KeyCorp (NYSE:KEY), ranked ninth among Greater Cincinnati banks with local deposits of $770 million, is making a lot changes in its various positions. In early March this year, it appointed as the managing director of mortgage operations Mark Danahy, ex-managing director of Citigroup’s US mortgage operation and earlier president & chief executive of PHH Mortgage. With his 25 years experience in the mortgage industry, he is expected to expand its residential mortgage business. Then just last week, the Fifth Third Bank executive John Marrocco was appointed as the president of its Cincinnati market.

Do analyst foresee a double-top for KEY?

These corporate changes are going simultaneously with KeyCorp (NYSE:KEY) continuing its expense reduction program, which can be rendered successful with non-interest expenses declining at a 5 year CAGR of 2.6%. More than 100 branches have been closed by the company since 2012. The top line growth is expected to be accelerated by improvement in loans and deposits.

The charts of the stock show a very bullish picture too as the rally from the 2011 bottom of sub-$6 levels doesn’t look finished yet. In 2014, a large correction was seen but that could be easily categorized as a pause in the long term uptrend, a breather. The entire rally is well supported by a trendline, as shown on the chart attached and as long as that line remains unbroken, the long term bullish momentum will remain intact too. The two sharp bounces in 2014 and 2015, whenever the price tested the trendline, can’t be ignored.

The stock is facing some supply pressure from the $14.50-$15.00 levels and that may produce a short term correction but that is expected to give way to new highs in the coming months. The current correction can well be over near $13.50-$14.00 levels. Investors can accumulate the stock near those levels.