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

KeyCorp (NYSE:KEY) – Equities research analysts at Wedbush reduced their Q2 2024 earnings estimates for shares of KeyCorp in a research report issued on Thursday, April 18th. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will post earnings of $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.

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

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

KeyCorp Trading Up 0.6 %

Shares of NYSE:KEY opened at $14.73 on Monday. The stock has a market capitalization of $13.66 billion, a PE ratio of 18.64 and a beta of 1.29. KeyCorp has a 1 year low of $8.53 and a 1 year high of $15.86. The firm has a fifty day moving average price of $14.72 and a 200 day moving average price of $13.49. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.72.

Hedge Funds Weigh In On KeyCorp

Hedge funds and other institutional investors have recently made changes to their positions in the company. Bruce G. Allen Investments LLC bought a new position in shares of KeyCorp during the fourth quarter worth $26,000. Sound Income Strategies LLC boosted its position in shares of KeyCorp by 3,600.0% during the fourth quarter. Sound Income Strategies LLC now owns 1,887 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 1,836 shares in the last quarter. Cary Street Partners Investment Advisory LLC bought a new position in shares of KeyCorp during the third quarter worth $28,000. First United Bank & Trust bought a new position in shares of KeyCorp during the fourth quarter worth $29,000. Finally, Baldwin Brothers LLC MA bought a new position in shares of KeyCorp during the fourth quarter worth $35,000. 79.69% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, insider Kenneth C. Gavrity sold 2,376 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $14.03, for a total transaction of $33,335.28. Following the completion of the sale, the insider now owns 98,120 shares of the company’s stock, valued at $1,376,623.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Kenneth C. Gavrity sold 2,376 shares of the stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $14.03, for a total transaction of $33,335.28. Following the sale, the insider now directly owns 98,120 shares of the company’s stock, valued at $1,376,623.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Trina M. Evans sold 12,335 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $14.23, for a total transaction 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 disclosure for this sale can be found here. Insiders sold 21,442 shares of company stock valued at $303,914 over the last quarter. Corporate insiders own 0.67% 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.