KeyCorp (KEY) Stock Surging After Hours on First Niagara Deal Approval
NEW YORK (TheStreet) -- Shares of KeyCorp (KEY) - Get Report are up 1.74% to $11.67 in after-hours trade after the Federal Reserve approved the company's planned acquisition of First Niagara Group (FNFG).
The potential merger between KeyCorp and First Niagara, a regional bank based in Buffalo, NY, was first proposed on October 30, 2015. In April, KeyCorp divested 18 branches in New York to secure antitrust approval for the deal, Bloomberg reported.
The company said in a press release that the deal should be completed on August 1, pending closing conditions.
"We are pleased to reach another important milestone as we bring Key and First Niagara together," said KeyCorp's CEO, Beth Mooney, in a statement.
Shares of First Niagara are up 0.6% to $10.10 in after-hours trade.
Separately, TheStreet Ratings rated this stock as a "buy" with a ratings score of B-.
The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, expanding profit margins and attractive valuation levels. TheStreet Ratings feels its strengths outweigh the fact that the company has had sub par growth in net income.
You can view the full analysis from the report here: KEY
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.