Dernières nouvelles pour KeyCorp (NYSE:KEY) Stock

KeyCorp

With assets of over $180 billion, Ohio-based KeyCorp's bank footprint spans 16 states, but it is predominantly concentrated in its two largest markets: Ohio and New York. KeyCorp is primarily focused on serving middle-market commercial clients through a hybrid community/corporate bank model.

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KEYSIGHT TECHNOLOGIES ORD

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KeyCorp Depositary Shares Each Representing a 1/40th Ownership Interest in a Share of Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, Series E

KeyCorp Depositary Shares each representing a 1/40th ownership interest in a share of Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series F

KeyCorp Depositary Shares, each representing a 1/40th ownership interest in a share of Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series G

KeyCorp Depositary Shares each representing a 1/40th ownership interest in a share of Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series H

The third-quarter earnings season for U.S. banks will officially kick off this Friday, with major financial institutions like JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Wells Fargo Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>), and Bank of New York Mellon Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>) set <a href="https://www.benzinga.com/news/earnings/24/10/41216873/us-banks-earnings-preview-soft-landing-hopes-interest-rate-cuts-key-catalysts-for-stocks">to report their results. </a>
The following Tuesday will see additional earnings releases from mega-cap players such as Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Goldman Sachs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), and Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), as well as some regional banks.
<h3 class="wp-block-heading">Banking Sector Performance So Far In 2024</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="447" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09104754/image-66-1024x447.png" alt="" class="wp-image-587909" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09104754/image-66-1024x447.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09104754/image-66-300x131.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09104754/image-66-768x336.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09104754/image-66-1536x671.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09104754/image-66.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Chart:<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent100924&amp;t=be2bearmibe3na1"> Benzinga Pro</a></figcaption></figure>
Thus far, in 2024, the banking sector has shown strong performance. The Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>), which tracks major financial stocks, has risen 21% year-to-date, matching the performance of the broader market as represented by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>).
However, regional banks have lagged behind their larger counterparts. The SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) is up just 6% year-to-date, though it has outperformed over the past three months. This recent rebound is largely due to falling inflation and increasing expectations of Federal Reserve interest rate cuts.
With earnings season approaching, the question on many investors&#8217; minds is whether large banks will maintain their positive performance gap over regional players or if recent market developments will impact their results and outlooks. 
Here&#8217;s what Wall Street analysts are saying ahead of the bank earnings season.
<h3 class="wp-block-heading">Analyst Expectations And Top Picks</h3>
<h4 class="wp-block-heading">RBC Capital Markets – Gerard Cassidy, co-head of global financials research</h4>
&#8220;We believe the set-up looks very good for banks over the next 12-18 months. We expect the Federal Reserve to cut short-term interest rates by 200-250 basis points over this period, and the finalization of the Basel III &#8216;endgame&#8217; proposal will allow banks to return excess capital through buybacks and dividends. We continue to recommend an overweight position in bank stocks.&#8221;
<ul>
<li>Top Picks (RBC holds earnings per share estimates for both above Street consensus for the third quarter)
<ul>
<li>Truist Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TFC#NYSE">TFC</a>)</li>
<li>KeyCorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>)</li>
</ul>
</li>
</ul>
<h4 class="wp-block-heading">JPMorgan Chase &amp; Co. – Anthony Elian, CFA</h4>
&#8220;As the Federal Reserve reduces rates, several industry headwinds could turn into tailwinds.&#8221; This includes:
<ol>
<li>Lower deposit costs, improving net interest margins (NIMs)</li>
<li>An uptick in commercial loan demand</li>
<li>Easing credit quality concerns, particularly for banks with commercial real estate (CRE) exposure</li>
<li>A resumption of buyback programs as reserves are released</li>
<li>Increased exit market and venture capital activity.</li>
</ol>
<ul>
<li>Top Picks:
<ul>
<li>First Citizens Bancshares Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCNCA#NYSE">FCNCA</a>)</li>
<li>Western Alliance Bancorporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAL#NYSE">WAL</a>)</li>
<li>Pinnacle Financial Partners Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PNFP#NASDAQ">PNFP</a>)</li>
</ul>
</li>
</ul>
<h4 class="wp-block-heading">Wedbush Securities – David J. Chiaverini, CFA</h4>
&#8220;We expect mixed trends for banks in Q3, with modest loan and deposit growth, stabilizing deposit mix shifts, and NIMs benefiting from fixed asset repricing. Some banks will be more positively positioned than others in this environment.&#8221;
<ul>
<li>Top Picks:
<ul>
<li>M&amp;T Bank Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTB#NYSE">MTB</a>)</li>
<li>Wintrust Financial Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WTFC#NASDAQ">WTFC</a>)</li>
<li>Columbia Banking Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COLB#NASDAQ">COLB</a>) Wedbush believes Columbia Banking Systems will benefit from a lower rate environment as it is liability-sensitive, unlike most banks that are asset-sensitive.</li>
</ul>
</li>
</ul>
<h4 class="wp-block-heading">Bank of America – Ebrahim H. Poonawala</h4>
&#8220;We favor regional banks over large money centers heading into Q3, given better net interest income (NII) defensibility and greater capital relief as mark-to-market losses on bond books decrease. Our top ideas going into Q3 earnings include a mix of regionals and larger financial institutions.&#8221;
<ul>
<li>Top Picks:
<ul>
<li>U.S. Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USB#NYSE">USB</a>)</li>
<li>Western Alliance Bancorporation </li>
<li>PNC Financial Services Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>)</li>
<li>Fifth Third Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FITB#NYSE">FITB</a>)</li>
<li>M&amp;T Bank Corp.</li>
<li>Truist Financial Corporation</li>
<li>Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>)</li>
<li>Goldman Sachs Inc.</li>
<li>Bank of New York Mellon Corp.</li>
</ul>
</li>
</ul>
<h4 class="wp-block-heading">Goldman Sachs – Richard Ramsden</h4>
Goldman Sachs is particularly optimistic about Citigroup heading into Q3 earnings, citing the bank's progress toward its 2024 targets driven by strong fee growth, solid capital markets activity, and robust card volumes. 
Ramsden is above consensus on Citigroup's Q3 pre-provision net revenue (PPNR), largely due to expectations of higher fees and capital markets activity.
<ul>
<li>Top Pick:
<ul>
<li>Citigroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>)</li>
</ul>
</li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/24/10/41249837/s-p-500-earnings-season-kicks-off-why-analysts-call-this-quarter-a-stock-pickers-paradise">S&amp;P 500 Earnings Season Kicks Off: Why Analysts Call This Quarter &#8216;A Stock Picker&#8217;s Paradise&#8217;</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

