KeyCorp (NYSE:KEY) Announces Quarterly Earnings Results

Key Points

• KeyCorp exceeded earnings expectations, reporting quarterly EPS of $0.51 versus the $0.46 consensus estimate. Revenue was $2.05 billion, in line with forecasts, while net margin was 17.83% and return on equity was 11.23%.
• Shares opened at $19.91 and were down 0.4%, trading below both their 50-day and 200-day moving averages. KeyCorp’s market capitalization was approximately $21.24 billion, with a P/E ratio of 11.57.
• Analyst sentiment remained generally positive, with a consensus rating of “Moderate Buy”; recent price targets ranged from $23 to $26, although JPMorgan lowered its target to $23 and maintained a neutral rating.

KeyCorp (NYSE:KEY - Get Free Report) posted its quarterly earnings data on Tuesday. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.05, FiscalAI reports. KeyCorp had a return on equity of 11.23% and a net margin of 17.83%. The company had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.05 billion.

KeyCorp Trading Down 0.4%

NYSE:KEY opened at $19.91 on Tuesday. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.63. The business's 50 day moving average is $21.21 and its two-hundred day moving average is $21.83. KeyCorp has a 52 week low of $16.91 and a 52 week high of $24.07. The company has a market cap of $21.24 billion, a PE ratio of 11.57, a P/E/G ratio of 0.75 and a beta of 1.08.

Analyst Upgrades and Downgrades

KEY has been the subject of several research analyst reports. Keefe, Bruyette & Woods increased their target price on KeyCorp from $25.00 to $26.00 and gave the company an "outperform" rating in a research note on Wednesday, July 22nd. Evercore restated an "outperform" rating and issued a $24.00 price target on shares of KeyCorp in a research note on Thursday, October 1st. JPMorgan Chase & Co. dropped their price target on shares of KeyCorp from $24.50 to $23.00 and set a "neutral" rating for the company in a research note on Friday, October 2nd. TD Cowen started coverage on shares of KeyCorp in a report on Thursday, October 8th. They issued a "buy" rating and a $23.00 price target on the stock. Finally, Morgan Stanley upped their price target on shares of KeyCorp from $24.00 to $25.00 and gave the company an "equal weight" rating in a report on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $46.33.

About KeyCorp

KeyCorp is a financial services company headquartered in Cleveland, Ohio, and the parent company of KeyBank National Association. Through KeyBank, it provides retail and commercial banking services to individuals, businesses, institutional clients and government entities.

KeyBank's offerings include checking and savings accounts, consumer lending, mortgages, home equity financing, credit cards, business loans, treasury management and payment services. The company also provides investment banking and capital markets services through KeyBanc Capital Markets, as well as wealth management, investment management and personal financial planning services.

KeyCorp traces its history to 1825, when the institution that became KeyBank was established in Albany, New York.

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