KeyCorp (NYSE:KEY) Expected to Post Quarterly Sales of $1.59 Billion

Analysts expect KeyCorp (NYSE:KEY) to announce $1.59 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for KeyCorp’s earnings, with the highest sales estimate coming in at $1.65 billion and the lowest estimate coming in at $1.54 billion. KeyCorp reported sales of $1.60 billion in the same quarter last year, which indicates a negative year-over-year growth rate of 0.6%. The company is scheduled to report its next earnings report before the market opens on Wednesday, July 22nd.

According to Zacks, analysts expect that KeyCorp will report full year sales of $6.37 billion for the current fiscal year, with estimates ranging from $6.23 billion to $6.64 billion. For the next financial year, analysts anticipate that the firm will report sales of $6.46 billion, with estimates ranging from $6.27 billion to $6.60 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for KeyCorp.

KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Thursday, April 16th. The financial services provider reported $0.12 EPS for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.06). The company had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.55 billion. KeyCorp had a net margin of 18.85% and a return on equity of 10.43%. The firm’s quarterly revenue was down 3.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.38 EPS.

A number of research firms recently weighed in on KEY. Nomura Securities reissued a “hold” rating and issued a $10.00 target price on shares of KeyCorp in a research note on Sunday, April 19th. ValuEngine cut shares of KeyCorp from a “hold” rating to a “sell” rating in a research note on Friday, May 1st. Deutsche Bank lowered their target price on shares of KeyCorp from $20.00 to $13.00 and set a “hold” rating on the stock in a research note on Thursday, April 2nd. Wells Fargo & Co upped their target price on shares of KeyCorp from $11.00 to $12.00 in a research note on Friday, June 5th. Finally, DA Davidson cut shares of KeyCorp from a “buy” rating to a “neutral” rating and set a $10.00 target price on the stock. in a research note on Monday, March 23rd. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $19.15.

NYSE KEY traded down $1.15 on Friday, reaching $11.76. The company’s stock had a trading volume of 15,755,194 shares, compared to its average volume of 15,051,680. The firm has a market cap of $12.59 billion, a PE ratio of 8.65, a price-to-earnings-growth ratio of 3.44 and a beta of 1.51. The business has a 50-day moving average price of $12.16 and a 200 day moving average price of $15.05. KeyCorp has a 52 week low of $7.45 and a 52 week high of $20.52. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.89.

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd were paid a dividend of $0.185 per share. The ex-dividend date was Monday, June 1st. This represents a $0.74 annualized dividend and a dividend yield of 6.29%. KeyCorp’s dividend payout ratio (DPR) is currently 41.11%.

In other KeyCorp news, COO Christopher M. Gorman acquired 100,000 shares of the business’s stock in a transaction that occurred on Friday, April 17th. The shares were acquired at an average cost of $10.36 per share, for a total transaction of $1,036,000.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ruth Ann M. Gillis acquired 4,485 shares of the business’s stock in a transaction that occurred on Monday, April 20th. The stock was acquired at an average price of $11.10 per share, for a total transaction of $49,783.50. Following the completion of the acquisition, the director now directly owns 19,911 shares of the company’s stock, valued at $221,012.10. The disclosure for this purchase can be found here. Insiders purchased 106,485 shares of company stock worth $1,109,564 over the last 90 days. 0.70% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its holdings in KeyCorp by 1.0% in the first quarter. BlackRock Inc. now owns 81,849,545 shares of the financial services provider’s stock worth $848,781,000 after purchasing an additional 776,713 shares during the period. JPMorgan Chase & Co. raised its holdings in KeyCorp by 5.6% in the first quarter. JPMorgan Chase & Co. now owns 41,220,877 shares of the financial services provider’s stock worth $427,459,000 after purchasing an additional 2,170,031 shares during the period. FMR LLC raised its holdings in KeyCorp by 11.0% in the fourth quarter. FMR LLC now owns 19,726,754 shares of the financial services provider’s stock worth $399,269,000 after purchasing an additional 1,959,420 shares during the period. Geode Capital Management LLC raised its holdings in KeyCorp by 2.7% in the first quarter. Geode Capital Management LLC now owns 16,533,238 shares of the financial services provider’s stock worth $171,132,000 after purchasing an additional 436,808 shares during the period. Finally, Norges Bank acquired a new stake in KeyCorp in the fourth quarter worth $187,256,000. Institutional investors and hedge funds own 79.33% of the company’s stock.

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.

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Earnings History and Estimates for KeyCorp (NYSE:KEY)

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