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Banks Gear Up For Earnings Season: 15 Top Stock Picks Including Citigroup, Morgan Stanley, And Truist

KeyCorp's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>) short percent of float has fallen 22.41% since its last report. The company recently reported that it has 16.69 million shares sold short, which is 2.32% of all regular shares that are available for trading. Based on its trading volume, it would take traders 1.14 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>KeyCorp Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1728315913_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for KeyCorp has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing KeyCorp's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, KeyCorp's peer group average for short interest as a percentage of float is 1.65%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

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(KEY) - Analyzing KeyCorp's Short Interest

Evercore ISI Group analyst John Pancari maintains KeyCorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>) with a Outperform and raises the price target from $18.5 to $20.

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Analyst Ratings

Evercore ISI Group Maintains Outperform on KeyCorp, Raises Price Target to $20

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Shares of banking companies are trading lower in sympathy with overall market weakness. Investors may be assessing a recent report suggesting that Iran could be preparing to attack Israel, which could create shocks to the global economy.

KeyBank Surpasses $1M In Neighbors First Credits, Helping 200 Clients Achieve Sustainable And Affordable Homeownership Since Program Launch In July 2023

13 analysts have shared their evaluations of KeyCorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>) during the recent three months, expressing a mix of bullish and bearish perspectives.
The table below provides a concise overview of recent ratings by analysts, offering insights into the changing sentiments over the past 30 days and drawing comparisons with the preceding months for a holistic perspective.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">7</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
The 12-month price targets assessed by analysts reveal further insights, featuring an average target of $17.58, a high estimate of $20.00, and a low estimate of $15.00. This upward trend is evident, with the current average reflecting a 4.58% increase from the previous average price target of $16.81.
<img src="https://www.benzinga.com/files/images/story/2024/1727204542_0.png" alt="price target chart" />
<h2>Understanding Analyst Ratings: A Comprehensive Breakdown</h2>
The perception of KeyCorp by financial experts is analyzed through recent analyst actions. The following summary presents key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>David Chiaverini</td>
<td>Wedbush</td>
<td>Raises</td>
<td>Neutral</td>
<td>$18.00</td>
<td>$17.00</td>
</tr>
<tr>
<td>David Konrad</td>
<td>Keefe, Bruyette &amp; Woods</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$18.00</td>
<td>$18.00</td>
</tr>
<tr>
<td>Ken Usdin</td>
<td>Jefferies</td>
<td>Raises</td>
<td>Buy</td>
<td>$19.00</td>
<td>$18.00</td>
</tr>
<tr>
<td>Manan Gosalia</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$20.00</td>
<td>$18.00</td>
</tr>
<tr>
<td>Gerard Cassidy</td>
<td>RBC Capital</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$17.00</td>
<td>$17.00</td>
</tr>
<tr>
<td>Keith Horowitz</td>
<td>Citigroup</td>
<td>Raises</td>
<td>Buy</td>
<td>$19.00</td>
<td>$18.00</td>
</tr>
<tr>
<td>David Chiaverini</td>
<td>Wedbush</td>
<td>Raises</td>
<td>Neutral</td>
<td>$17.00</td>
<td>$16.00</td>
</tr>
<tr>
<td>Manan Gosalia</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$18.00</td>
<td>$16.00</td>
</tr>
<tr>
<td>Robert Kwan</td>
<td>RBC Capital</td>
<td>Raises</td>
<td>Outperform</td>
<td>$17.00</td>
<td>$16.00</td>
</tr>
<tr>
<td>Peter Winter</td>
<td>DA Davidson</td>
<td>Raises</td>
<td>Buy</td>
<td>$18.00</td>
<td>$16.00</td>
</tr>
<tr>
<td>David Chiaverini</td>
<td>Wedbush</td>
<td>Raises</td>
<td>Neutral</td>
<td>$16.00</td>
<td>$15.00</td>
</tr>
<tr>
<td>Erika Najarian</td>
<td>UBS</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$15.00</td>
<td>$16.00</td>
</tr>
<tr>
<td>Steven Alexopoulos</td>
<td>JP Morgan</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$16.50</td>
<td>$17.50</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts respond to changes in market conditions and company performance, frequently updating their recommendations. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to KeyCorp. This information offers a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Delving into assessments, analysts assign qualitative values, from 'Outperform' to 'Underperform'. These ratings communicate expectations for the relative performance of KeyCorp compared to the broader market.</li>
<li>Price Targets: Analysts set price targets as an estimate of a stock's future value. Comparing the current and prior price targets provides insight into how analysts' expectations have changed over time. This information can be valuable for investors seeking to understand consensus views on the stock's potential future performance.</li>
</ul>
Understanding these analyst evaluations alongside key financial indicators can offer valuable insights into KeyCorp's market standing. Stay informed and make well-considered decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/KEY/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on KeyCorp analyst ratings.</a>
<h2>All You Need to Know About KeyCorp</h2>
With assets of over $180 billion, Ohio-based KeyCorp's bank footprint spans 16 states, but it is predominantly concentrated in its two largest markets: Ohio and New York. KeyCorp is primarily focused on serving middle-market commercial clients through a hybrid community/corporate bank model.
<h3>KeyCorp's Financial Performance</h3>
Market Capitalization: Indicating a reduced size compared to industry averages, the company's market capitalization poses unique challenges.
Negative Revenue Trend: Examining KeyCorp's financials over 3 months reveals challenges. As of 30 June, 2024, the company experienced a decline of approximately -4.46% in revenue growth, reflecting a decrease in top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The company achieved a growth rate lower than the average among peers in Financials sector.
Net Margin: The company's net margin is a standout performer, exceeding industry averages. With an impressive net margin of 16.11%, the company showcases strong profitability and effective cost control.
Return on Equity (ROE): KeyCorp's ROE is below industry standards, pointing towards difficulties in efficiently utilizing equity capital. With an ROE of 1.96%, the company may encounter challenges in delivering satisfactory returns for shareholders.
Return on Assets (ROA): KeyCorp's ROA falls below industry averages, indicating challenges in efficiently utilizing assets. With an ROA of 0.13%, the company may face hurdles in generating optimal returns from its assets.
Debt Management: KeyCorp's debt-to-equity ratio surpasses industry norms, standing at 1.8. This suggests the company carries a substantial amount of debt, posing potential financial challenges.
<h2>How Are Analyst Ratings Determined?</h2>
Ratings come from analysts, or specialists within banking and financial systems that report for specific stocks or defined sectors (typically once per quarter for each stock). Analysts usually derive their information from company conference calls and meetings, financial statements, and conversations with important insiders to reach their decisions.
In addition to their assessments, some analysts extend their insights by offering predictions for key metrics such as earnings, revenue, and growth estimates. This supplementary information provides further guidance for traders. It is crucial to recognize that, despite their specialization, analysts are human and can only provide forecasts based on their beliefs.
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This article was generated by Benzinga's automated content engine and reviewed by an editor.

