Shares of KeyCorp (KEY) of Cleveland closed at $7.46 Monday, down 2% year-to-date, following a 12% decline during 2011.
Based on a five-cent quarterly payout, the shares have a dividend yield of 2.68%.
The shares trade for 0.8 times their reported March 31 tangible book value of $9.28, and for nine times the consensus 2013 earnings estimate of 81 cents. The consensus 2012 EPS estimate is 77 cents.UBS's price target for KeyCorp is $10, and the firm on Monday left unchanged its 2012 EPS estimate of 83 cents and its 2013 estimate of 95 cents. In contrast to many regional banks facing declining net interest margins as short-term rates remain near zero and long-term rates for new loans and investment securities continue to decline, Scinicariello said that "KEY has opportunities to increase its NIM as higher costing CDs and liabilities are further reduced." For the second quarter, UBS "conservatively" projects "a flat NIM at 3.16% but
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