KeyCorp (NYSE:KEY – Free Report) – Investment analysts at Zacks Research lowered their Q3 2023 earnings estimates for shares of KeyCorp in a research note issued on Wednesday, August 2nd. Zacks Research analyst N. Kataruka now forecasts that the financial services provider will earn $0.24 per share for the quarter, down from their previous estimate of $0.32. The consensus estimate for KeyCorp’s current full-year earnings is $1.30 per share. Zacks Research also issued estimates for KeyCorp’s Q4 2023 earnings at $0.23 EPS, FY2023 earnings at $1.18 EPS, Q1 2024 earnings at $0.25 EPS, Q2 2024 earnings at $0.30 EPS, Q3 2024 earnings at $0.36 EPS, Q4 2024 earnings at $0.38 EPS, FY2024 earnings at $1.29 EPS, Q1 2025 earnings at $0.38 EPS and FY2025 earnings at $1.60 EPS.
Other research analysts have also recently issued research reports about the stock. Barclays decreased their price target on shares of KeyCorp from $15.00 to $13.00 in a report on Tuesday, June 27th. Wedbush increased their price objective on shares of KeyCorp from $10.00 to $13.00 and gave the stock a “neutral” rating in a research note on Friday, July 21st. JPMorgan Chase & Co. upgraded shares of KeyCorp from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $11.50 to $13.50 in a research note on Wednesday. Royal Bank of Canada cut their price objective on shares of KeyCorp from $16.00 to $14.00 in a research note on Tuesday, June 13th. Finally, TheStreet lowered shares of KeyCorp from a “b-” rating to a “c+” rating in a research note on Monday, May 1st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $14.60.
KeyCorp Trading Down 1.0 %
KeyCorp (NYSE:KEY – Get Free Report) last posted its earnings results on Thursday, July 20th. The financial services provider reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.05). The firm had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.62 billion. KeyCorp had a net margin of 14.93% and a return on equity of 13.78%. The company’s revenue was down 11.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.54 EPS.
KeyCorp Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Tuesday, August 29th will be given a dividend of $0.205 per share. The ex-dividend date of this dividend is Monday, August 28th. This represents a $0.82 annualized dividend and a yield of 6.88%. KeyCorp’s dividend payout ratio is presently 54.67%.
Insider Buying and Selling at KeyCorp
In other KeyCorp news, insider Amy G. Brady sold 12,388 shares of the stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $10.11, for a total transaction of $125,242.68. Following the transaction, the insider now directly owns 106,733 shares of the company’s stock, valued at $1,079,070.63. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.61% of the company’s stock.
Hedge Funds Weigh In On KeyCorp
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Handelsbanken Fonder AB lifted its holdings in KeyCorp by 0.3% during the first quarter. Handelsbanken Fonder AB now owns 325,124 shares of the financial services provider’s stock valued at $4,071,000 after purchasing an additional 1,082 shares in the last quarter. CWM LLC lifted its stake in shares of KeyCorp by 42.3% in the first quarter. CWM LLC now owns 41,231 shares of the financial services provider’s stock worth $516,000 after buying an additional 12,247 shares in the last quarter. Teacher Retirement System of Texas lifted its stake in shares of KeyCorp by 19.7% in the fourth quarter. Teacher Retirement System of Texas now owns 256,989 shares of the financial services provider’s stock worth $4,477,000 after buying an additional 42,243 shares in the last quarter. Quadrant Capital Group LLC lifted its stake in shares of KeyCorp by 24.5% in the fourth quarter. Quadrant Capital Group LLC now owns 8,836 shares of the financial services provider’s stock worth $154,000 after buying an additional 1,739 shares in the last quarter. Finally, Acrisure Capital Management LLC purchased a new position in shares of KeyCorp in the fourth quarter worth about $279,000. 79.69% of the stock is owned by hedge funds and other institutional investors.
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; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, investment, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.
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