KeyCorp (NYSE:KEY) Downgraded by BofA Securities

BofA Securities lowered shares of KeyCorp (NYSE:KEY) from a neutral rating to an underperform rating in a report released on Friday morning, Briefing.com Automated Import reports. BofA Securities currently has $12.00 target price on the financial services provider’s stock, down from their previous target price of $15.00.

Other equities research analysts also recently issued reports about the stock. ValuEngine upgraded shares of KeyCorp from a sell rating to a hold rating in a report on Thursday, July 2nd. Morgan Stanley boosted their target price on shares of KeyCorp from $14.00 to $15.25 and gave the company an equal weight rating in a report on Monday, June 8th. Stephens downgraded shares of KeyCorp from an overweight rating to an equal weight rating and set a $13.00 target price for the company. in a report on Wednesday, June 3rd. Deutsche Bank decreased their price objective on shares of KeyCorp from $20.00 to $13.00 and set a hold rating for the company in a research note on Thursday, April 2nd. Finally, Wells Fargo & Co boosted their target price on shares of KeyCorp from $11.00 to $12.00 in a research report on Friday, June 5th. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have given a buy rating to the company’s stock. KeyCorp presently has a consensus rating of Hold and an average target price of $18.74.

Shares of KEY opened at $11.55 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.89. The stock has a market cap of $11.27 billion, a P/E ratio of 8.49, a PEG ratio of 3.17 and a beta of 1.53. The company has a 50-day moving average of $12.52 and a two-hundred day moving average of $14.47. KeyCorp has a 12-month low of $7.45 and a 12-month high of $20.52.

KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, April 16th. The financial services provider reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.06). The business had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.55 billion. KeyCorp had a return on equity of 10.43% and a net margin of 18.85%. The business’s revenue was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.38 EPS. As a group, analysts forecast that KeyCorp will post 0.64 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.185 per share. The ex-dividend date is Monday, August 31st. This represents a $0.74 annualized dividend and a dividend yield of 6.41%. KeyCorp’s dividend payout ratio is currently 41.11%.

In related news, COO Christopher M. Gorman bought 100,000 shares of the firm’s stock in a transaction that occurred on Friday, April 17th. The stock was purchased at an average price of $10.36 per share, for a total transaction of $1,036,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Ruth Ann M. Gillis bought 4,485 shares of the firm’s stock in a transaction that occurred on Monday, April 20th. The stock was bought at an average price of $11.10 per share, with a total value of $49,783.50. Following the transaction, the director now directly owns 19,911 shares in the company, valued at $221,012.10. The disclosure for this purchase can be found here. Insiders have bought 106,485 shares of company stock valued at $1,109,564 in the last 90 days. Insiders own 0.70% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in KEY. Procyon Private Wealth Partners LLC lifted its holdings in KeyCorp by 77.2% in 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 acquiring an additional 1,034 shares during the last quarter. Lionsbridge Wealth Management LLC purchased a new stake in shares of KeyCorp in the fourth quarter worth approximately $28,000. Archer Investment Corp purchased a new stake in shares of KeyCorp in the fourth quarter worth approximately $30,000. WASHINGTON TRUST Co purchased a new stake in shares of KeyCorp in the first quarter worth approximately $31,000. Finally, Bartlett & Co. LLC purchased a new stake in shares of KeyCorp in the first quarter worth approximately $32,000. Hedge funds and other institutional investors own 79.33% of the company’s stock.

About KeyCorp

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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