Zacks Research Issues Negative Forecast for KeyCorp Earnings

KeyCorp (NYSE:KEY) – Zacks Research dropped their FY2027 earnings estimates for shares of KeyCorp in a report released on Tuesday, July 1st. Zacks Research analyst R. Department now anticipates that the financial services provider will post earnings of $1.71 per share for the year, down from their previous estimate of $1.72. The consensus estimate for KeyCorp’s current full-year earnings is $1.50 per share.

A number of other equities analysts have also weighed in on the stock. Wall Street Zen upgraded shares of KeyCorp from a “sell” rating to a “hold” rating in a report on Monday, April 21st. Bank of America lifted their price target on shares of KeyCorp from $18.00 to $20.00 and gave the company a “buy” rating in a report on Monday, June 16th. JPMorgan Chase & Co. decreased their price target on shares of KeyCorp from $18.50 to $16.50 and set a “neutral” rating on the stock in a report on Thursday, April 3rd. Citigroup restated a “buy” rating on shares of KeyCorp in a report on Thursday, April 17th. Finally, Barclays reduced their target price on shares of KeyCorp from $21.00 to $20.00 and set an “equal weight” rating on the stock in a report on Monday, April 21st. Thirteen research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, KeyCorp presently has an average rating of “Hold” and a consensus price target of $18.97.

KeyCorp Stock Up 1.4%

Shares of KEY opened at $18.46 on Thursday. The firm has a market cap of $20.23 billion, a PE ratio of -108.56, a price-to-earnings-growth ratio of 0.69 and a beta of 1.11. The company’s fifty day moving average is $16.18 and its two-hundred day moving average is $16.33. KeyCorp has a fifty-two week low of $12.73 and a fifty-two week high of $20.04. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.75.

KeyCorp (NYSE:KEY) last announced its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.01. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. KeyCorp had a negative net margin of 0.12% and a positive return on equity of 9.43%. During the same quarter last year, the business earned $0.20 EPS.

Institutional Investors Weigh In On KeyCorp

Hedge funds and other institutional investors have recently modified their holdings of the stock. Sequoia Financial Advisors LLC increased its position in shares of KeyCorp by 4.8% in the 1st quarter. Sequoia Financial Advisors LLC now owns 68,857 shares of the financial services provider’s stock worth $1,101,000 after purchasing an additional 3,145 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in shares of KeyCorp in the 4th quarter worth about $1,519,000. Steward Partners Investment Advisory LLC grew its position in shares of KeyCorp by 6.3% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 29,876 shares of the financial services provider’s stock valued at $512,000 after buying an additional 1,775 shares during the last quarter. Asset Management One Co. Ltd. grew its position in shares of KeyCorp by 4.2% during the 1st quarter. Asset Management One Co. Ltd. now owns 379,514 shares of the financial services provider’s stock valued at $6,068,000 after buying an additional 15,367 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its position in shares of KeyCorp by 31.3% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 111,757 shares of the financial services provider’s stock valued at $1,787,000 after buying an additional 26,615 shares during the last quarter. Institutional investors own 79.69% of the company’s stock.

Insider Buying and Selling

In related news, Director Carlton L. Highsmith sold 5,000 shares of KeyCorp stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $16.60, for a total transaction of $83,000.00. Following the sale, the director owned 37,177 shares of the company’s stock, valued at $617,138.20. The trade was a 11.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Amy G. Brady sold 19,000 shares of the business’s stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $16.09, for a total transaction of $305,710.00. Following the completion of the sale, the insider directly owned 82,523 shares of the company’s stock, valued at $1,327,795.07. The trade was a 18.71% decrease in their position. The disclosure for this sale can be found here. 0.52% of the stock is currently owned by insiders.

KeyCorp announced that its Board of Directors has authorized a share repurchase plan on Thursday, March 13th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 6% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

KeyCorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Tuesday, May 27th were paid a dividend of $0.205 per share. This represents a $0.82 annualized dividend and a yield of 4.44%. The ex-dividend date was Tuesday, May 27th. KeyCorp’s dividend payout ratio (DPR) is -482.35%.

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.