five analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $18.68.

KEY opened at $12.01 on Friday. The stock has a fifty day moving average of $12.26 and a 200-day moving average of $13.61. The firm has a market capitalization of $11.71 billion, a P/E ratio of 10.63, a PEG ratio of 2.22 and a beta of 1.53. KeyCorp has a 12-month low of $7.45 and a 12-month high of $20.52. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.88.

KeyCorp (NYSE:KEY) last posted its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.16 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.07. The business had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.59 billion. KeyCorp had a net margin of 15.85% and a return on equity of 8.52%. KeyCorp’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.44 earnings per share. On average, analysts expect that KeyCorp will post 0.95 earnings per share for the current fiscal year.

In other news, insider Angela G. Mago sold 3,646 shares of the stock in a transaction on Friday, July 24th. The shares were sold at an average price of $12.46, for a total transaction of $45,429.16. Following the completion of the sale, the insider now directly owns 171,829 shares in the company, valued at $2,140,989.34. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.70% of the company’s stock.

A number of large investors have recently bought and sold shares of the business. Procyon Private Wealth Partners LLC raised its holdings in KeyCorp by 77.2% during the 1st quarter. Procyon Private Wealth Partners LLC now owns 2,373 shares of the financial services provider’s stock valued at $25,000 after buying an additional 1,034 shares during the last quarter. WASHINGTON TRUST Co acquired a new position in shares of KeyCorp during the 1st quarter worth approximately $31,000. Bartlett & Co. LLC acquired a new position in shares of KeyCorp during the 1st quarter worth approximately $32,000. Verus Capital Partners LLC purchased a new stake in shares of KeyCorp during the fourth quarter worth approximately $34,000. Finally, Hillsdale Investment Management Inc. purchased a new stake in shares of KeyCorp during the first quarter worth approximately $34,000. Institutional investors and hedge funds own 79.38% of the company’s stock.

KeyCorp Company Profile

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.

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Analyst Recommendations for KeyCorp (NYSE:KEY)

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