KeyCorp (NYSE:KEY) Releases Quarterly Earnings Results, Misses Estimates By $0.03 EPS

KeyCorp (NYSE:KEY) posted its quarterly earnings results on Thursday. The financial services provider reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.03), RTT News reports. The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.51 billion. KeyCorp had a return on equity of 10.63% and a net margin of 8.61%. The business’s quarterly revenue was down 10.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.44 earnings per share.

KeyCorp Price Performance

Shares of KEY opened at $14.43 on Thursday. KeyCorp has a 1-year low of $8.53 and a 1-year high of $15.86. The stock has a market cap of $13.38 billion, a PE ratio of 16.21 and a beta of 1.29. The firm has a 50-day simple moving average of $14.66 and a two-hundred day simple moving average of $13.35. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.86 and a quick ratio of 0.86.

Insider Buying and Selling at KeyCorp

In other KeyCorp news, insider Angela G. Mago sold 3,405 shares of KeyCorp stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $14.24, for a total transaction of $48,487.20. Following the completion of the sale, the insider now directly owns 214,630 shares in the company, valued at $3,056,331.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Trina M. Evans sold 12,335 shares of KeyCorp stock in a transaction that occurred on Monday, February 12th. The shares were 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 owns 81,622 shares in the company, valued at $1,161,481.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Angela G. Mago sold 3,405 shares of KeyCorp stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $14.24, for a total transaction of $48,487.20. Following the completion of the transaction, the insider now owns 214,630 shares of the company’s stock, valued at approximately $3,056,331.20. The disclosure for this sale can be found here. Insiders sold a total of 21,442 shares of company stock worth $303,914 over the last three months. Insiders own 0.61% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Canada Pension Plan Investment Board acquired a new position in shares of KeyCorp in the first quarter valued at approximately $38,000. Point72 Hong Kong Ltd acquired a new position in KeyCorp during the 1st quarter worth approximately $40,000. Almanack Investment Partners LLC. acquired a new position in KeyCorp during the 3rd quarter worth approximately $45,000. West Tower Group LLC acquired a new position in KeyCorp during the 4th quarter worth approximately $42,000. Finally, Compass Wealth Management LLC acquired a new position in KeyCorp during the 4th quarter worth approximately $60,000. Institutional investors and hedge funds own 79.69% of the company’s stock.

Wall Street Analyst Weigh In

KEY has been the topic of several research reports. Stephens raised shares of KeyCorp from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, December 20th. Morgan Stanley raised their price target on shares of KeyCorp from $12.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 7th. Jefferies Financial Group raised their price target on shares of KeyCorp from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Royal Bank of Canada raised their price target on shares of KeyCorp from $13.00 to $15.00 and gave the stock an “outperform” rating in a research note on Friday, January 19th. Finally, Evercore ISI raised their price target on shares of KeyCorp from $17.00 to $18.00 and gave the stock an “outperform” rating in a research note on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, KeyCorp currently has an average rating of “Moderate Buy” and a consensus target price of $15.53.

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.