KeyCorp to Acquire First Niagara Financial Group

Compass Point Cuts Price Target on KeyCorp (KEY) Following Announced First Niagara (FNFG) Acquisition

Compass Point maintained a Buy rating on KeyCorp (NYSE: KEY), and cut the price target to $16.00 (from $17.50), following the company's announced acquisition of First Niagara (NASDAQ: FNFG). KEY shares came under pressure following the release of the deal terms, with investors in particular honing in on the large hit to TBV disclosed by management and relatively long payback period of 10+ years.

Analyst Jesus Bueno commented, "We reiterate our Buy rating and lower our target price to $16 from... More

UBS Cuts Price Target on KeyCorp (KEY) Ahead of FNFG Deal

UBS maintained a Neutral rating on KeyCorp (NYSE: KEY), and cut the price target to $13.50 (from $16.00), ahead of FNFG deal. While the deal should allow KEY to improve its efficiency ratio, this benefit is blunted if it only leads to limited earnings accretion. Analyst David... More

Citi Upgrades KeyCorp (KEY) to Buy

Citi upgraded KeyCorp (NYSE: KEY) from Neutral to Buy with a price target of $16.00.

For an analyst ratings summary and ratings history on KeyCorp click here. For more ratings news on KeyCorp click here.

Shares of KeyCorp closed at $12.42 yesterday.

Keefe, Bruyette & Woods Upgrades KeyCorp (KEY) to Outperform

Keefe, Bruyette & Woods upgraded KeyCorp (NYSE: KEY) from Market Perform to Outperform with a price target of $15.50.

For an analyst ratings summary and ratings history on KeyCorp click here. For more ratings news on KeyCorp click here.

Shares of KeyCorp closed at $12.42 yesterday.

Standpoint Research Starts KeyCorp (KEY) at Buy

Standpoint Research initiated coverage on KeyCorp (NYSE: KEY) with a Buy rating and a price target of $15.00.

For an analyst ratings summary and ratings history on KeyCorp click here. For more ratings news on KeyCorp click here.

Shares of KeyCorp closed at $13.38 yesterday.

S&P Lowers Outlook on KeyCorp (KEY) to Negative Following Move to Acquire First Niagara (FNFG)

Standard & Poor's Ratings Services said it revised its outlook on KeyCorp (NYSE: KEY) and its bank subsidiary, KeyBank N.A., to negative from stable. We also affirmed our ratings on the entities, including the 'BBB+/A-2' holding company issuer credit ratings on KeyCorp and the 'A-/A-2' issuer credit ratings on KeyBank.

"The negative outlook is based on our view that although the acquisition of First Niagara Financial Group Inc. will broaden KeyCorp's commercial and retail banking franchise into overlapping and adjacent markets, we believe the substantial size and scope of the acquisition... More

Boenning & Scattergood Downgrades First Niagara Financial (FNFG) to Underperform

Boenning & Scattergood downgraded First Niagara Financial (NASDAQ: FNFG) from Neutral to Underperform.

For an analyst ratings summary and ratings history on First Niagara Financial click here. For more ratings news on First Niagara Financial click here.

Shares of First Niagara Financial closed at $10.38 yesterday.

KeyCorp (KEY) to Acquire First Niagara Financial Group (FNFG) in ~$4.1B Deal

KeyCorp (NYSE: KEY) and First Niagara Financial Group (NASDAQ: FNFG) announced that they have entered into a definitive agreement under which KeyCorp will acquire First Niagara in a cash and stock transaction for total consideration valued at approximately $4.1 billion.

First Niagara, headquartered in Buffalo, N.Y., has $39 billion in assets and $29 billion in deposits and 394 banking offices in New York, Pennsylvania, Connecticut and Massachusetts. With approximately $135 billion of assets, the combined bank will be the 13th largest commercial bank headquartered in the U.S.

The... More