) crafted a new 52-week high, touching $11.06 in the final hour
of the trading session on Jun 10, 2013. The closing price of this
financial holding company represents a solid year-to-date return
of 26.5%. The trading volume for the session was 15.3 million
shares, substantially higher than the average 10.3 million over
the last 3 months.
Despite hitting its 52-week high, this Zacks Rank #3 (Hold) stock
has plenty of upside left given its strong estimate revisions
over the last 60 days and expected year-over-year earnings growth
of 0.72% for 2013.
The recent dividend hike, impressive first-quarter 2013 results
and capital deployment activities were the primary growth
On May 16, KeyCorp announced a 10% hike in its quarterly
dividend, following the approval of its 2013 capital plan in
March. KeyCorp declared a quarterly cash dividend of 5.5 cents
per share to be paid on Jun 14 to shareholders of record on May
28. Moreover, KeyCorp's capital plan included a share repurchase
program worth $426 million to be completed by the end of
On Apr 18, KeyCorp reported adjusted first-quarter 2013 earnings
of 22 cents per share. This was marginally ahead of the Zacks
Consensus Estimate as well as the year-ago earnings of 20 cents.
Results were aided by a rise in net interest income and almost
stable operating expenses, partially offset by a fall in fee
income. Moreover, continued improvement in asset quality and
strong capital ratios were the other highlights of the quarter.
Moreover, KeyCorp has delivered positive earnings surprises in
the 3 of the last 4 quarters with an average beat of 9.4%.
Estimate Revisions Show Strength
Over the last 60 days, 7 out of 19 estimates for 2013 have been
revised upward, lifting the Zacks Consensus Estimate by 4.7% to
89 cents per share. For 2014, 7 out of 19 estimates moved higher
over the same time frame, helping the Zacks Consensus Estimate
advance 2.1% to 97 cents per share.
Some banks that are worth considering include
Enterprise Financial Services Corp
Old Second Bancorp Inc
). All these companies carry a Zacks Rank #1 (Strong Buy).
ENTERPRISE FINL (EFSC): Free Stock Analysis
KEYCORP NEW (KEY): Free Stock Analysis Report
OLD SECOND BCP (OSBC): Free Stock Analysis
PRIVATEBANCORP (PVTB): Free Stock Analysis
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