NEW YORK (TheStreet) -- Shares of KeyCorp (KEY) - Get Report were climbing 5.31% to $13.80 on heavy trading volume late Monday morning after the company posted fiscal 2016 third-quarter results that exceeded analysts' expectations.
Before today's market open, KeyCorp reported adjusted earnings of 30 cents per share, beating Wall Street's projected 26 cents per share.
Revenue for the quarter was $1.34 billion, which surpassed analysts' estimates of $1.30 billion.
For the same period last year, the Cleveland-based bank holding company earned 26 cents per diluted share on revenue of $1.07 billion.
KeyCorp said 2016 third-quarter revenue grew in part from of its purchase of First Niagara Financial Group.
The company last year agreed to purchase First Niagara for $4.1 billion.
More than 17.46 million of the company's shares changed hands so far today vs. its average 30-day volume of 14.14 million shares per day.
Separately, 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.
The team rates KeyCorp as a Buy with a ratings score of B. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins and attractive valuation levels. The team 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