Wedbush Research Analysts Reduce Earnings Estimates for KeyCorp (NYSE:KEY)

KeyCorp (NYSE:KEY) – Equities researchers at Wedbush decreased their Q3 2024 earnings estimates for KeyCorp in a research report issued to clients and investors on Tuesday, September 24th. Wedbush analyst D. Chiaverini now expects that the financial services provider will post earnings per share of $0.24 for the quarter, down from their previous estimate of $0.26. Wedbush currently has a “Neutral” rating and a $18.00 target price on the stock. The consensus estimate for KeyCorp’s current full-year earnings is $1.10 per share. Wedbush also issued estimates for KeyCorp’s Q4 2024 earnings at $0.33 EPS, FY2024 earnings at $1.04 EPS and FY2026 earnings at $1.65 EPS.

Several other research firms have also commented on KEY. Evercore ISI decreased their price target on shares of KeyCorp from $17.50 to $16.50 and set an “outperform” rating for the company in a report on Tuesday, June 25th. Citigroup upped their target price on KeyCorp from $18.00 to $19.00 and gave the company a “buy” rating in a report on Tuesday, August 13th. DA Davidson raised their price target on KeyCorp from $16.00 to $18.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Royal Bank of Canada restated an “outperform” rating and set a $17.00 price objective on shares of KeyCorp in a research note on Tuesday, August 13th. Finally, Morgan Stanley raised their target price on KeyCorp from $18.00 to $20.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 14th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $16.71.

KeyCorp Stock Down 1.4 %

KEY stock opened at $16.38 on Wednesday. The firm has a market cap of $15.45 billion, a price-to-earnings ratio of 20.73, a PEG ratio of 0.93 and a beta of 1.25. KeyCorp has a 1-year low of $9.50 and a 1-year high of $17.39. The firm has a fifty day moving average price of $16.09 and a two-hundred day moving average price of $15.13. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.85 and a quick ratio of 0.85.

KeyCorp (NYSE:KEY) last issued its earnings results on Thursday, July 18th. The financial services provider reported $0.25 EPS for the quarter, topping the consensus estimate of $0.24 by $0.01. The company had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.52 billion. KeyCorp had a return on equity of 8.64% and a net margin of 7.35%. The business’s revenue was down 4.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.27 EPS.

Hedge Funds Weigh In On KeyCorp

Hedge funds have recently modified their holdings of the stock. Ceredex Value Advisors LLC increased its stake in KeyCorp by 112.4% in the 2nd quarter. Ceredex Value Advisors LLC now owns 6,647,393 shares of the financial services provider’s stock worth $94,459,000 after purchasing an additional 3,517,755 shares in the last quarter. Westfield Capital Management Co. LP purchased a new stake in KeyCorp in the 1st quarter worth approximately $42,857,000. Balyasny Asset Management L.P. boosted its stake in shares of KeyCorp by 26,297.7% during the 4th quarter. Balyasny Asset Management L.P. now owns 2,708,664 shares of the financial services provider’s stock valued at $39,005,000 after buying an additional 2,698,403 shares during the period. National Bank of Canada FI grew its holdings in shares of KeyCorp by 1,051.3% during the 1st quarter. National Bank of Canada FI now owns 2,569,771 shares of the financial services provider’s stock valued at $38,752,000 after acquiring an additional 2,346,565 shares in the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in shares of KeyCorp in the second quarter worth $33,273,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Carlton L. Highsmith sold 10,000 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $16.21, for a total transaction of $162,100.00. Following the completion of the transaction, the director now owns 46,864 shares in the company, valued at approximately $759,665.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.61% of the stock is owned by corporate insiders.

KeyCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Tuesday, August 27th were paid a dividend of $0.205 per share. The ex-dividend date was Tuesday, August 27th. This represents a $0.82 annualized dividend and a yield of 5.01%. KeyCorp’s dividend payout ratio is currently 103.80%.

KeyCorp Company Profile

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.