Navigating 13 Analyst Ratings For KeyCorp

Wedbush analyst David Chiaverini maintains KeyCorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>) with a Neutral and raises the price target from $17 to $18.

Wedbush Maintains Neutral on KeyCorp, Raises Price Target to $18

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Shares of companies in the broader financial services and banking sectors are trading higher amid overall market strength following the Fed's rate cut, which could drive a rise in spending and lending demand.

<ul>
<li>Google Quantum AI and Keysight joined forces to enhance Quantum circuit simulations with frequency-domain flux quantization</li>
<li>Provides an extended library of quantum devices and a robust circuit design environment</li>
<li>Enables faster development of large, highly nonlinear parametric quantum circuits, enhancing qubit readout fidelity</li>
</ul>
<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.keysight.com&amp;esheet=54123147&amp;newsitemid=20240917288268&amp;lan=en-US&amp;anchor=Keysight+Technologies%2C+Inc.&amp;index=1&amp;md5=da16bea417cef9cbec1a59a14ab6f1ee">Keysight Technologies, Inc.</a> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEYS#NYSE">KEYS</a>) introduces <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.keysight.com%2Fat%2Fde%2Fproduct%2FW3703B%2Fquantum-ckt-sim.html&amp;esheet=54123147&amp;newsitemid=20240917288268&amp;lan=en-US&amp;anchor=Quantum+Circuit+Simulation&amp;index=2&amp;md5=c22300f761ad51cbdb8e357a257ddb36">Quantum Circuit Simulation</a> (Quantum Ckt Sim), an innovative circuit design environment that speeds up the development of intricate quantum circuits. In addition, by joining forces with Google Quantum AI, the solution incorporates advanced flux quantization which marks an industry-first achievement.

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Google Quantum AI And Keysight Joined Forces To Enhance Quantum Circuit Simulations With Frequency-Domain Flux Quantization

KeyCorp's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>) short percent of float has risen 11.99% since its last report. The company recently reported that it has 21.47 million shares sold short, which is 2.99% of all regular shares that are available for trading. Based on its trading volume, it would take traders 1.68 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>KeyCorp Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1726168521_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for KeyCorp has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing KeyCorp's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, KeyCorp's peer group average for short interest as a percentage of float is 1.59%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Keybank Announced Strategic Relationship With Zentist For Dental Service Organizations

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Shares of bank stocks are trading lower in possible sympathy with Ally, which fell after the company's CFO noted credit challenges among borrowers. The sector earlier reacted to Fed Vice Chair for Supervision Barr previewing Basel and GSIB surcharge re-proposals.

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Shares of bank stocks are trading lower after Fed Vice Chair for Supervision Barr unveiled Basel and GSIB surcharge re-proposals.

Keefe, Bruyette &amp; Woods analyst David Konrad maintains KeyCorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>) with a Outperform and maintains $18 price target.

Keefe, Bruyette & Woods Maintains Outperform on KeyCorp, Maintains $18 Price Target

KeyCorp shares are trading higher. The company announced it initiated a strategic repositioning of its available-for-sale investment securities portfolio, leading to the sale of about $7 billion in low-yielding securities and an expected after-tax loss of $700 million.

