Analysts Issue Forecasts for KeyCorp’s Q2 2024 Earnings (NYSE:KEY)

KeyCorp (NYSE:KEY) – Equities research analysts at Wedbush lowered their Q2 2024 earnings per share (EPS) estimates for shares of KeyCorp in a research note issued to investors on Thursday, April 18th. Wedbush analyst D. Chiaverini now expects that the financial services provider will earn $0.24 per share for the quarter, down from their previous forecast of $0.25. Wedbush currently has a “Neutral” rating and a $14.00 target price on the stock. The consensus estimate for KeyCorp’s current full-year earnings is $1.17 per share. Wedbush also issued estimates for KeyCorp’s Q1 2025 earnings at $0.36 EPS and Q3 2025 earnings at $0.44 EPS.

Other equities analysts also recently issued research reports about the company. Royal Bank of Canada boosted their target price on KeyCorp from $15.00 to $16.00 and gave the company an “outperform” rating in a research report on Friday, April 19th. Argus upped their price objective on KeyCorp from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Friday, April 19th. Keefe, Bruyette & Woods upped their price objective on KeyCorp from $16.00 to $18.00 and gave the company an “outperform” rating in a research report on Friday, April 5th. Jefferies Financial Group upped their price objective on KeyCorp from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Finally, Barclays cut their price objective on KeyCorp from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research report on Friday, January 19th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $15.71.

KeyCorp Stock Performance

NYSE KEY opened at $14.73 on Monday. The company has a market cap of $13.66 billion, a P/E ratio of 18.64 and a beta of 1.29. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.87 and a current ratio of 0.87. The business’s 50 day moving average price is $14.72 and its 200-day moving average price is $13.49. KeyCorp has a fifty-two week low of $8.53 and a fifty-two week high of $15.86.

KeyCorp (NYSE:KEY) last released its earnings results on Thursday, April 18th. The financial services provider reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.01). The company had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.51 billion. KeyCorp had a net margin of 7.53% and a return on equity of 8.89%. The business’s revenue for the quarter was down 10.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.44 EPS.

Insider Buying and Selling

In other KeyCorp news, insider Kenneth C. Gavrity sold 2,376 shares of the stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $14.03, for a total value of $33,335.28. Following the completion of the sale, the insider now directly owns 98,120 shares in the company, valued at $1,376,623.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Trina M. Evans sold 12,335 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $14.23, for a total value of $175,527.05. Following the completion of the transaction, the director now directly owns 81,622 shares in the company, valued at $1,161,481.06. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Kenneth C. Gavrity sold 2,376 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $14.03, for a total value of $33,335.28. Following the sale, the insider now directly owns 98,120 shares in the company, valued at $1,376,623.60. The disclosure for this sale can be found here. Insiders sold 21,442 shares of company stock worth $303,914 in the last three months. 0.67% of the stock is owned by insiders.

Institutional Trading of KeyCorp

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bruce G. Allen Investments LLC acquired a new stake in KeyCorp during the fourth quarter worth about $26,000. Sound Income Strategies LLC grew its holdings in KeyCorp by 3,600.0% in the fourth quarter. Sound Income Strategies LLC now owns 1,887 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 1,836 shares during the period. First United Bank & Trust acquired a new stake in KeyCorp in the fourth quarter valued at approximately $29,000. Baldwin Brothers LLC MA purchased a new position in shares of KeyCorp in the fourth quarter valued at approximately $35,000. Finally, Cary Street Partners Investment Advisory LLC purchased a new position in shares of KeyCorp in the third quarter valued at approximately $28,000. 79.69% of the stock is owned by institutional investors and hedge funds.

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.