KeyCorp (NYSE:KEY) Releases Earnings Results, Beats Estimates By $0.03 EPS

Key Points

• KeyCorp reported earnings of $0.41 EPS for the quarter, surpassing analyst estimates of $0.38 by $0.03.
• Despite the earnings beat, shares of KeyCorp were down 1.6% following the earnings announcement.
• Insider selling activity included the Director and CEO selling a combined total of 129,149 shares recently, indicating a decrease in insider ownership.

KeyCorp (NYSE:KEY - Get Free Report) posted its quarterly earnings data on Thursday. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.38 by $0.03, RTT News reports. KeyCorp had a return on equity of 9.65% and a net margin of 1.49%.During the same quarter in the previous year, the company posted ($0.47) earnings per share.

KeyCorp Trading Down 1.6%

Shares of NYSE:KEY opened at $17.73 on Thursday. The business's 50-day moving average is $18.58 and its 200 day moving average is $17.05. KeyCorp has a 1 year low of $12.73 and a 1 year high of $20.04. The firm has a market capitalization of $19.44 billion, a P/E ratio of -253.24, a P/E/G ratio of 0.57 and a beta of 1.15. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.84 and a quick ratio of 0.83.

Insider Activity at KeyCorp

In related news, Director Trina M. Evans sold 17,000 shares of the company's stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $18.67, for a total transaction of $317,390.00. Following the transaction, the director directly owned 82,719 shares of the company's stock, valued at $1,544,363.73. This represents a 17.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Christopher M. Gorman sold 112,149 shares of the company's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $18.86, for a total value of $2,115,130.14. Following the transaction, the chief executive officer directly owned 619,895 shares in the company, valued at $11,691,219.70. This represents a 15.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 174,102 shares of company stock valued at $3,299,664 in the last ninety days. Corporate insiders own 0.52% of the company's stock.

Institutional Trading of KeyCorp

Several large investors have recently added to or reduced their stakes in the company. Vident Advisory LLC grew its stake in KeyCorp by 3.3% during the 2nd quarter. Vident Advisory LLC now owns 27,490 shares of the financial services provider's stock valued at $479,000 after purchasing an additional 878 shares during the last quarter. Benjamin Edwards Inc. grew its stake in KeyCorp by 3.5% during the 2nd quarter. Benjamin Edwards Inc. now owns 26,329 shares of the financial services provider's stock valued at $459,000 after purchasing an additional 894 shares during the last quarter. Cresset Asset Management LLC grew its stake in KeyCorp by 6.5% during the 2nd quarter. Cresset Asset Management LLC now owns 15,097 shares of the financial services provider's stock valued at $263,000 after purchasing an additional 926 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in KeyCorp by 58.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,148 shares of the financial services provider's stock valued at $90,000 after purchasing an additional 1,890 shares during the last quarter. Finally, MUFG Securities EMEA plc purchased a new stake in KeyCorp during the 2nd quarter valued at about $51,000. Hedge funds and other institutional investors own 79.69% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on KEY shares. Robert W. Baird cut KeyCorp from an "outperform" rating to a "neutral" rating and set a $18.00 price objective for the company. in a report on Wednesday, July 2nd. Royal Bank Of Canada boosted their price objective on KeyCorp from $19.00 to $20.00 and gave the company an "outperform" rating in a report on Wednesday, October 1st. DA Davidson boosted their price objective on KeyCorp from $19.00 to $21.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. UBS Group boosted their price objective on KeyCorp from $22.00 to $23.00 and gave the company a "buy" rating in a report on Tuesday, October 7th. Finally, Baird R W lowered KeyCorp from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 2nd. Ten analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, KeyCorp presently has an average rating of "Hold" and an average target price of $20.86.

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.

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