DA Davidson Has Bullish Estimate for KeyCorp FY2024 Earnings

KeyCorp (NYSE:KEY) – Equities researchers at DA Davidson lifted their FY2024 earnings per share (EPS) estimates for shares of KeyCorp in a research note issued on Thursday, December 19th. DA Davidson analyst P. Winter now forecasts that the financial services provider will post earnings per share of $1.10 for the year, up from their previous estimate of $1.07. DA Davidson has a “Buy” rating and a $20.00 price target on the stock. The consensus estimate for KeyCorp’s current full-year earnings is $1.09 per share. DA Davidson also issued estimates for KeyCorp’s FY2025 earnings at $1.58 EPS.

KeyCorp (NYSE:KEY) last released its quarterly earnings data on Thursday, October 17th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.03. KeyCorp had a net margin of 0.76% and a return on equity of 8.24%. The firm had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.59 billion.

Several other brokerages have also recently issued reports on KEY. UBS Group lifted their target price on KeyCorp from $17.00 to $18.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Baird R W downgraded KeyCorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 14th. Keefe, Bruyette & Woods increased their target price on KeyCorp from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Robert W. Baird cut shares of KeyCorp from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $18.00 to $17.00 in a research report on Monday, October 14th. Finally, The Goldman Sachs Group increased their price objective on shares of KeyCorp from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Nine analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.16.

KeyCorp Stock Performance

Shares of NYSE KEY opened at $17.09 on Monday. The company has a market cap of $16.94 billion, a P/E ratio of 1,709.00, a P/E/G ratio of 1.00 and a beta of 1.25. KeyCorp has a 52-week low of $12.94 and a 52-week high of $20.04. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.88 and a current ratio of 0.88. The firm’s fifty day moving average is $18.29 and its two-hundred day moving average is $16.49.

Institutional Trading of KeyCorp

Several institutional investors and hedge funds have recently made changes to their positions in the company. Financial Advocates Investment Management grew its position in KeyCorp by 2.3% during the third quarter. Financial Advocates Investment Management now owns 26,872 shares of the financial services provider’s stock valued at $450,000 after buying an additional 602 shares during the period. HM Payson & Co. boosted its stake in shares of KeyCorp by 27.0% during the 3rd quarter. HM Payson & Co. now owns 3,060 shares of the financial services provider’s stock worth $51,000 after acquiring an additional 650 shares in the last quarter. Graypoint LLC grew its position in shares of KeyCorp by 4.7% during the 3rd quarter. Graypoint LLC now owns 14,954 shares of the financial services provider’s stock valued at $250,000 after acquiring an additional 675 shares during the period. Vontobel Holding Ltd. increased its stake in shares of KeyCorp by 2.1% in the 3rd quarter. Vontobel Holding Ltd. now owns 33,728 shares of the financial services provider’s stock valued at $565,000 after purchasing an additional 679 shares in the last quarter. Finally, Empirical Finance LLC raised its holdings in KeyCorp by 2.2% in the 3rd quarter. Empirical Finance LLC now owns 32,361 shares of the financial services provider’s stock worth $542,000 after purchasing an additional 705 shares during the period. 79.69% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Carlton L. Highsmith sold 9,000 shares of KeyCorp stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $17.14, for a total transaction of $154,260.00. Following the completion of the sale, the director now owns 37,864 shares of the company’s stock, valued at approximately $648,988.96. The trade was a 19.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Angela G. Mago sold 15,011 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $19.59, for a total value of $294,065.49. Following the completion of the sale, the insider now owns 234,582 shares of the company’s stock, valued at $4,595,461.38. The trade was a 6.01 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.61% of the company’s stock.

KeyCorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Tuesday, December 3rd were given a dividend of $0.205 per share. The ex-dividend date of this dividend was Tuesday, December 3rd. This represents a $0.82 annualized dividend and a dividend yield of 4.80%. KeyCorp’s dividend payout ratio (DPR) is 8,200.00%.

About KeyCorp

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.