Wedbush Brokers Increase Earnings Estimates for KeyCorp (KEY)

KeyCorp (NYSE:KEY) – Equities researchers at Wedbush boosted their FY2018 EPS estimates for shares of KeyCorp in a note issued to investors on Thursday, according to Zacks Investment Research. Wedbush analyst P. Winter now forecasts that the financial services provider will post earnings of $1.67 per share for the year, up from their previous estimate of $1.48.

KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Thursday, October 19th. The financial services provider reported $0.35 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.35. The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.56 billion. KeyCorp had a net margin of 18.69% and a return on equity of 10.35%. The firm’s quarterly revenue was up 13.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.30 EPS.

Several other equities research analysts also recently commented on the stock. CIBC reaffirmed a “buy” rating on shares of KeyCorp in a report on Friday, December 8th. Zacks Investment Research downgraded shares of KeyCorp from a “hold” rating to a “sell” rating in a report on Monday, October 30th. Stephens raised shares of KeyCorp from an “equal weight” rating to an “overweight” rating and set a $23.00 price target on the stock in a report on Thursday, December 14th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $21.50 price objective on shares of KeyCorp in a research report on Thursday, December 14th. Finally, ValuEngine upgraded shares of KeyCorp from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and sixteen have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $21.56.

KeyCorp (NYSE KEY) traded down $0.10 during midday trading on Monday, reaching $21.32. 10,280,000 shares of the company’s stock traded hands, compared to its average volume of 9,280,000. The stock has a market capitalization of $22,930.00, a P/E ratio of 18.54, a PEG ratio of 1.64 and a beta of 1.09. KeyCorp has a 1-year low of $16.28 and a 1-year high of $21.71. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.89 and a current ratio of 0.90.

A number of hedge funds have recently made changes to their positions in KEY. Zions Bancorporation lifted its position in KeyCorp by 2,277.5% during the third quarter. Zions Bancorporation now owns 5,706 shares of the financial services provider’s stock valued at $107,000 after buying an additional 5,466 shares during the period. Bank of Nova Scotia Trust Co. purchased a new position in KeyCorp during the third quarter valued at $132,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in KeyCorp during the third quarter valued at $145,000. Sun Life Financial INC lifted its position in KeyCorp by 80,370.0% during the second quarter. Sun Life Financial INC now owns 8,047 shares of the financial services provider’s stock valued at $151,000 after buying an additional 8,037 shares during the period. Finally, AllSquare Wealth Management LLC purchased a new position in KeyCorp during the third quarter valued at $173,000. 81.01% of the stock is owned by institutional investors.

In related news, General Counsel Paul N. Harris sold 2,758 shares of the firm’s stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $18.54, for a total value of $51,133.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Andrew J. Paine III sold 46,854 shares of the firm’s stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $18.56, for a total value of $869,610.24. Following the completion of the sale, the insider now directly owns 110,052 shares of the company’s stock, valued at approximately $2,042,565.12. The disclosure for this sale can be found here. Insiders sold 57,212 shares of company stock valued at $1,060,508 in the last ninety days. 0.65% of the stock is currently owned by insiders.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Tuesday, February 27th will be paid a $0.105 dividend. This represents a $0.42 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date of this dividend is Monday, February 26th. KeyCorp’s payout ratio is 36.52%.

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About KeyCorp

KeyCorp is a bank holding company. The Company is a bank-based financial services company. The Company operates through its subsidiary, KeyBank National Association (KeyBank), which is engaged in providing banking services. Through KeyBank and other subsidiaries, it provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, and investment banking products and services to individual, corporate and institutional clients.

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Earnings History and Estimates for KeyCorp (NYSE:KEY)

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