Historically, September has been a sluggish month for the stock market, a trend that continued this year, with the S&amp;P 500 Index declining 4.4% in the first week.
With the Federal Reserve&#39;s first interest rate cut since March 2020 in focus, investors are on the edge. This was further compounded by a significant cooling down of the job market, sparking recession fears. Hence, the market participants are now expecting a sizable rate cut at the two-day FOMC meeting on Sept.17-18.
As the broader market witnessed sustained weakness, bank stocks were not untouched. The KBW Nasdaq Bank Index and the S&amp;P 500 banks industry group index fell more than 5.5%. The three worst-performing S&amp;P 500 banks &ndash; KeyCorp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/key#NYSE">KEY</a>), Wells Fargo (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wfc#NYSE">WFC</a>) and U.S. Bancorp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/usb#NYSE">USB</a>) &ndash; recorded a steeper fall than the index and the industry they belong to. These banks currently carry a Zacks Rank of 3 (Hold). 
One-Week Price Performance
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/22/76979.jpg?v=189631355" />
Image Source: Zacks Investment Research
Traditionally, banks perform well in a rising rate environment, but this time it&#39;s different. Aggressive interest rate hikes by the central bank in the past four decades have weakened banks&#39; financial performance due to sluggish loan demand, rising funding/deposit costs and deteriorating asset quality.
In response, banks are diversifying revenue streams toward fee income sources, curtailing risky loan portfolios and restructuring balance sheets to maintain profitability. These efforts, combined with potential rate cuts, are expected to support banks&#39; profitability this year and beyond.
<h2>3 S&amp;P 500 Banks With Steep Weekly Dip to Watch</h2>
KeyCorp: This Cleveland, OH-based lender has a presence across 15 states through a network of almost 1,000 branches and 1,200 automated teller machines (ATMs).
On Aug. 12, KeyCorp announced a minority equity investment of $2.8 billion (in aggregate) by The Bank of Nova Scotia (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bns#NYSE">BNS</a>) in two tranches. The first phase was completed on Aug. 30, and now BNS holds a 4.9% equity stake in KEY.
The second part involves BNS making an additional $2 billion of investment, expected to close in the first quarter of 2025, pending the Fed&#39;s consent. After this, BNS will have a 14.9% equity interest in KeyCorp.
Once the capital raise is complete, KeyCorp plans to evaluate repositioning its available-for-sale (AFS) securities portfolio by divesting low-yielding, longer-duration AFS securities and investing the proceeds in higher-yielding, more liquid securities.
Though the divestiture of lower-yielding AFS securities will result in a one-time after-tax loss of almost half of the capital raised, it will lead to approximately $400 million in additional net interest income (NII) in 2025 and 2026. This will also be low single-digit accretive to KeyCorp&#39;s 2025 earnings and slightly accretive to its 2026 earnings. 
Earnings Estimates
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/b9/76980.jpg?v=436428640" />
Image Source: Zacks Investment Research
KeyCorp is expected to benefit from the Fed&#39;s interest rate cuts. While higher interest rates led to substantial growth in NII, the rising funding costs have been straining NII and net interest margin. Last year, the company&#39;s NII declined 13.6% and NIM contracted 46 basis points to $3.91 billion and 2.17%, respectively.
For 2024, KeyCorp expects NII to decline 2-5% because of higher funding costs and subdued loan demand.
The minority equity investment by BNS, interest rate cuts and the company&#39;s efforts to strengthen fee income sources will support top-line growth. So, investors should keep an eye on the stock. Last week, KEY stock was down 8%.
Wells Fargo: As one the biggest American lenders, the company operates through 4,227 retail bank branches.
