Research Analysts Set Expectations for KeyCorp’s Q2 2020 Earnings (NYSE:KEY)

KeyCorp (NYSE:KEY) – Equities research analysts at Wedbush lowered their Q2 2020 earnings per share estimates for KeyCorp in a report released on Monday, June 29th. Wedbush analyst P. Winter now anticipates that the financial services provider will earn $0.11 per share for the quarter, down from their prior estimate of $0.17. Wedbush has a “Outperform” rating on the stock. Wedbush also issued estimates for KeyCorp’s Q3 2020 earnings at $0.18 EPS, Q1 2021 earnings at $0.24 EPS, Q2 2021 earnings at $0.28 EPS, Q3 2021 earnings at $0.34 EPS and FY2021 earnings at $1.24 EPS.

KeyCorp (NYSE:KEY) last released its earnings results on Thursday, April 16th. The financial services provider reported $0.12 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.06). The company had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.55 billion. KeyCorp had a net margin of 18.85% and a return on equity of 10.43%. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter last year, the business posted $0.38 earnings per share.

A number of other brokerages have also weighed in on KEY. DA Davidson lowered KeyCorp from a “buy” rating to a “neutral” rating and set a $10.00 price objective on the stock. in a report on Monday, March 23rd. Odeon Capital Group initiated coverage on KeyCorp in a research note on Monday, June 8th. They set a “buy” rating and a $16.10 price target on the stock. Nomura Securities reiterated a “hold” rating and set a $10.00 price objective on shares of KeyCorp in a research report on Sunday, April 19th. Stifel Nicolaus lowered their price target on KeyCorp from $29.00 to $27.00 and set a “buy” rating for the company in a report on Thursday, May 14th. Finally, Royal Bank of Canada restated a “buy” rating and issued a $16.00 price target on shares of KeyCorp in a report on Sunday, April 19th. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have assigned a buy rating to the stock. KeyCorp currently has an average rating of “Hold” and a consensus target price of $19.15.

KEY opened at $11.87 on Tuesday. The business’s 50-day simple moving average is $12.22 and its 200-day simple moving average is $14.89. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.91 and a current ratio of 0.93. KeyCorp has a one year low of $7.45 and a one year high of $20.52. The stock has a market capitalization of $11.47 billion, a P/E ratio of 8.73, a price-to-earnings-growth ratio of 3.13 and a beta of 1.51.

Several large investors have recently modified their holdings of the company. AXA raised its position in KeyCorp by 358.2% in the 1st quarter. AXA now owns 58,782 shares of the financial services provider’s stock worth $609,000 after purchasing an additional 45,952 shares during the last quarter. Skandinaviska Enskilda Banken AB publ raised its position in KeyCorp by 6.5% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 200,668 shares of the financial services provider’s stock worth $2,081,000 after purchasing an additional 12,255 shares during the last quarter. Guggenheim Capital LLC grew its holdings in KeyCorp by 11.5% during the 1st quarter. Guggenheim Capital LLC now owns 1,476,051 shares of the financial services provider’s stock worth $15,307,000 after acquiring an additional 151,792 shares during the period. Optimal Asset Management Inc. grew its holdings in KeyCorp by 77.0% during the 1st quarter. Optimal Asset Management Inc. now owns 104,694 shares of the financial services provider’s stock worth $1,086,000 after acquiring an additional 45,550 shares during the period. Finally, Tredje AP fonden grew its holdings in KeyCorp by 19.7% during the 1st quarter. Tredje AP fonden now owns 73,167 shares of the financial services provider’s stock worth $759,000 after acquiring an additional 12,051 shares during the period. 79.33% of the stock is currently owned by institutional investors.

In other news, Director Ruth Ann M. Gillis bought 4,485 shares of the stock in a transaction that occurred on Monday, April 20th. The shares were acquired at an average cost of $11.10 per share, for a total transaction of $49,783.50. Following the purchase, the director now owns 19,911 shares of the company’s stock, valued at approximately $221,012.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Christopher M. Gorman bought 100,000 shares of the company’s stock in a transaction that occurred on Friday, April 17th. The stock was purchased at an average price of $10.36 per share, for a total transaction of $1,036,000.00. The disclosure for this purchase can be found here. Insiders acquired 106,485 shares of company stock valued at $1,109,564 over the last three months. Insiders own 0.70% of the company’s stock.

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Tuesday, June 2nd were given a $0.185 dividend. This represents a $0.74 annualized dividend and a yield of 6.23%. The ex-dividend date of this dividend was Monday, June 1st. KeyCorp’s dividend payout ratio is 41.11%.

About KeyCorp

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.

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Earnings History and Estimates for KeyCorp (NYSE:KEY)

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