Zacks Research Decreases Earnings Estimates for KeyCorp

KeyCorp (NYSE:KEY) – Equities research analysts at Zacks Research cut their FY2027 earnings estimates for KeyCorp in a research report issued to clients and investors on Thursday, June 12th. Zacks Research analyst R. Department now anticipates that the financial services provider will earn $1.72 per share for the year, down from their previous forecast of $1.75. The consensus estimate for KeyCorp’s current full-year earnings is $1.50 per share.

A number of other brokerages also recently weighed in on KEY. Barclays cut their price target on shares of KeyCorp from $21.00 to $20.00 and set an “equal weight” rating for the company in a report on Monday, April 21st. Morgan Stanley reissued an “equal weight” rating on shares of KeyCorp in a report on Thursday, April 17th. Royal Bank Of Canada reissued an “outperform” rating on shares of KeyCorp in a report on Thursday, April 17th. Wells Fargo & Company reissued an “overweight” rating on shares of KeyCorp in a report on Thursday, April 17th. Finally, Citigroup restated a “buy” rating on shares of KeyCorp in a report on Thursday, April 17th. Eleven analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $18.92.

KeyCorp Price Performance

Shares of NYSE KEY opened at $15.72 on Monday. KeyCorp has a twelve month low of $12.73 and a twelve month high of $20.04. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.75. The company has a market capitalization of $17.22 billion, a price-to-earnings ratio of -92.44, a PEG ratio of 0.60 and a beta of 1.09. The firm has a 50-day moving average of $15.42 and a two-hundred day moving average of $16.43.

KeyCorp (NYSE:KEY) last issued 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. KeyCorp had a negative net margin of 0.12% and a positive return on equity of 9.43%. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the prior year, the company earned $0.20 EPS.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in KEY. Tallon Kerry Patrick bought a new position in shares of KeyCorp during the 4th quarter worth approximately $248,000. Brighton Jones LLC bought a new position in shares of KeyCorp during the 4th quarter worth approximately $476,000. Savant Capital LLC lifted its position in shares of KeyCorp by 27.4% during the 4th quarter. Savant Capital LLC now owns 17,688 shares of the financial services provider’s stock worth $303,000 after buying an additional 3,805 shares during the period. Louisiana State Employees Retirement System lifted its position in shares of KeyCorp by 1.9% during the 4th quarter. Louisiana State Employees Retirement System now owns 53,300 shares of the financial services provider’s stock worth $914,000 after buying an additional 1,000 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of KeyCorp by 52.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 75,499 shares of the financial services provider’s stock worth $1,282,000 after buying an additional 25,976 shares during the period. Institutional investors and hedge funds own 79.69% of the company’s stock.

Insider Buying and Selling

In other news, insider Mohit Ramani purchased 10,000 shares of the business’s stock in a transaction on Monday, April 21st. The stock was purchased at an average price of $13.75 per share, with a total value of $137,500.00. Following the acquisition, the insider now directly owns 10,000 shares in the company, valued at approximately $137,500. The trade was a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Amy G. Brady sold 19,000 shares of the firm’s stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $16.09, for a total value of $305,710.00. Following the completion of the transaction, the insider now directly owns 82,523 shares of the company’s stock, valued at approximately $1,327,795.07. This trade represents a 18.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.52% of the stock is currently owned by insiders.

KeyCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Tuesday, May 27th were paid a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $0.82 annualized dividend and a dividend yield of 5.22%. KeyCorp’s payout ratio is -482.35%.

KeyCorp declared that its board has approved a stock buyback program on Thursday, March 13th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

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.