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Keycorp outlook upgraded to Outperform by Keefe, Bruyette & Woods

Published Nov 06, 2023 21:52
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Keefe, Bruyette & Woods have upgraded their outlook for KeyCorp (NYSE:KEY) from Market Perform to Outperform today. The financial services firm has set the average one-year price target for KeyCorp at $12.93, indicating a potential increase of 13.54% from its latest closing price of $11.39.

Keycorp's projected annual revenue is expected to reach 7,951MM, marking an increase of 30.54%. The company's non-GAAP EPS is also projected at 2.32. The put/call ratio of Keycorp's shares, known as KEY, suggests a bullish market outlook with a value of 0.61.

Institutional ownership in Keycorp saw a decrease last quarter, with a decline of 103 owners or 6.97%. Total shares owned by institutions decreased by 9.64% to 807,608K shares. Despite this overall decrease, several key holders have increased their stake in the company. Fuller & Thaler Asset Management, UBVLX, and VFINX saw their KEY holdings increase by 45.92%, 46.76%, and 2.21% respectively, while VTSMX increased its stake by 0.78%. However, VIMSX decreased its holdings by 0.40%.

KeyCorp is a leading bank-based financial services company headquartered in Cleveland, Ohio. With roots in Albany, New York, the company holds approximately $170.3 billion in assets as of December 31, 2020. KeyCorp operates through more than 1,000 branches and approximately 1,400 ATMs offering a deposit, lending, cash management, and investment services. Additionally, under the KeyBanc Capital Markets trade name, it provides corporate and investment banking products.

InvestingPro Insights

In light of the recent upgrade in outlook for KeyCorp, it's worth considering some key data and tips from InvestingPro. First and foremost, Keycorp has been able to maintain a strong dividend track record, having raised its dividend for 12 consecutive years (InvestingPro Tip 0). This is a positive sign for investors seeking regular income.

Additionally, Keycorp has shown a significant return over the last week, with a 13% total return (InvestingPro Data: 1 Week Price Total Return). This is a good indicator of the company's recent performance and may suggest a potential upward trend.

However, investors should be mindful of the company's earnings. Despite the positive outlook, there has been a declining trend in earnings per share (InvestingPro Tip 1). Moreover, 10 analysts have revised their earnings downwards for the upcoming period (InvestingPro Tip 2).

In terms of key metrics, Keycorp's market cap stands at $10.53B (InvestingPro Data: Market Cap) and it has a P/E ratio of 9.04 (InvestingPro Data: P/E Ratio). The company's revenue for the last twelve months as of Q3 2023 is $6091M (InvestingPro Data: Revenue), showing a significant size and valuation in the market.

For more detailed insights and tips, consider exploring InvestingPro, which offers a wealth of additional information for informed investment decisions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Keycorp outlook upgraded to Outperform by Keefe, Bruyette & Woods
 

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