$0.45 Earnings Per Share Expected for KeyCorp (KEY) This Quarter

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Wall Street brokerages forecast that KeyCorp (NYSE:KEY) will announce earnings of $0.45 per share for the current quarter, Zacks reports. Four analysts have provided estimates for KeyCorp’s earnings. The lowest EPS estimate is $0.43 and the highest is $0.46. KeyCorp posted earnings per share of $0.35 during the same quarter last year, which would suggest a positive year-over-year growth rate of 28.6%. The firm is scheduled to report its next quarterly earnings report before the market opens on Thursday, October 18th.

According to Zacks, analysts expect that KeyCorp will report full-year earnings of $1.75 per share for the current fiscal year, with EPS estimates ranging from $1.72 to $1.77. For the next year, analysts forecast that the company will report earnings of $1.92 per share, with EPS estimates ranging from $1.85 to $2.02. Zacks Investment Research’s EPS 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 19th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.02. The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.60 billion. KeyCorp had a return on equity of 11.73% and a net margin of 20.05%. The business’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.36 earnings per share.

A number of brokerages have recently weighed in on KEY. ValuEngine lowered shares of KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, July 14th. Zacks Investment Research raised shares of KeyCorp from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a report on Tuesday, July 17th. Mizuho boosted their price objective on shares of KeyCorp from $25.00 to $25.50 and gave the company an “overweight” rating in a report on Tuesday, July 24th. Vining Sparks reissued a “buy” rating and set a $25.00 price objective on shares of KeyCorp in a report on Thursday, July 19th. Finally, Susquehanna Bancshares raised shares of KeyCorp from a “neutral” rating to a “positive” rating and boosted their price objective for the company from $24.00 to $25.00 in a report on Tuesday, April 24th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and fifteen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $23.24.

In other KeyCorp news, Director H James Dallas purchased 9,610 shares of the stock in a transaction on Monday, July 23rd. The shares were bought at an average cost of $20.81 per share, with a total value of $199,984.10. Following the completion of the acquisition, the director now owns 98,791 shares in the company, valued at $2,055,840.71. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Christopher M. Gorman sold 288,546 shares of the company’s stock in a transaction on Wednesday, July 25th. The shares were sold at an average price of $20.80, for a total transaction of $6,001,756.80. The disclosure for this sale can be found here. 0.67% of the stock is currently owned by corporate insiders.

A number of large investors have recently bought and sold shares of the business. Schroder Investment Management Group boosted its stake in shares of KeyCorp by 418.2% during the 2nd quarter. Schroder Investment Management Group now owns 3,086,919 shares of the financial services provider’s stock worth $60,504,000 after acquiring an additional 2,491,167 shares in the last quarter. South Street Advisors LLC boosted its stake in shares of KeyCorp by 1.2% during the 2nd quarter. South Street Advisors LLC now owns 609,940 shares of the financial services provider’s stock worth $11,918,000 after acquiring an additional 6,950 shares in the last quarter. Argent Trust Co boosted its stake in shares of KeyCorp by 241.1% during the 2nd quarter. Argent Trust Co now owns 37,476 shares of the financial services provider’s stock worth $732,000 after acquiring an additional 26,490 shares in the last quarter. Qube Research & Technologies Ltd purchased a new stake in shares of KeyCorp during the 2nd quarter worth about $173,000. Finally, Millennium Management LLC boosted its stake in shares of KeyCorp by 87.4% during the 2nd quarter. Millennium Management LLC now owns 14,025,846 shares of the financial services provider’s stock worth $274,065,000 after acquiring an additional 6,540,895 shares in the last quarter. 80.62% of the stock is currently owned by institutional investors.

Shares of KEY opened at $21.59 on Friday. The firm has a market cap of $22.49 billion, a PE ratio of 15.88, a P/E/G ratio of 0.78 and a beta of 1.00. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.88 and a current ratio of 0.89. KeyCorp has a 1-year low of $16.28 and a 1-year high of $22.40.

KeyCorp announced that its board has approved a stock repurchase plan on Thursday, June 28th that allows the company to repurchase $1.23 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 5.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 14th. Shareholders of record on Tuesday, August 28th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 3.15%. This is a positive change from KeyCorp’s previous quarterly dividend of $0.12. The ex-dividend date is Monday, August 27th. KeyCorp’s dividend payout ratio is presently 35.29%.

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, as well as personal property and casualty insurance, such as home, auto, renters, watercraft, and umbrella insurance for individuals.

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