Once one of the biggest mortgage lenders, the company is now gradually moving away from this business. On Aug. 20, WFC announced a definitive agreement to divest its non-agency third-party servicing segment of its Commercial Mortgage Servicing business to Trimont. The transaction is expected to close in early 2025, subject to customary closing conditions.
In 2023, the company announced its exit from the Correspondent business and reduction of its mortgage servicing portfolio. 
Earnings Estimates
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/e5/76981.jpg?v=2020480856" />
Image Source: Zacks Investment Research
Wells Fargo&#39;s prudent expense management initiatives support its financials. Since third-quarter 2020, the company has been actively engaging in cost-cutting measures, including streamlining its organizational structure, closure of branches and reduction in headcount. Hence, non-interest expenses witnessed a negative CAGR of 1.1% over the last four years (ended 2023). The bank delivered gross expense savings aggregating $10 billion in 2021-2023 and expects to continue with these efficiency initiatives in 2024.
Nonetheless, the asset cap placed by the Fed after the 2016 account scandal remains the biggest concern for WFC. Though the company is striving hard to meet the regulatory requirements, it is limiting loan growth and hurting NII expansion.
Considering the subdued loan demand and other factors like high interest rates, asset repricing, competitive market conditions, and the broader economic environment, the company expects 2024 NII to be down approximately 8-9%.
Like all banks, interest rate cuts will be a boon for WFC. This, along with its solid fundamentals, should offer investors robust returns over time. The stock was down 7.7% last week. Investors interested in investing in WFC should keep track of the company&#39;s financials and make informed decisions.
U.S. Bancorp: Headquartered in Minneapolis, MN, the company operates in the Midwest and West regions of the United States.
Diverse revenue sources and inorganic growth moves will support U.S. Bancorp&#39;s financials. Last month, the company, through its lead banking division, U.S. Bank, expanded its focus on the healthcare industry and acquired Salucro Healthcare Solutions LLC. It will be integrated into Elavon, one of the largest global payments processing firms.
Further, U.S. Bank announced a partnership with Edward Jones to offer co-branded banking and credit card solutions to Edward Jones&#39; U.S. clients. Starting in late 2025, Edward Jones&#39; 19,000+ financial advisors, managing $2 trillion in assets, will introduce these products to their 8 million clients across North America.
These expansion initiatives, combined with the ongoing investments in innovative product enhancements and services, will strengthen the company&#39;s fee-based businesses. 
Earnings Estimates
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/db/76984.jpg?v=637812274" />
Image Source: Zacks Investment Research
On the other hand, high rates and weak loan demand are hurting its NII because of rising funding costs. Hence, as the central bank cuts interest rates, deposit costs are likely to stabilize gradually. Also, USB&#39;s investment portfolio repositioning efforts and less deposit migration will support the metric. For 2024, management expects NII to be in the range of $16.1-$16.4 billion, down from the 2023 level.
Also, solid loan pipelines in the commercial and credit card space will drive loan growth, while stabilizing deposit trends will support deposit growth. U.S. Bancorp has made several strategic acquisitions in the past years, which have opened new markets and fortified existing ones.
Last week, shares of USB lost 5.8%. Investors should keep a note of the company&#39;s latest developments and financial strength to make the right investment decision.
<a href="https://www.zacks.com/stock/news/2333339/keep-an-eye-on-3-s-p-500-bank-stocks-with-biggest-weekly-declines?cid=CS-BENZ-FT-analyst_blog|investment_ideas-2333339">To read this article on Zacks.com click here.</a>

