KeyCorp (NYSE:KEY) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS

KeyCorp (NYSE:KEY) posted its quarterly earnings results on Thursday. The financial services provider reported $0.22 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.01), Zacks reports. KeyCorp had a net margin of 7.53% and a return on equity of 8.89%. The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same quarter in the previous year, the business posted $0.44 EPS. The company’s quarterly revenue was down 10.6% on a year-over-year basis.

KeyCorp Price Performance

Shares of NYSE KEY opened at $14.63 on Friday. KeyCorp has a fifty-two week low of $8.53 and a fifty-two week high of $15.86. The firm’s 50-day simple moving average is $14.69 and its 200 day simple moving average is $13.40. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.72. The stock has a market cap of $13.57 billion, a P/E ratio of 18.52 and a beta of 1.29.

Insider Activity at KeyCorp

In related news, insider Kenneth C. Gavrity sold 2,376 shares of KeyCorp stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $14.03, for a total transaction of $33,335.28. Following the sale, the insider now directly owns 98,120 shares in the company, valued at $1,376,623.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Trina M. Evans sold 12,335 shares of KeyCorp stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $14.23, for a total transaction of $175,527.05. Following the transaction, the director now directly owns 81,622 shares of the company’s stock, valued at $1,161,481.06. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Kenneth C. Gavrity sold 2,376 shares of KeyCorp stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $14.03, for a total value of $33,335.28. Following the transaction, the insider now directly owns 98,120 shares in the company, valued at $1,376,623.60. The disclosure for this sale can be found here. Insiders have sold a total of 21,442 shares of company stock worth $303,914 over the last ninety days. 0.61% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On KeyCorp

Institutional investors have recently bought and sold shares of the stock. Meiji Yasuda Asset Management Co Ltd. grew its stake in KeyCorp by 2.1% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 26,413 shares of the financial services provider’s stock valued at $460,000 after acquiring an additional 540 shares in the last quarter. Steward Partners Investment Advisory LLC grew its stake in KeyCorp by 2.5% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 24,363 shares of the financial services provider’s stock valued at $424,000 after acquiring an additional 584 shares in the last quarter. BOKF NA grew its stake in KeyCorp by 3.4% during the 4th quarter. BOKF NA now owns 20,170 shares of the financial services provider’s stock valued at $351,000 after acquiring an additional 665 shares in the last quarter. Cetera Investment Advisers grew its stake in KeyCorp by 4.1% during the 1st quarter. Cetera Investment Advisers now owns 18,427 shares of the financial services provider’s stock valued at $412,000 after acquiring an additional 720 shares in the last quarter. Finally, Neuberger Berman Group LLC grew its stake in KeyCorp by 1.4% during the 4th quarter. Neuberger Berman Group LLC now owns 56,920 shares of the financial services provider’s stock valued at $992,000 after acquiring an additional 798 shares in the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Jefferies Financial Group raised their price target on shares of KeyCorp from $17.00 to $18.00 and gave the company a “buy” rating in a report on Monday, April 8th. DA Davidson lowered their price objective on shares of KeyCorp from $17.00 to $16.00 and set a “buy” rating for the company in a research report on Friday, January 19th. Raymond James assumed coverage on shares of KeyCorp in a research report on Monday, January 8th. They issued a “market perform” rating for the company. Piper Sandler increased their price objective on shares of KeyCorp from $16.00 to $17.00 and gave the company an “overweight” rating in a research report on Friday, January 26th. Finally, JPMorgan Chase & Co. increased their price objective on shares of KeyCorp from $16.00 to $18.00 and gave the company a “neutral” rating in a research report on Thursday, April 4th. One analyst has rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, KeyCorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $15.71.

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.