DA Davidson Has Strong Estimate for KeyCorp FY2024 Earnings

KeyCorp (NYSE:KEY) – Analysts at DA Davidson upped their FY2024 EPS estimates for KeyCorp in a research note issued on Thursday, December 19th. DA Davidson analyst P. Winter now expects that the financial services provider will post earnings of $1.10 per share for the year, up from their previous estimate of $1.07. 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 $1.09 per share. DA Davidson also issued estimates for KeyCorp’s FY2025 earnings at $1.58 EPS.

KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, October 17th. The financial services provider reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.03. The company had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.59 billion. KeyCorp had a return on equity of 8.24% and a net margin of 0.76%.

A number of other research analysts have also recently weighed in on the stock. UBS Group lifted their target price on shares of KeyCorp from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods boosted their price objective on KeyCorp from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. The Goldman Sachs Group upped their price objective on KeyCorp from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Piper Sandler lifted their target price on KeyCorp from $19.00 to $22.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. Finally, Wedbush upped their price target on KeyCorp from $17.00 to $18.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 24th. Nine research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $19.16.

KeyCorp Price Performance

NYSE KEY opened at $17.22 on Monday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.09. KeyCorp has a 12 month low of $12.94 and a 12 month high of $20.04. The stock has a market cap of $17.07 billion, a price-to-earnings ratio of 1,722.00, a PEG ratio of 1.00 and a beta of 1.25. The company’s 50 day moving average is $18.29 and its two-hundred day moving average is $16.51.

KeyCorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Tuesday, December 3rd were issued a $0.205 dividend. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.76%. The ex-dividend date of this dividend was Tuesday, December 3rd. KeyCorp’s dividend payout ratio (DPR) is 8,200.00%.

Insider Buying and Selling at KeyCorp

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. raised its position in KeyCorp by 3.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 31,606,503 shares of the financial services provider’s stock valued at $529,409,000 after purchasing an additional 993,942 shares in the last quarter. Diamond Hill Capital Management Inc. raised its holdings in shares of KeyCorp by 12.2% in the second quarter. Diamond Hill Capital Management Inc. now owns 20,295,788 shares of the financial services provider’s stock valued at $288,403,000 after acquiring an additional 2,213,872 shares in the last quarter. Earnest Partners LLC lifted its stake in KeyCorp by 23.2% in the second quarter. Earnest Partners LLC now owns 12,430,048 shares of the financial services provider’s stock worth $176,631,000 after acquiring an additional 2,339,454 shares during the period. Dimensional Fund Advisors LP lifted its stake in KeyCorp by 2.9% in the second quarter. Dimensional Fund Advisors LP now owns 10,508,853 shares of the financial services provider’s stock worth $149,299,000 after acquiring an additional 300,339 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in KeyCorp by 3.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,114,598 shares of the financial services provider’s stock worth $119,170,000 after acquiring an additional 222,187 shares in the last quarter. Hedge funds and other institutional investors own 79.69% of the company’s stock.

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.