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3. KeyCorp

Shares of KeyCorp ( KEY) of Cleveland closed at $9.85 Tuesday, returning 18% this year, following a 12% return last year. The shares trade for 1.1 times tangible book value and for 10.3 times the consensus 2014 EPS estimate of 96 cents. The consensus 2013 EPS estimate is 86 cents.

Following the completion of the Federal Reserve's annual stress tests, KeyCorp on March 14 announced raised its quarterly dividend by half a penny to 5.5 cents a share and also said its board of directors had authorized a new program for share repurchases of up to $426 million. Based on the new quarterly payout, the shares have a dividend yield of 2.23%.

The company will announce its first-quarter results on April 18. The consensus among analysts is for KeyCorp to report a profit of 20 cents a share, declining from 22 cents in the fourth quarter, and matching its results for the first quarter of 2013.

Scinicariello's price target for KeyCorp is $11 and he estimates the company will report first-quarter EPS of 22 cents. The analyst on Tuesday lowered his 2013 EPS estimate for KeyCorp to $1.04 from $1.10 and lowered his 2014 estimate to $1.20 from $1.25, "to conservatively account for the timing of expense initiatives."

"KEY has several earnings levers including significant excess capital, funding improvement, market share opportunities, expense reduction, and franchise optimization," Scinicariello wrote, adding that the bank has an opportunity to expand its net interest margin, with $5 billion in higher-cost CDs maturing this year.

Interested in more on KeyCorp? See TheStreet Ratings' report card for this stock.

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