KeyCorp Forecasted to Earn Q3 2024 Earnings of $0.26 Per Share (NYSE:KEY)

KeyCorp (NYSE:KEY) – Analysts at Wedbush lowered their Q3 2024 earnings per share (EPS) estimates for shares of KeyCorp in a note issued to investors on Monday, August 12th. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will earn $0.26 per share for the quarter, down from their previous estimate of $0.27. Wedbush has a “Neutral” rating and a $17.00 price target on the stock. The consensus estimate for KeyCorp’s current full-year earnings is $1.11 per share. Wedbush also issued estimates for KeyCorp’s Q4 2024 earnings at $0.34 EPS and FY2024 earnings at $1.06 EPS.

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

A number of other equities analysts have also recently weighed in on KEY. UBS Group cut KeyCorp from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $16.00 to $15.00 in a report on Monday, July 8th. Morgan Stanley increased their price target on KeyCorp from $18.00 to $20.00 and gave the stock an “equal weight” rating in a report on Wednesday. Citigroup increased their price target on KeyCorp from $18.00 to $19.00 and gave the stock a “buy” rating in a report on Tuesday. Argus increased their price target on KeyCorp from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Friday, April 19th. Finally, Evercore ISI lowered their price target on KeyCorp from $17.50 to $16.50 and set an “outperform” rating for the company in a report on Tuesday, June 25th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, KeyCorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.59.

KeyCorp Stock Up 3.6 %

Shares of KEY opened at $16.20 on Wednesday. The company has a market capitalization of $15.27 billion, a PE ratio of 20.51, a price-to-earnings-growth ratio of 0.79 and a beta of 1.26. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.37. KeyCorp has a 52-week low of $9.50 and a 52-week high of $17.09. The stock has a fifty day simple moving average of $14.71 and a two-hundred day simple moving average of $14.67.

Institutional Investors Weigh In On KeyCorp

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. raised its position in shares of KeyCorp by 1.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 23,416,018 shares of the financial services provider’s stock worth $337,191,000 after acquiring an additional 289,258 shares in the last quarter. Ontario Teachers Pension Plan Board raised its position in shares of KeyCorp by 8.8% during the 1st quarter. Ontario Teachers Pension Plan Board now owns 21,690,319 shares of the financial services provider’s stock worth $342,924,000 after acquiring an additional 1,748,633 shares in the last quarter. Diamond Hill Capital Management Inc. raised its position 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 acquiring an additional 2,213,872 shares in the last quarter. Earnest Partners LLC raised 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 acquiring an additional 2,339,454 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of KeyCorp by 2.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 10,508,853 shares of the financial services provider’s stock worth $149,299,000 after acquiring an additional 300,339 shares in the last quarter. Institutional investors and hedge funds own 79.69% of the company’s stock.

KeyCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Tuesday, August 27th will be paid a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 5.06%. The ex-dividend date is Tuesday, August 27th. KeyCorp’s payout ratio is presently 103.80%.

KeyCorp Company Profile

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.