Zacks: Brokerages Anticipate KeyCorp (KEY) to Announce $0.45 EPS
Wall Street brokerages expect KeyCorp (NYSE:KEY) to announce earnings of $0.45 per share for the current quarter, according to Zacks. Four analysts have made estimates for KeyCorp’s earnings. The lowest EPS estimate is $0.43 and the highest is $0.46. KeyCorp reported earnings of $0.35 per share during the same quarter last year, which suggests a positive year-over-year growth rate of 28.6%. The firm is expected to report its next earnings report before the market opens on Thursday, October 18th.
On average, analysts expect that KeyCorp will report full-year earnings of $1.74 per share for the current financial year, with EPS estimates ranging from $1.72 to $1.77. For the next financial year, analysts expect that the company will post earnings of $1.91 per share, with EPS estimates ranging from $1.85 to $2.02. Zacks’ EPS calculations are an average based on a survey of sell-side research firms that cover KeyCorp.
KeyCorp (NYSE:KEY) last announced its earnings results on Thursday, July 19th. The financial services provider reported $0.44 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.02. The company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.60 billion. KeyCorp had a net margin of 20.05% and a return on equity of 11.73%. KeyCorp’s revenue was up .4% compared to the same quarter last year. During the same period last year, the firm earned $0.36 earnings per share.
In related news, insider Edward J. Burke sold 46,360 shares of the business’s stock in a transaction on Friday, August 10th. The shares were sold at an average price of $21.32, for a total transaction of $988,395.20. Following the completion of the transaction, the insider now directly owns 89,128 shares in the company, valued at $1,900,208.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Douglas M. Schosser sold 6,048 shares of the business’s stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $21.49, for a total transaction of $129,971.52. Following the transaction, the insider now owns 23,164 shares of the company’s stock, valued at $497,794.36. The disclosure for this sale can be found here. Insiders have sold 340,954 shares of company stock valued at $7,120,124 over the last 90 days. 0.65% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Pinnacle Associates Ltd. increased its holdings in KeyCorp by 3.0% in the first quarter. Pinnacle Associates Ltd. now owns 128,110 shares of the financial services provider’s stock valued at $2,505,000 after buying an additional 3,710 shares in the last quarter. BB&T Corp purchased a new position in KeyCorp in the second quarter valued at $1,026,000. Boston Partners increased its holdings in KeyCorp by 5.3% in the second quarter. Boston Partners now owns 27,717,101 shares of the financial services provider’s stock valued at $541,592,000 after buying an additional 1,396,181 shares in the last quarter. Stifel Financial Corp increased its holdings in KeyCorp by 3.5% in the first quarter. Stifel Financial Corp now owns 1,386,981 shares of the financial services provider’s stock valued at $27,142,000 after buying an additional 47,073 shares in the last quarter. Finally, Financial Counselors Inc. increased its holdings in KeyCorp by 1.8% in the second quarter. Financial Counselors Inc. now owns 494,056 shares of the financial services provider’s stock valued at $9,654,000 after buying an additional 8,949 shares in the last quarter. Institutional investors own 79.43% of the company’s stock.
Shares of KEY opened at $20.78 on Thursday. The company has a market capitalization of $21.86 billion, a price-to-earnings ratio of 15.28, a PEG ratio of 0.76 and a beta of 0.98. KeyCorp has a twelve month low of $17.40 and a twelve month high of $22.40. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.89 and a quick ratio of 0.88.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 14th. Stockholders of record on Tuesday, August 28th were paid a dividend of $0.17 per share. This is an increase from KeyCorp’s previous quarterly dividend of $0.12. This represents a $0.68 annualized dividend and a dividend yield of 3.27%. The ex-dividend date of this dividend was Monday, August 27th. KeyCorp’s payout ratio is presently 50.00%.
KeyCorp declared that its board has initiated a share repurchase plan on Thursday, June 28th that allows the company to buyback $1.23 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 5.9% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its stock is undervalued.
KeyCorp Company Profile
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, as well as personal property and casualty insurance, such as home, auto, renters, watercraft, and umbrella insurance for individuals.
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