DA Davidson Forecasts KeyCorp’s FY2024 Earnings (NYSE:KEY)

KeyCorp (NYSE:KEY) – Equities researchers at DA Davidson boosted their FY2024 earnings per share estimates for shares of KeyCorp in a research note issued to investors on Thursday, December 19th. DA Davidson analyst P. Winter now expects that the financial services provider will post earnings of $1.10 per share for the year, up from their previous estimate of $1.07. DA Davidson has a “Buy” rating and a $20.00 price objective on the stock. The consensus estimate for KeyCorp’s current full-year earnings is $1.09 per share. DA Davidson also issued estimates for KeyCorp’s FY2025 earnings at $1.58 EPS.

KeyCorp (NYSE:KEY) last released its quarterly earnings results on Thursday, October 17th. The financial services provider reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.03. The company had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.59 billion. KeyCorp had a return on equity of 8.24% and a net margin of 0.76%.

A number of other research analysts have also recently issued reports on KEY. Citigroup cut shares of KeyCorp from a “buy” rating to a “neutral” rating and set a $19.00 price target for the company. in a research report on Thursday, November 7th. UBS Group lifted their target price on shares of KeyCorp from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods upped their price target on KeyCorp from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Barclays lifted their price objective on KeyCorp from $16.00 to $19.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. Finally, Wells Fargo & Company increased their target price on KeyCorp from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Nine investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $19.16.

KeyCorp Stock Performance

Shares of KeyCorp stock opened at $17.09 on Monday. The business has a fifty day simple moving average of $18.29 and a two-hundred day simple moving average of $16.49. The firm has a market capitalization of $16.94 billion, a P/E ratio of 1,709.00, a P/E/G ratio of 1.00 and a beta of 1.25. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.09. KeyCorp has a 12 month low of $12.94 and a 12 month high of $20.04.

Hedge Funds Weigh In On KeyCorp

A number of institutional investors have recently bought and sold shares of the stock. Wolff Wiese Magana LLC increased its position in KeyCorp by 285.5% in the third quarter. Wolff Wiese Magana LLC now owns 1,542 shares of the financial services provider’s stock worth $26,000 after buying an additional 1,142 shares in the last quarter. American Capital Advisory LLC purchased a new stake in KeyCorp in the 3rd quarter worth approximately $28,000. Larson Financial Group LLC raised its stake in KeyCorp by 90.8% during the 3rd quarter. Larson Financial Group LLC now owns 1,929 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 918 shares during the period. Catalyst Capital Advisors LLC purchased a new position in KeyCorp during the third quarter valued at approximately $35,000. Finally, Capital Performance Advisors LLP bought a new position in shares of KeyCorp in the third quarter worth approximately $38,000. 79.69% of the stock is owned by institutional investors.

Insider Buying and Selling at KeyCorp

In related news, insider Angela G. Mago sold 15,011 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $19.59, for a total transaction of $294,065.49. Following the completion of the sale, the insider now directly owns 234,582 shares in the company, valued at approximately $4,595,461.38. The trade was a 6.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Carlton L. Highsmith sold 9,000 shares of KeyCorp stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $17.14, for a total transaction of $154,260.00. Following the transaction, the director now owns 37,864 shares in the company, valued at $648,988.96. This represents a 19.20 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.61% of the company’s stock.

KeyCorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Tuesday, December 3rd were given a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a yield of 4.80%. The ex-dividend date of this dividend was Tuesday, December 3rd. KeyCorp’s dividend payout ratio (DPR) is presently 8,200.00%.

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.