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Keep an Eye on 3 S&P 500 Bank Stocks With Biggest Weekly Declines

KeyCorp Initiated A Strategic Repositioning Of Its Available-for-sale Investment Securities Portfolio, Sells About $7B Of Low-Yielding Investment Securities; Resulted In An Expected After-Tax Loss Of Approximately $700M In Q3 Of 2024

Investors with a lot of money to spend have taken a bearish stance on KeyCorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with KEY, it often means somebody knows something is about to happen.
So how do we know what these investors just did? 
Today, <a href="https://pro.benzinga.com/?utm_source=insights">Benzinga</a>'s options scanner spotted 17 uncommon options trades for KeyCorp.
This isn't normal.
The overall sentiment of these big-money traders is split between 41% bullish and 58%, bearish.
Out of all of the special options we uncovered, 12 are puts, for a total amount of $1,011,632, and 5 are calls, for a total amount of $289,854.
<h3>What's The Price Target?</h3>
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $15.0 to $20.0 for KeyCorp over the recent three months. 
<h3>Analyzing Volume &amp; Open Interest</h3>
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for KeyCorp's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of KeyCorp's whale trades within a strike price range from $15.0 to $20.0 in the last 30 days. 
<h3>KeyCorp Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1725393651_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>KEY</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>03/21/25</td>
<td>$1.13</td>
<td>$1.12</td>
<td>$1.12</td>
<td>$16.00</td>
<td>$119.3K</td>
<td>261</td>
<td>1.1K</td>
</tr>
<tr>
<td>KEY</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$1.29</td>
<td>$1.26</td>
<td>$1.29</td>
<td>$17.00</td>
<td>$113.5K</td>
<td>2.0K</td>
<td>2.5K</td>
</tr>
<tr>
<td>KEY</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$1.31</td>
<td>$1.29</td>
<td>$1.31</td>
<td>$17.00</td>
<td>$111.8K</td>
<td>2.0K</td>
<td>3.2K</td>
</tr>
<tr>
<td>KEY</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>03/21/25</td>
<td>$1.13</td>
<td>$1.08</td>
<td>$1.13</td>
<td>$16.00</td>
<td>$107.1K</td>
<td>261</td>
<td>1.1K</td>
</tr>
<tr>
<td>KEY</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$1.37</td>
<td>$1.35</td>
<td>$1.37</td>
<td>$17.00</td>
<td>$101.3K</td>
<td>2.0K</td>
<td>5</td>
</tr>
</tbody>
</table>

