FY2024 Earnings Forecast for KeyCorp Issued By DA Davidson

KeyCorp (NYSE:KEY) – Investment analysts at DA Davidson reduced their FY2024 earnings per share (EPS) estimates for shares of KeyCorp in a note issued to investors on Monday, October 21st. DA Davidson analyst P. Winter now expects that the financial services provider will earn $1.07 per share for the year, down from their prior forecast of $1.08. DA Davidson has a “Buy” rating and a $20.00 price target on the stock. The consensus estimate for KeyCorp’s current full-year earnings is $1.08 per share. DA Davidson also issued estimates for KeyCorp’s Q4 2024 earnings at $0.31 EPS and FY2025 earnings at $1.56 EPS.

A number of other equities research analysts also recently weighed in on the company. JPMorgan Chase & Co. cut their target price on KeyCorp from $17.50 to $16.50 and set a “neutral” rating for the company in a research report on Thursday, June 27th. Royal Bank of Canada increased their price objective on KeyCorp from $17.00 to $18.00 and gave the company an “outperform” rating in a research report on Friday. Evercore ISI increased their price objective on KeyCorp from $18.50 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, October 2nd. UBS Group downgraded KeyCorp from a “buy” rating to a “neutral” rating and cut their price objective for the company from $16.00 to $15.00 in a research report on Monday, July 8th. Finally, Morgan Stanley increased their price objective on KeyCorp from $18.00 to $20.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 14th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, KeyCorp has a consensus rating of “Moderate Buy” and an average price target of $17.62.

KeyCorp Stock Performance

KEY opened at $17.10 on Tuesday. The company has a market capitalization of $16.12 billion, a price-to-earnings ratio of 21.65, a price-to-earnings-growth ratio of 0.97 and a beta of 1.25. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.88 and a quick ratio of 0.85. KeyCorp has a 1-year low of $9.50 and a 1-year high of $17.94. The business has a 50 day moving average price of $16.64 and a two-hundred day moving average price of $15.37.

Insider Transactions at KeyCorp

In other news, Director Carlton L. Highsmith sold 10,000 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $16.21, for a total transaction of $162,100.00. Following the transaction, the director now owns 46,864 shares of the company’s stock, valued at approximately $759,665.44. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.61% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Freestone Capital Holdings LLC acquired a new stake in KeyCorp in the 1st quarter valued at approximately $561,000. Assenagon Asset Management S.A. grew its holdings in KeyCorp by 87.5% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,308,797 shares of the financial services provider’s stock valued at $18,598,000 after buying an additional 610,688 shares during the last quarter. Commerce Bank grew its holdings in shares of KeyCorp by 399.7% during the 1st quarter. Commerce Bank now owns 456,136 shares of the financial services provider’s stock worth $7,212,000 after purchasing an additional 364,850 shares in the last quarter. MBB Public Markets I LLC acquired a new stake in shares of KeyCorp during the 2nd quarter worth approximately $981,000. Finally, Cetera Investment Advisers grew its holdings in shares of KeyCorp by 274.4% during the 1st quarter. Cetera Investment Advisers now owns 332,140 shares of the financial services provider’s stock worth $5,251,000 after purchasing an additional 243,437 shares in the last quarter. Institutional investors and hedge funds own 79.69% of the company’s stock.

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.