DA Davidson Has Positive Forecast for KeyCorp Q4 Earnings

KeyCorp (NYSE:KEY) – Investment analysts at DA Davidson boosted their Q4 2024 earnings per share (EPS) estimates for shares of KeyCorp in a research report issued on Thursday, December 19th. DA Davidson analyst P. Winter now anticipates that the financial services provider will post earnings of $0.33 per share for the quarter, up from their prior forecast of $0.31. 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.

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. KeyCorp had a net margin of 0.76% and a return on equity of 8.24%. The business had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.59 billion.

KEY has been the subject of several other research reports. Barclays increased their target price on KeyCorp from $16.00 to $19.00 and gave the stock an “equal weight” rating in a research report on Friday, October 18th. Wells Fargo & Company upped their target price on shares of KeyCorp from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Wedbush lifted their price target on shares of KeyCorp from $17.00 to $18.00 and gave the company a “neutral” rating in a research report on Tuesday, September 24th. Keefe, Bruyette & Woods upped their price objective on shares of KeyCorp from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, Piper Sandler lifted their target price on shares of KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Nine analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, KeyCorp currently has an average rating of “Moderate Buy” and an average price target of $19.16.

KeyCorp Price Performance

Shares of NYSE KEY opened at $17.09 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.88 and a quick ratio of 0.88. KeyCorp has a 1 year low of $12.94 and a 1 year high of $20.04. The company’s 50-day moving average is $18.29 and its 200 day moving average is $16.49. The stock 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.

KeyCorp Dividend Announcement

The business also recently declared 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 was Tuesday, December 3rd. KeyCorp’s payout ratio is 8,200.00%.

Insider Transactions at KeyCorp

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

Institutional Trading of KeyCorp

Several hedge funds have recently modified their holdings of KEY. Brookstone Capital Management bought a new stake in shares of KeyCorp in the 2nd quarter valued at approximately $145,000. Raymond James & Associates boosted its stake in KeyCorp by 9.5% during the second quarter. Raymond James & Associates now owns 1,457,354 shares of the financial services provider’s stock worth $20,709,000 after buying an additional 126,404 shares during the period. Retirement Systems of Alabama increased its position in KeyCorp by 0.6% during the second quarter. Retirement Systems of Alabama now owns 207,983 shares of the financial services provider’s stock valued at $2,955,000 after acquiring an additional 1,268 shares during the last quarter. Family Firm Inc. purchased a new stake in shares of KeyCorp in the second quarter valued at $63,000. Finally, LRI Investments LLC boosted its stake in shares of KeyCorp by 10.1% during the 2nd quarter. LRI Investments LLC now owns 37,553 shares of the financial services provider’s stock worth $534,000 after purchasing an additional 3,459 shares during the period. 79.69% of the stock is owned by hedge funds and other institutional investors.

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.