<h3>About KeyCorp</h3>
With assets of over $180 billion, Ohio-based KeyCorp's bank footprint spans 16 states, but it is predominantly concentrated in its two largest markets: Ohio and New York. KeyCorp is primarily focused on serving middle-market commercial clients through a hybrid community/corporate bank model.
Having examined the options trading patterns of KeyCorp, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
<h3>Where Is KeyCorp Standing Right Now?</h3>
<ul>
<li>With a volume of 9,658,194, the price of KEY is down -2.2% at $16.68. </li>
<li>RSI indicators hint that the underlying stock may be overbought.</li>
<li>Next earnings are expected to be released in 44 days.</li>
</ul>
<h3>What The Experts Say On KeyCorp</h3>
A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $18.6.
<ul>
<li>Consistent in their evaluation, an analyst from Jefferies keeps a Buy rating on KeyCorp with a target price of $19. </li>
<li>An analyst from Morgan Stanley has decided to maintain their Equal-Weight rating on KeyCorp, which currently sits at a price target of $20. </li>
<li>Maintaining their stance, an analyst from Morgan Stanley continues to hold a Equal-Weight rating for KeyCorp, targeting a price of $18. </li>
<li>Maintaining their stance, an analyst from Citigroup continues to hold a Buy rating for KeyCorp, targeting a price of $19. </li>
<li>An analyst from Wedbush persists with their Neutral rating on KeyCorp, maintaining a target price of $17. </li>
</ul>
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for KeyCorp, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Options

A Closer Look at KeyCorp's Options Market Dynamics

KeyCorp's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>) short percent of float has fallen 14.4% since its last report. The company recently reported that it has 22.68 million shares sold short, which is 3.09% of all regular shares that are available for trading. Based on its trading volume, it would take traders 1.29 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>KeyCorp Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1724679911_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for KeyCorp has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing KeyCorp's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, KeyCorp's peer group average for short interest as a percentage of float is 1.49%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

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Shares of banking companies are trading higher amid overall market strength following Fed Chair Powell's comments about the economy and future rate cuts.

In a report released on September 24, Gerard Cassidy from RBC Capital maintained a Buy rating on KeyCorp (KEY – Research Report), with a price targ...

RBC Capital Sticks to Its Buy Rating for KeyCorp (KEY)

Wells Fargo analyst Mike Mayo maintained a Buy rating on KeyCorp (KEY – Research Report) today and set a price target of $20.00. The company's shar...

Wells Fargo Sticks to Its Buy Rating for KeyCorp (KEY)

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SA Asks: When will the Fed cut rates again?

Morgan Stanley analyst Manan Gosalia maintained a Hold rating on KeyCorp (KEY – Research Report) today and set a price target of $20.00. The compan...

KeyCorp (KEY) Gets a Hold from Morgan Stanley

It's the best time of year, at least for seasonality. Entering October is the strongest period of the year for three-month returns, and shorter term returns are also some of the best.

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In a report released today, Jason Goldberg from Barclays maintained a Hold rating on KeyCorp (KEY – Research Report), with a price target of $16.00...

Barclays Sticks to Their Hold Rating for KeyCorp (KEY)

Banks start reporting Q3 earnings on Friday, but outlooks will take the spotlight

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Key Secured Credit Card® Builds Financial Futures for More than 30,900 Program Graduates

KeyCorp Receives Strategic Minority Investment from Scotiabank

KEYCORP TO PRESENT AT THE BARCLAYS 22ND ANNUAL GLOBAL FINANCIAL SERVICES CONFERENCE

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KeyCorp and Scotiabank Complete Initial Tranche of Strategic Minority Investment

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KEYBANK LAUNCHES REVENUE CYCLE MANAGEMENT CAPABILITIES WITH ZENTIST FOR DENTAL SERVICE ORGANIZATIONS

KEYBANC CAPITAL MARKETS' JULIE ANDRESS APPOINTED TO 2025 BOARD CHAIR OF THE SECURITY TRADERS ASSOCIATION

KeyBank Survey Finds Business Owners Maintain Confidence Amid Election Uncertainty and Potential Policy Changes

KEYCORP LOWERS ITS PRIME LENDING RATE TO 8.00 PERCENT

Middle Market Business Leaders are Confident in Company Financial Performance, Reaching Highest Level in Two Years

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KeyBank Hits Another Important Milestone, Surpassing $1 Million in Neighbors First Credits

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