NEW YORK (TheStreet) -- Shares of KeyCorp (KEY) - Get Report are down 1.07% to $11.56 late Tuesday morning after the company reported weaker-than-expected earnings and revenue for the 2016 second quarter.
Before today's opening bell, the Cleveland-based bank holding company posted earnings of 23 cents per share, below analysts' projections of 27 cents per share.
Revenue came in at $1.08 billion, while analysts were forecasting $1.09 billion.
In October 2015, KeyCorp said it would acquire First Niagara Financial (FNFG) for about $4.1 billion. The company still expects to close the deal in early August.
"During the second quarter, we maintained positive momentum in our core businesses and made significant progress on our upcoming acquisition of First Niagara," CEO Beth Mooney said in a statement.
Costs related to the acquisition reduced earnings by 4 cents per share during the period.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B- on the stock.
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.
The team believes its strengths outweigh the fact that the company has had sub par growth in net income.
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.
You can view the full analysis from the report here: KEY