KeyCorp (KEY) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS

KeyCorp (NYSE:KEY) issued its earnings results on Thursday. The financial services provider reported $0.45 EPS for the quarter, topping the consensus estimate of $0.44 by $0.01, MarketWatch Earnings reports. The company had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.64 billion. KeyCorp had a return on equity of 11.73% and a net margin of 20.05%. The business’s revenue was up 3.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.32 EPS.

NYSE:KEY opened at $18.10 on Friday. KeyCorp has a 12-month low of $17.40 and a 12-month high of $22.40. The company has a market cap of $19.72 billion, a P/E ratio of 13.31, a P/E/G ratio of 0.69 and a beta of 1.01. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.98.

In other KeyCorp news, insider Edward J. Burke sold 46,360 shares of KeyCorp stock in a transaction on Friday, August 10th. The stock was sold at an average price of $21.32, for a total transaction of $988,395.20. Following the sale, the insider now owns 89,128 shares of the company’s stock, valued at approximately $1,900,208.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director H James Dallas bought 9,610 shares of the business’s stock in a transaction on Monday, July 23rd. The shares were acquired at an average cost of $20.81 per share, for a total transaction of $199,984.10. Following the purchase, the director now directly owns 98,791 shares in the company, valued at $2,055,840.71. The disclosure for this purchase can be found here. Insiders have sold a total of 340,954 shares of company stock worth $7,120,124 in the last ninety days. 0.65% of the stock is owned by company insiders.

KeyCorp declared that its board has initiated a share buyback plan on Thursday, June 28th that authorizes the company to buyback $1.23 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 5.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Several brokerages have recently commented on KEY. Zacks Investment Research lowered KeyCorp from a “buy” rating to a “hold” rating in a research report on Wednesday, August 22nd. ValuEngine lowered KeyCorp from a “hold” rating to a “sell” rating in a research report on Tuesday, October 2nd. Standpoint Research upgraded KeyCorp from a “hold” rating to a “buy” rating in a research report on Friday, October 12th. Jefferies Financial Group restated a “buy” rating and set a $23.00 price objective on shares of KeyCorp in a research report on Friday, July 13th. Finally, Mizuho boosted their price objective on KeyCorp from $25.00 to $25.50 and gave the company an “overweight” rating in a research report on Tuesday, July 24th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. KeyCorp presently has a consensus rating of “Buy” and a consensus price target of $23.75.

KeyCorp Company Profile

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking services in the United States. The company's Key Community Bank segment offers various deposit and investment products, personal finance services, residential mortgages, home equity loans, credit cards, and installment loans, as well as personal property and casualty insurance, such as home, auto, renters, watercraft, and umbrella insurance for individuals.

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Earnings History for KeyCorp (NYSE:KEY)

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