KeyCorp (NYSE:KEY) Cut to Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded KeyCorp from “hold” to “sell,” although broader analyst coverage remains more favorable, with a consensus “Moderate Buy” rating.
• KeyCorp shares opened at $19.98, within a 52-week range of $16.79 to $24.07. The stock has a market capitalization of approximately $21.32 billion and trades at a price-to-earnings ratio of 11.73.
• The company’s latest quarterly results exceeded earnings expectations, reporting $0.44 in EPS versus a $0.42 consensus estimate, while revenue rose 6.7% year over year to $1.96 billion. Institutional investors own nearly 80% of the outstanding shares.

KeyCorp (NYSE:KEY - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report released on Saturday, Wall Street Zen reports.

A number of other brokerages have also recently issued reports on KEY. JPMorgan Chase & Co. reduced their price objective on KeyCorp from $24.50 to $23.00 and set a "neutral" rating on the stock in a research note on Friday, October 2nd. Argus raised KeyCorp to a "strong-buy" rating in a research note on Wednesday, July 29th. Jefferies Financial Group dropped their target price on KeyCorp from $24.00 to $22.00 and set a "hold" rating for the company in a report on Thursday, September 24th. 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. Finally, Truist Financial reduced their price target on KeyCorp from $24.00 to $23.00 and set a "hold" rating on the stock in a research report on Wednesday, September 23rd. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $46.33.

KeyCorp Price Performance

Shares of KeyCorp stock opened at $19.98 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 0.84. KeyCorp has a 52-week low of $16.79 and a 52-week high of $24.07. The company has a fifty day moving average of $21.27 and a 200-day moving average of $21.81. The stock has a market capitalization of $21.32 billion, a price-to-earnings ratio of 11.73, a price-to-earnings-growth ratio of 0.75 and a beta of 1.08.

KeyCorp (NYSE:KEY - Get Free Report) last issued its earnings results on Tuesday, July 21st. The financial services provider reported $0.44 EPS for the quarter, topping analysts' consensus estimates of $0.42 by $0.02. The company had revenue of $1.96 billion for the quarter, compared to analysts' expectations of $1.97 billion. KeyCorp had a net margin of 17.83% and a return on equity of 11.23%. The firm's revenue was up 6.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.35 EPS. Equities research analysts expect that KeyCorp will post 1.83 EPS for the current year.

Hedge Funds Weigh In On KeyCorp

Hedge funds have recently modified their holdings of the company. EverSource Wealth Advisors LLC boosted its holdings in shares of KeyCorp by 5.4% during the first quarter. EverSource Wealth Advisors LLC now owns 10,265 shares of the financial services provider's stock worth $206,000 after purchasing an additional 522 shares during the period. TD Waterhouse Canada Inc. grew its stake in shares of KeyCorp by 13.3% in the third quarter. TD Waterhouse Canada Inc. now owns 4,695 shares of the financial services provider's stock worth $94,000 after purchasing an additional 550 shares during the last quarter. Investors Asset Management of Georgia Inc. GA ADV increased its holdings in KeyCorp by 1.7% during the 1st quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 32,493 shares of the financial services provider's stock valued at $650,000 after purchasing an additional 556 shares during the period. V Square Quantitative Management LLC increased its holdings in KeyCorp by 2.2% during the 1st quarter. V Square Quantitative Management LLC now owns 26,258 shares of the financial services provider's stock valued at $526,000 after purchasing an additional 567 shares during the period. Finally, CX Institutional increased its holdings in KeyCorp by 4.6% during the 2nd quarter. CX Institutional now owns 13,346 shares of the financial services provider's stock valued at $308,000 after purchasing an additional 581 shares during the period. Hedge funds and other institutional investors own 79.69% of the company's stock.

KeyCorp Company Profile

KeyCorp NYSE: KEY is a financial services company headquartered in Cleveland, Ohio, and the parent company of KeyBank National Association. Through KeyBank, the company provides banking and financial services to individuals, families, businesses, institutions and government entities.

KeyBank's offerings include consumer and business deposit accounts, residential and commercial lending, mortgage and home equity products, credit cards, payments services, treasury management, wealth management and investment services.

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