Analysts Set Expectations for KeyCorp’s FY2018 Earnings (KEY)

KeyCorp (NYSE:KEY) – Investment analysts at Oppenheimer boosted their FY2018 earnings estimates for shares of KeyCorp in a research note issued to investors on Tuesday. Oppenheimer analyst B. Chittenden now anticipates that the financial services provider will post earnings per share of $1.69 for the year, up from their previous forecast of $1.53. Oppenheimer currently has a “Hold” rating on the stock.

KeyCorp (NYSE:KEY) last issued its earnings results on Thursday, October 19th. The financial services provider reported $0.35 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.35. KeyCorp had a net margin of 18.69% and a return on equity of 10.35%. The firm had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.56 billion. During the same quarter in the prior year, the business earned $0.30 earnings per share. KeyCorp’s revenue for the quarter was up 13.7% on a year-over-year basis.

Other equities research analysts also recently issued research reports about the stock. Zacks Investment Research downgraded shares of KeyCorp from a “buy” rating to a “hold” rating and set a $23.00 price target on the stock. in a research note on Wednesday. Stephens raised shares of KeyCorp from an “equal weight” rating to an “overweight” rating and set a $23.00 price target on the stock in a research note on Thursday, December 14th. CIBC reaffirmed a “buy” rating on shares of KeyCorp in a research note on Friday, December 8th. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $22.00 price target on shares of KeyCorp in a research note on Wednesday, September 27th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $21.00 price target on shares of KeyCorp in a research note on Thursday, October 19th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and sixteen have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $21.56.

Shares of KeyCorp (NYSE KEY) traded up $0.08 during trading hours on Friday, hitting $20.32. 10,503,300 shares of the company were exchanged, compared to its average volume of 8,600,134. The company has a market capitalization of $21,780.00, a price-to-earnings ratio of 17.67, a price-to-earnings-growth ratio of 1.67 and a beta of 1.09. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 1.06. KeyCorp has a 12-month low of $16.28 and a 12-month high of $20.59.

The company also recently announced a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Tuesday, November 28th were paid a $0.105 dividend. The ex-dividend date of this dividend was Monday, November 27th. This represents a $0.42 annualized dividend and a dividend yield of 2.07%. This is an increase from KeyCorp’s previous quarterly dividend of $0.10. KeyCorp’s dividend payout ratio is currently 36.52%.

In other news, Director Elizabeth R. Gile bought 1,374 shares of KeyCorp stock in a transaction dated Wednesday, November 22nd. The shares were acquired at an average price of $18.23 per share, with a total value of $25,048.02. Following the completion of the purchase, the director now owns 24,989 shares in the company, valued at approximately $455,549.47. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Paul N. Harris sold 2,758 shares of the stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $18.54, for a total transaction of $51,133.32. The disclosure for this sale can be found here. In the last three months, insiders sold 57,212 shares of company stock worth $1,060,508. Insiders own 0.65% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Zions Bancorporation grew its holdings in shares of KeyCorp by 2,277.5% in the third quarter. Zions Bancorporation now owns 5,706 shares of the financial services provider’s stock worth $107,000 after purchasing an additional 5,466 shares during the last quarter. Bank of Nova Scotia Trust Co. bought a new position in shares of KeyCorp in the third quarter worth about $132,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of KeyCorp in the third quarter worth about $145,000. Sun Life Financial INC grew its holdings in shares of KeyCorp by 80,370.0% in the second quarter. Sun Life Financial INC now owns 8,047 shares of the financial services provider’s stock worth $151,000 after purchasing an additional 8,037 shares during the last quarter. Finally, AllSquare Wealth Management LLC bought a new position in shares of KeyCorp in the third quarter worth about $173,000. 80.91% of the stock is currently owned by institutional investors and hedge funds.

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About KeyCorp

KeyCorp is a bank holding company. The Company is a bank-based financial services company. The Company operates through its subsidiary, KeyBank National Association (KeyBank), which is engaged in providing banking services. Through KeyBank and other subsidiaries, it provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, and investment banking products and services to individual, corporate and institutional clients.

Earnings History and Estimates for KeyCorp (NYSE:KEY)

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