Rating Worth Mentioning: Is Keefe Bruyette & Woods Very Negative For KeyCorp (NYSE:KEY) After Its Downgrade?

November 29, 2016 - By Peter Erickson

Rating Worth Mentioning: Is Keefe Bruyette & Woods Very Negative For KeyCorp (NYSE:KEY) After Its Downgrade?

KeyCorp (NYSE:KEY) Downgrade

Keefe Bruyette & Woods gave KeyCorp (NYSE:KEY) shares a new “Market Perform” rating in a an analyst note revealed to investors and clients on Tuesday, 29 November. This is decrease from the old “Outperform” rating.

KeyCorp (NYSE:KEY) Ratings Coverage

Out of 25 analysts covering Keycorp (NYSE:KEY), 15 rate it a “Buy”, 1 “Sell”, while 9 “Hold”. This means 60% are positive. $18 is the highest target while $2 is the lowest. The $14.90 average target is -12.92% below today’s ($17.11) stock price. Keycorp has been the topic of 53 analyst reports since July 20, 2015 according to StockzIntelligence Inc. Wedbush initiated it with “Outperform” rating and $15 target price in Friday, October 7 report. The company was maintained on Monday, August 22 by Citigroup. The stock of KeyCorp (NYSE:KEY) has “Market Perform” rating given on Wednesday, August 12 by KBW. The stock of KeyCorp (NYSE:KEY) has “Buy” rating given on Wednesday, August 12 by Deutsche Bank. The firm has “Hold” rating by Standpoint Research given on Monday, November 21. The rating was downgraded by Vetr to “Strong-Buy” on Friday, August 28. The firm has “Overweight” rating by Stephens given on Friday, January 22. On Tuesday, November 8 the stock rating was downgraded by Citigroup to “Neutral”. The company was upgraded on Monday, July 11 by FBR Capital. Morgan Stanley reinitiated KeyCorp (NYSE:KEY) rating on Tuesday, April 12. Morgan Stanley has “Equal-Weight” rating and $13.50 price target.

About 6.17 million shares traded hands. KeyCorp (NYSE:KEY) has risen 35.24% since April 26, 2016 and is uptrending. It has outperformed by 29.98% the S&P500.

Analysts await KeyCorp (NYSE:KEY) to report earnings on January, 19. They expect $0.29 EPS, up 3.57% or $0.01 from last year’s $0.28 per share. KEY’s profit will be $307.46M for 14.75 P/E if the $0.29 EPS becomes a reality. After $0.30 actual EPS reported by KeyCorp for the previous quarter, Wall Street now forecasts -3.33% negative EPS growth.

Insitutional Activity: The institutional sentiment increased to 2.05 in Q2 2016. Its up 0.96, from 1.09 in 2016Q1. The ratio improved, as 39 funds sold all KeyCorp shares owned while 186 reduced positions. 56 funds bought stakes while 189 increased positions. They now own 702.32 million shares or 2.46% more from 685.48 million shares in 2016Q1.

The New York-based Jefferies Ltd Liability Corporation has invested 0.01% in KeyCorp (NYSE:KEY). Pnc Fincl Svcs Group has invested 0% of its portfolio in KeyCorp (NYSE:KEY). Walleye Trading Limited Liability Company reported 280,530 shares or 0.02% of all its holdings. Reliance Trust Comm Of Delaware last reported 0.04% of its portfolio in the stock. Stifel has invested 0.01% of its portfolio in KeyCorp (NYSE:KEY). Wedge Cap L Lp Nc, a North Carolina-based fund reported 2.10 million shares. Moreover, Stevens Cap Mngmt Lp has 0.2% invested in KeyCorp (NYSE:KEY) for 451,026 shares. Alyeska Gru Limited Partnership last reported 0.2% of its portfolio in the stock. Douglass Winthrop Advisors Limited Liability holds 0.56% of its portfolio in KeyCorp (NYSE:KEY) for 547,321 shares. Moreover, Lombard Odier Asset (Europe) Ltd has 0.01% invested in KeyCorp (NYSE:KEY) for 14,997 shares. Federated Pa accumulated 2.44 million shares or 0.08% of the stock. Old Mutual Customised Solutions (Proprietary) Ltd reported 34,100 shares or 0.09% of all its holdings. Spot Trading Ltd Limited Liability Company holds 0.01% or 77,515 shares in its portfolio. Tortoise Inv Mngmt Llc holds 0% or 800 shares in its portfolio. Ameritas Investment reported 16,295 shares or 0.01% of all its holdings.

Insider Transactions: Since November 10, 2016, the stock had 0 insider buys, and 1 insider sale for $147,907 net activity. Brady Amy G. had sold 9,457 shares worth $147,907 on Thursday, November 10.

KeyCorp is a bank holding company. The Bank operates through its subsidiary, KeyBank National Association , which is engaged in providing banking services. The company has a market cap of $18.14 billion. Through KeyBank and other subsidiaries, the Company provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, commercial mortgage servicing and special servicing, and investment banking services and products to individual, corporate and institutional clients. It has a 19.4 P/E ratio. The Company’s divisions include Key Community Bank and Key Corporate Bank.

According to Zacks Investment Research, “KeyCorp is an integrated multi-line financial services company. Its subsidiaries provide a wide range of investment management, retail and commercial banking, consumer finance and investment banking products and services to corporate, individual and institutional clients through four lines of business: Key Retail Banking, Key Specialty Finance, Key Corporate Capital and Key Capital Partners.”

KEY Company Profile

KeyCorp, incorporated on December 31, 1958, is a bank holding company. The Bank operates through its subsidiary, KeyBank National Association (KeyBank), which is engaged in providing banking services. Through KeyBank and other subsidiaries, the Company provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, commercial mortgage servicing and special servicing, and investment banking services and products to individual, corporate and institutional clients. The Company’s divisions include Key Community Bank and Key Corporate Bank. The Company’s Other Segments consist of corporate treasury, principal investing unit and various exit portfolios.

More recent KeyCorp (NYSE:KEY) news were published by: Forbes.com which released: “Ex-Dividend Reminder: Great Plains Energy, TFS Financial and KeyCorp” on November 23, 2016. Also Nasdaq.com published the news titled: “KeyCorp (KEY) Ex-Dividend Date Scheduled for November 25, 2016” on November 24, 2016. Prnewswire.com‘s news article titled: “KeyCorp Declares Quarterly Cash Dividend On Common Shares And Preferred Stocks” with publication date: November 17, 2016 was also an interesting one.

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