Q2 2024 Earnings Forecast for KeyCorp (NYSE:KEY) Issued By Wedbush

KeyCorp (NYSE:KEY) – Research analysts at Wedbush decreased their Q2 2024 earnings per share (EPS) estimates for KeyCorp in a 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 prior estimate of $0.25. Wedbush currently has a “Neutral” rating and a $14.00 price target 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.

KeyCorp (NYSE:KEY) last issued its earnings results on Thursday, April 18th. The financial services provider reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.01). The firm had revenue of $1.53 billion during the quarter, compared to analyst estimates 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 quarter in the previous year, the company posted $0.44 earnings per share.

KEY has been the subject of a number of other reports. Barclays cut their target price on KeyCorp from $17.00 to $16.00 and set an “equal weight” rating for the company in a research note on Friday, January 19th. Keefe, Bruyette & Woods increased their price objective on KeyCorp from $16.00 to $18.00 and gave the stock an “outperform” rating in a research note on Friday, April 5th. Jefferies Financial Group increased their price objective on KeyCorp from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Wells Fargo & Company increased their price objective on KeyCorp from $16.00 to $18.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Finally, Morgan Stanley increased their price objective on KeyCorp from $12.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, KeyCorp has an average rating of “Moderate Buy” and a consensus target price of $15.71.

KeyCorp Stock Performance

Shares of NYSE KEY opened at $14.63 on Monday. The business has a fifty day simple moving average of $14.69 and a 200 day simple moving average of $13.43. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.72. The firm has a market capitalization of $13.57 billion, a price-to-earnings ratio of 18.52 and a beta of 1.29. KeyCorp has a one year low of $8.53 and a one year high of $15.86.

Insider Activity at KeyCorp

In related news, 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 transaction, the insider now 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 through this hyperlink. In other KeyCorp 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 transaction of $175,527.05. Following the transaction, the director now 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 through this link. 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 transaction, the insider now owns 98,120 shares in the company, valued at approximately $1,376,623.60. The disclosure for this sale can be found here. Insiders have sold a total of 21,442 shares of company stock worth $303,914 over the last 90 days. Insiders own 0.61% of the company’s stock.

Hedge Funds Weigh In On KeyCorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC raised its position in shares of KeyCorp by 8.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 273,010 shares of the financial services provider’s stock worth $3,931,000 after purchasing an additional 21,395 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in shares of KeyCorp by 35.6% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 329,655 shares of the financial services provider’s stock worth $4,747,000 after purchasing an additional 86,579 shares during the period. Miller Howard Investments Inc. NY acquired a new stake in shares of KeyCorp during the fourth quarter worth about $7,200,000. Fifth Third Bancorp raised its position in shares of KeyCorp by 1.0% during the fourth quarter. Fifth Third Bancorp now owns 237,934 shares of the financial services provider’s stock worth $3,426,000 after purchasing an additional 2,344 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of KeyCorp by 16.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 23,126,760 shares of the financial services provider’s stock worth $248,844,000 after purchasing an additional 3,216,584 shares during the period. Institutional investors own 79.69% of the company’s stock.

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.