Wells Fargo & Company Downgrades KeyCorp (NYSE:KEY) to Hold

KeyCorp (NYSE:KEY) was downgraded by Wells Fargo & Company from a “strong-buy” rating to a “hold” rating in a research note issued on Wednesday,Zacks.com reports.

Several other research firms have also weighed in on KEY. Barclays lowered their price objective on KeyCorp from $21.00 to $20.00 and set an “equal weight” rating for the company in a research report on Monday, April 21st. Wall Street Zen raised KeyCorp from a “sell” rating to a “hold” rating in a research report on Monday, April 21st. Keefe, Bruyette & Woods decreased their target price on KeyCorp from $20.00 to $18.00 and set an “outperform” rating for the company in a research report on Monday, April 21st. Citigroup reaffirmed a “buy” rating on shares of KeyCorp in a research report on Thursday, April 17th. Finally, TD Cowen initiated coverage on KeyCorp in a research report on Thursday, May 15th. They issued a “hold” rating and a $18.00 target price for the company. Twelve investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $18.92.

KeyCorp Trading Up 1.7%

Shares of KEY stock opened at $15.99 on Wednesday. The stock’s fifty day moving average price is $15.49 and its two-hundred day moving average price is $16.41. The company has a market cap of $17.53 billion, a PE ratio of -94.08, a P/E/G ratio of 0.60 and a beta of 1.09. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.83 and a current ratio of 0.84.

KeyCorp (NYSE:KEY) last released its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.01. The company had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.77 billion. KeyCorp had a positive return on equity of 9.43% and a negative net margin of 0.12%. During the same quarter last year, the business posted $0.20 EPS. Equities analysts predict that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp declared that its Board of Directors has authorized a stock buyback program on Thursday, March 13th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at KeyCorp

In other KeyCorp news, insider Mohit Ramani bought 10,000 shares of KeyCorp stock in a transaction dated Monday, April 21st. The shares were purchased at an average cost of $13.75 per share, for a total transaction of $137,500.00. Following the acquisition, the insider now directly owns 10,000 shares in the company, valued at approximately $137,500. This represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Carlton L. Highsmith sold 5,000 shares of the company’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $16.60, for a total transaction of $83,000.00. Following the transaction, the director now owns 37,177 shares in the company, valued at $617,138.20. The trade was a 11.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.52% of the company’s stock.

Institutional Investors Weigh In On KeyCorp

Hedge funds have recently modified their holdings of the business. Whittier Trust Co. lifted its position in KeyCorp by 110.3% during the fourth quarter. Whittier Trust Co. now owns 1,525 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 800 shares during the last quarter. Ethos Financial Group LLC acquired a new stake in KeyCorp during the fourth quarter valued at $27,000. Fourth Dimension Wealth LLC purchased a new position in KeyCorp during the fourth quarter valued at $28,000. Zions Bancorporation National Association UT purchased a new position in KeyCorp during the first quarter valued at $28,000. Finally, Allworth Financial LP lifted its stake in shares of KeyCorp by 246.9% in the first quarter. Allworth Financial LP now owns 2,168 shares of the financial services provider’s stock worth $32,000 after buying an additional 1,543 shares in the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

About KeyCorp

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.