Q3 2024 EPS Estimates for KeyCorp (NYSE:KEY) Reduced by Analyst

KeyCorp (NYSE:KEY) – Equities researchers at DA Davidson lowered their Q3 2024 earnings per share (EPS) estimates for KeyCorp in a research report issued on Thursday, October 3rd. DA Davidson analyst P. Winter now expects that the financial services provider will post earnings per share of $0.28 for the quarter, down from their prior forecast of $0.30. DA Davidson has a “Buy” rating and a $18.00 price objective on the stock. The consensus estimate for KeyCorp’s current full-year earnings is $1.10 per share. DA Davidson also issued estimates for KeyCorp’s FY2024 earnings at $1.08 EPS.

A number of other research firms have also recently commented on KEY. Jefferies Financial Group lifted their price target on KeyCorp from $18.00 to $19.00 and gave the stock a “buy” rating in a report on Monday, August 19th. JPMorgan Chase & Co. reduced their target price on KeyCorp from $17.50 to $16.50 and set a “neutral” rating for the company in a research note on Thursday, June 27th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $18.00 target price on shares of KeyCorp in a report on Tuesday, September 10th. Wedbush raised their price target on KeyCorp from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Tuesday, September 24th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $17.00 price objective on shares of KeyCorp in a report on Tuesday, August 13th. Six research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $16.91.

KeyCorp Stock Up 2.5 %

KeyCorp stock opened at $16.78 on Friday. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.85 and a quick ratio of 0.85. The company’s 50-day moving average is $16.18 and its 200-day moving average is $15.23. The firm has a market capitalization of $15.83 billion, a PE ratio of 21.24, a P/E/G ratio of 0.90 and a beta of 1.25. KeyCorp has a fifty-two week low of $9.50 and a fifty-two week high of $17.39.

KeyCorp (NYSE:KEY) last issued its earnings results on Thursday, July 18th. The financial services provider reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.01. The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.52 billion. KeyCorp had a net margin of 7.35% and a return on equity of 8.64%. The firm’s revenue for the quarter was down 4.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.27 earnings per share.

Institutional Trading of KeyCorp

Institutional investors and hedge funds have recently made changes to their positions in the company. Ontario Teachers Pension Plan Board raised its position in KeyCorp by 8.8% during the first quarter. Ontario Teachers Pension Plan Board now owns 21,690,319 shares of the financial services provider’s stock valued at $342,924,000 after purchasing an additional 1,748,633 shares in the last quarter. Diamond Hill Capital Management Inc. raised its holdings in shares of KeyCorp by 12.2% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 20,295,788 shares of the financial services provider’s stock worth $288,403,000 after buying an additional 2,213,872 shares in the last quarter. Earnest Partners LLC lifted its position in shares of KeyCorp by 23.2% during the 2nd quarter. Earnest Partners LLC now owns 12,430,048 shares of the financial services provider’s stock worth $176,631,000 after buying an additional 2,339,454 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in KeyCorp by 2.9% in the second quarter. Dimensional Fund Advisors LP now owns 10,508,853 shares of the financial services provider’s stock valued at $149,299,000 after buying an additional 300,339 shares in the last quarter. Finally, Ceredex Value Advisors LLC boosted its stake in KeyCorp by 112.4% in the second quarter. Ceredex Value Advisors LLC now owns 6,647,393 shares of the financial services provider’s stock valued at $94,459,000 after buying an additional 3,517,755 shares in the last quarter. Institutional investors own 79.69% of the company’s stock.

Insider Activity at KeyCorp

In other news, Director Carlton L. Highsmith sold 10,000 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $16.21, for a total transaction of $162,100.00. Following the sale, the director now directly owns 46,864 shares of the company’s stock, valued at approximately $759,665.44. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.61% of the stock is currently owned by corporate insiders.

KeyCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Tuesday, August 27th were given a $0.205 dividend. The ex-dividend date of this dividend was Tuesday, August 27th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.89%. KeyCorp’s payout ratio is 103.80%.

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.