$1.56 Billion in Sales Expected for KeyCorp (KEY) This Quarter
Wall Street brokerages expect KeyCorp (NYSE:KEY) to announce $1.56 billion in sales for the current quarter, according to Zacks. Seven analysts have issued estimates for KeyCorp’s earnings, with the lowest sales estimate coming in at $1.54 billion and the highest estimate coming in at $1.56 billion. KeyCorp reported sales of $1.33 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 17.3%. The business is expected to report its next earnings report on Tuesday, October 24th.
According to Zacks, analysts expect that KeyCorp will report full-year sales of $1.56 billion for the current fiscal year, with estimates ranging from $6.17 billion to $6.30 billion. For the next fiscal year, analysts forecast that the company will post sales of $6.44 billion per share, with estimates ranging from $6.30 billion to $6.53 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that that provide coverage for KeyCorp.
KeyCorp (NYSE:KEY) last issued its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.34. KeyCorp had a return on equity of 9.88% and a net margin of 16.62%. The firm had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period last year, the company earned $0.27 EPS. The firm’s quarterly revenue was up 52.1% on a year-over-year basis.
A number of research analysts have recently weighed in on KEY shares. Morgan Stanley reiterated an “overweight” rating and set a $22.00 price target (up previously from $21.00) on shares of KeyCorp in a report on Friday, July 7th. UBS AG upgraded KeyCorp from a “neutral” rating to a “buy” rating and lifted their price target for the company from $19.00 to $22.00 in a report on Monday, July 10th. BMO Capital Markets lifted their price target on KeyCorp to $22.00 and gave the company a “buy” rating in a report on Friday, April 28th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of KeyCorp in a report on Saturday, July 22nd. Finally, Zacks Investment Research downgraded KeyCorp from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and fifteen have given a buy rating to the stock. KeyCorp has a consensus rating of “Hold” and a consensus price target of $19.74.
Shares of KeyCorp (NYSE KEY) opened at 17.52 on Friday. The firm has a market capitalization of $19.05 billion, a price-to-earnings ratio of 17.40 and a beta of 1.11. KeyCorp has a 52 week low of $11.89 and a 52 week high of $19.53. The firm has a 50-day moving average price of $18.51 and a 200-day moving average price of $18.27.
KeyCorp declared that its board has authorized a stock repurchase program on Wednesday, June 28th that allows the company to buyback $800.00 million in shares. This buyback authorization allows the financial services provider to reacquire up to 4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Tuesday, August 29th will be given a dividend of $0.095 per share. The ex-dividend date of this dividend is Friday, August 25th. This represents a $0.38 annualized dividend and a dividend yield of 2.17%. KeyCorp’s dividend payout ratio is presently 38.78%.
In other KeyCorp news, Director Bruce D. Broussard acquired 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, July 26th. The stock was acquired at an average price of $18.17 per share, with a total value of $45,425.00. Following the transaction, the director now owns 12,500 shares of the company’s stock, valued at $227,125. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Craig A. Buffie sold 31,385 shares of the business’s stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $18.01, for a total value of $565,243.85. The disclosure for this sale can be found here. In the last three months, insiders have purchased 14,000 shares of company stock valued at $254,720 and have sold 259,409 shares valued at $4,794,449. 0.65% of the stock is currently owned by insiders.
Several institutional investors have recently bought and sold shares of the company. Focused Wealth Management Inc boosted its position in KeyCorp by 613.0% in the first quarter. Focused Wealth Management Inc now owns 5,961 shares of the financial services provider’s stock valued at $106,000 after buying an additional 5,125 shares in the last quarter. Thompson Davis & CO. Inc. boosted its position in KeyCorp by 20.2% in the first quarter. Thompson Davis & CO. Inc. now owns 6,699 shares of the financial services provider’s stock valued at $119,000 after buying an additional 1,125 shares in the last quarter. Cypress Capital Management LLC WY boosted its position in KeyCorp by 177.9% in the second quarter. Cypress Capital Management LLC WY now owns 7,030 shares of the financial services provider’s stock valued at $132,000 after buying an additional 4,500 shares in the last quarter. CI Investments Inc. acquired a new position in KeyCorp during the first quarter valued at $160,000. Finally, Quantbot Technologies LP acquired a new position in KeyCorp during the second quarter valued at $174,000. 81.27% of the stock is owned by institutional investors and hedge funds.
KeyCorp Company Profile
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.
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