Wedbush Weighs in on KeyCorp’s Q1 2024 Earnings (NYSE:KEY)

KeyCorp (NYSE:KEY) – Equities research analysts at Wedbush cut their Q1 2024 earnings per share estimates for shares of KeyCorp in a report released on Wednesday, March 27th. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will post earnings per share of $0.20 for the quarter, down from their prior estimate of $0.21. Wedbush has a “Neutral” rating and a $14.00 price target on the stock. The consensus estimate for KeyCorp’s current full-year earnings is $1.18 per share. Wedbush also issued estimates for KeyCorp’s Q1 2025 earnings at $0.35 EPS, Q2 2025 earnings at $0.40 EPS, Q3 2025 earnings at $0.45 EPS and Q4 2025 earnings at $0.45 EPS.

KeyCorp (NYSE:KEY) last posted its quarterly earnings results on Thursday, January 18th. The financial services provider reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.02. The business had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.53 billion. KeyCorp had a return on equity of 10.63% and a net margin of 8.61%. During the same period last year, the firm earned $0.38 earnings per share.

Other research analysts have also issued research reports about the company. The Goldman Sachs Group lifted their price target on KeyCorp from $13.50 to $15.00 and gave the stock a “buy” rating in a research report on Monday, December 18th. Stephens upgraded KeyCorp from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, December 20th. Barclays dropped their target price on KeyCorp from $17.00 to $16.00 and set an “equal weight” rating for the company in a research report on Friday, January 19th. Royal Bank of Canada boosted their target price on KeyCorp from $13.00 to $15.00 and gave the company an “outperform” rating in a research report on Friday, January 19th. Finally, Raymond James began coverage on KeyCorp in a research report on Monday, January 8th. They set a “market perform” rating for the company. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $14.69.

KeyCorp Trading Up 3.9 %

KEY opened at $15.65 on Thursday. The firm has a market cap of $14.51 billion, a P/E ratio of 17.58 and a beta of 1.27. KeyCorp has a 12 month low of $8.53 and a 12 month high of $15.65. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 1.61. The stock has a 50-day moving average of $14.40 and a 200 day moving average of $12.90.

Hedge Funds Weigh In On KeyCorp

Several hedge funds have recently bought and sold shares of KEY. Bruce G. Allen Investments LLC bought a new stake in shares of KeyCorp in the fourth quarter valued at about $26,000. Sound Income Strategies LLC raised its stake in shares of KeyCorp by 3,600.0% in the fourth quarter. Sound Income Strategies LLC now owns 1,887 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 1,836 shares during the last quarter. Cary Street Partners Investment Advisory LLC acquired a new stake in shares of KeyCorp in the third quarter valued at approximately $28,000. First United Bank & Trust acquired a new stake in shares of KeyCorp in the fourth quarter valued at approximately $29,000. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of KeyCorp in the fourth quarter valued at approximately $31,000. 79.69% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other KeyCorp news, insider Kenneth C. Gavrity sold 2,376 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $14.03, for a total transaction of $33,335.28. Following the sale, the insider now owns 98,120 shares in the company, valued at $1,376,623.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Angela G. Mago sold 3,405 shares of the stock in a transaction on Monday, February 12th. The stock was 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 owns 214,630 shares in the company, valued at approximately $3,056,331.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kenneth C. Gavrity sold 2,376 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $14.03, for a total value of $33,335.28. Following the sale, the insider now owns 98,120 shares of the company’s stock, valued at $1,376,623.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,442 shares of company stock worth $303,914. 0.61% of the stock is currently owned by corporate insiders.

KeyCorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Tuesday, February 27th were paid a $0.205 dividend. This represents a $0.82 annualized dividend and a dividend yield of 5.24%. The ex-dividend date of this dividend was Monday, February 26th. KeyCorp’s dividend payout ratio (DPR) is 92.13%.

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.