Wedbush Weighs in on KeyCorp’s Q1 2024 Earnings (NYSE:KEY)

KeyCorp (NYSE:KEY) – Wedbush dropped their Q1 2024 earnings estimates for KeyCorp in a report released on Wednesday, March 27th. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will post earnings per share of $0.20 for the quarter, down from their prior estimate of $0.21. Wedbush currently has a “Neutral” rating and a $14.00 price objective on the stock. The consensus estimate for KeyCorp’s current full-year earnings is $1.18 per share. Wedbush also issued estimates for KeyCorp’s Q1 2025 earnings at $0.35 EPS, Q2 2025 earnings at $0.40 EPS, Q3 2025 earnings at $0.45 EPS and Q4 2025 earnings at $0.45 EPS.

KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, January 18th. The financial services provider reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.02. The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.53 billion. KeyCorp had a net margin of 8.61% and a return on equity of 10.63%. During the same quarter last year, the business earned $0.38 earnings per share.

A number of other brokerages have also recently weighed in on KEY. Piper Sandler increased their price target on shares of KeyCorp from $16.00 to $17.00 and gave the stock an “overweight” rating in a research note on Friday, January 26th. The Goldman Sachs Group boosted their target price on shares of KeyCorp from $13.50 to $15.00 and gave the stock a “buy” rating in a research report on Monday, December 18th. Wells Fargo & Company lifted their price target on shares of KeyCorp from $12.00 to $16.00 and gave the stock an “overweight” rating in a research note on Thursday, December 14th. Jefferies Financial Group upgraded shares of KeyCorp from a “hold” rating to a “buy” rating and boosted their target price for the company from $10.00 to $17.00 in a research note on Tuesday, January 9th. Finally, DA Davidson lowered their price target on shares of KeyCorp from $17.00 to $16.00 and set a “buy” rating for the company in a research report on Friday, January 19th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, KeyCorp currently has an average rating of “Moderate Buy” and a consensus target price of $14.69.

KeyCorp Price Performance

Shares of KEY opened at $15.65 on Thursday. KeyCorp has a fifty-two week low of $8.53 and a fifty-two week high of $15.65. The firm’s 50 day moving average price is $14.40 and its 200 day moving average price is $12.90. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 1.61. The company has a market cap of $14.51 billion, a P/E ratio of 17.58 and a beta of 1.27.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Nomura Holdings Inc. acquired a new position in KeyCorp during the fourth quarter worth $272,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in KeyCorp during the fourth quarter worth $6,277,000. Wellington Management Group LLP raised its stake in KeyCorp by 104.4% during the fourth quarter. Wellington Management Group LLP now owns 407,448 shares of the financial services provider’s stock worth $5,867,000 after acquiring an additional 208,077 shares in the last quarter. Congress Asset Management Co. MA acquired a new position in KeyCorp during the fourth quarter worth $157,000. Finally, Quarry LP acquired a new position in KeyCorp during the fourth quarter worth $38,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Trina M. Evans sold 12,335 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $14.23, for a total value of $175,527.05. Following the completion of the sale, the director now directly owns 81,622 shares of the company’s stock, valued at $1,161,481.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Trina M. Evans sold 12,335 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $14.23, for a total value of $175,527.05. Following the completion of the transaction, the director now directly owns 81,622 shares in the company, valued at $1,161,481.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kenneth C. Gavrity sold 2,376 shares of the company’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $14.03, for a total value of $33,335.28. Following the completion of the transaction, the insider now owns 98,120 shares of the company’s stock, valued at $1,376,623.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,442 shares of company stock valued at $303,914. 0.61% of the stock is owned by company insiders.

KeyCorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Tuesday, February 27th were given a $0.205 dividend. The ex-dividend date was Monday, February 26th. This represents a $0.82 annualized dividend and a dividend yield of 5.24%. KeyCorp’s dividend payout ratio is 92.13%.

KeyCorp Company Profile

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.