) crafted a new 52-week high, touching $13.10 at the end of the
trading session on Nov 11. However, the stock closed the session
at $12.96, which reflects a solid year-to-date return of
33.1%.The trading volume for the session was 7.8 million shares.
Despite the strong price appreciation, this Zacks Rank #2 (Buy)
stock has plenty of upside left, given its strong estimate
revisions over the last 30 days and expected long-term earnings
growth of 7.7%.
Impressive third-quarter 2013 results comprising a positive
earnings surprise of 13.64% and growth in net interest income,
together with a strong capital position were the key driving
factors for KeyCorp.
On Oct 16, KeyCorp reported third-quarter 2013 earnings of 25
cents per share (after considering costs related to the 'Fit for
Growth' efficiency initiative), outpacing the Zacks Consensus
Estimate as well as prior-year quarter figure of 22 cents.
A year-over-year increase of 1.0% in net-interest income as well
as rise in deposits and loans were the tailwinds for the quarter.
Moreover, the company's capital ratios depict its strong
position. However, an 11.4% fall in non-interest income and a
marginal rise in expenses were the headwinds.
Further, KeyCorp has now delivered positive earnings surprises in
3 out of the last 4 quarters with an average beat of 4.77%.
Estimate Revisions Show Potency
Over the last 30 days, 13 out of 15 estimates for 2013 have been
revised upward, lifting the Zacks Consensus Estimate by 3.3% to
93 cents per share. For 2014, 10 out of 21 estimates moved north,
helping the Zacks Consensus Estimate advance 2.0% to $1.02 per
Other better performing banks include
SVB Financial Group
) with a Zacks Rank #1 (Strong Buy), while
) have a Zacks Rank #2.
BANKUNITED INC (BKU): Free Stock Analysis
COMERICA INC (CMA): Free Stock Analysis
KEYCORP NEW (KEY): Free Stock Analysis Report
SVB FINL GP (SIVB): Free Stock Analysis
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