Zacks Research Decreases Earnings Estimates for KeyCorp

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

KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.01. KeyCorp had a positive return on equity of 9.43% and a negative net margin of 0.12%. The firm had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the previous year, the company posted $0.20 EPS.

Several other equities analysts also recently issued reports on the company. TD Cowen initiated coverage on KeyCorp in a research report on Thursday, May 15th. They issued a “hold” rating and a $18.00 price objective for the company. Keefe, Bruyette & Woods cut their price objective on KeyCorp from $20.00 to $18.00 and set an “outperform” rating for the company in a research report on Monday, April 21st. JPMorgan Chase & Co. cut their price objective on KeyCorp from $18.50 to $16.50 and set a “neutral” rating for the company in a research report on Thursday, April 3rd. Baird R W raised KeyCorp from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. Finally, Wall Street Zen raised KeyCorp from a “sell” rating to a “hold” rating in a research note on Monday, April 21st. Eleven analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, KeyCorp has an average rating of “Moderate Buy” and a consensus target price of $18.92.

KeyCorp Trading Down 1.3%

Shares of KEY opened at $15.72 on Monday. The stock has a fifty day moving average price of $15.42 and a two-hundred day moving average price of $16.43. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.83 and a current ratio of 0.84. KeyCorp has a 52-week low of $12.73 and a 52-week high of $20.04. The company has a market cap of $17.22 billion, a price-to-earnings ratio of -92.44, a PEG ratio of 0.60 and a beta of 1.09.

KeyCorp Dividend Announcement

The business also recently disclosed 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. The ex-dividend date was Tuesday, May 27th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 5.22%. KeyCorp’s dividend payout ratio (DPR) is presently -482.35%.

KeyCorp announced that its Board of Directors has approved a share repurchase plan on Thursday, March 13th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other KeyCorp news, Director Carlton L. Highsmith sold 5,000 shares of the business’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $16.60, for a total value of $83,000.00. Following the completion of the transaction, the director now directly owns 37,177 shares of the company’s stock, valued at approximately $617,138.20. The trade was a 11.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 shares were 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. The trade was 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 owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Principal Financial Group Inc. grew its stake in KeyCorp by 3.4% in the fourth quarter. Principal Financial Group Inc. now owns 1,117,238 shares of the financial services provider’s stock valued at $19,149,000 after acquiring an additional 36,424 shares during the period. Truist Financial Corp lifted its holdings in shares of KeyCorp by 27.1% in the fourth quarter. Truist Financial Corp now owns 95,856 shares of the financial services provider’s stock valued at $1,643,000 after purchasing an additional 20,424 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in shares of KeyCorp in the fourth quarter valued at about $1,519,000. Steward Partners Investment Advisory LLC lifted its holdings in shares of KeyCorp by 6.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 29,876 shares of the financial services provider’s stock valued at $512,000 after purchasing an additional 1,775 shares in the last quarter. Finally, Tallon Kerry Patrick bought a new stake in shares of KeyCorp in the fourth quarter valued at about $248,000. 79.69% of the stock is owned by institutional investors and hedge funds.

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.