KeyCorp (KEY) Expected to Announce Quarterly Sales of $1.60 Billion

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Wall Street brokerages expect KeyCorp (NYSE:KEY) to report sales of $1.60 billion for the current quarter, according to Zacks. Eight analysts have made estimates for KeyCorp’s earnings. The highest sales estimate is $1.62 billion and the lowest is $1.58 billion. KeyCorp posted sales of $1.63 billion during the same quarter last year, which would indicate a negative year over year growth rate of 1.8%. The company is expected to announce its next quarterly earnings results on Thursday, July 19th.

On average, analysts expect that KeyCorp will report full-year sales of $6.48 billion for the current financial year, with estimates ranging from $6.44 billion to $6.53 billion. For the next financial year, analysts forecast that the company will report sales of $6.77 billion per share, with estimates ranging from $6.67 billion to $6.89 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that follow KeyCorp.

KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Thursday, April 19th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.38. The business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.56 billion. KeyCorp had a net margin of 19.32% and a return on equity of 11.03%. The firm’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same period last year, the firm posted $0.32 earnings per share.

A number of research analysts recently issued reports on KEY shares. Vining Sparks reissued a “buy” rating and issued a $25.00 price objective on shares of KeyCorp in a research note on Friday, April 6th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $23.00 price target on shares of KeyCorp in a research note on Thursday, April 5th. Zacks Investment Research raised shares of KeyCorp from a “sell” rating to a “hold” rating in a research note on Wednesday, April 4th. ValuEngine downgraded shares of KeyCorp from a “buy” rating to a “hold” rating in a research note on Monday, April 2nd. Finally, BMO Capital Markets decreased their price target on shares of KeyCorp from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Friday, April 20th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and fifteen have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $22.45.

In related news, insider Edward J. Burke sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 8th. The shares were sold at an average price of $19.83, for a total transaction of $198,300.00. Following the sale, the insider now owns 126,526 shares of the company’s stock, valued at approximately $2,509,010.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.65% of the company’s stock.

Large investors have recently modified their holdings of the company. Boston Partners boosted its position in KeyCorp by 37.6% during the 4th quarter. Boston Partners now owns 26,045,044 shares of the financial services provider’s stock valued at $525,329,000 after buying an additional 7,123,113 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of KeyCorp by 61.8% in the first quarter. The Manufacturers Life Insurance Company now owns 13,628,892 shares of the financial services provider’s stock worth $266,444,000 after acquiring an additional 5,205,496 shares during the period. Eaton Vance Management grew its stake in shares of KeyCorp by 77.6% in the fourth quarter. Eaton Vance Management now owns 11,100,824 shares of the financial services provider’s stock worth $223,904,000 after acquiring an additional 4,850,008 shares during the period. Millennium Management LLC grew its stake in shares of KeyCorp by 136.3% in the first quarter. Millennium Management LLC now owns 7,484,951 shares of the financial services provider’s stock worth $146,331,000 after acquiring an additional 4,317,598 shares during the period. Finally, Two Sigma Investments LP grew its stake in shares of KeyCorp by 24,671.7% in the fourth quarter. Two Sigma Investments LP now owns 2,948,598 shares of the financial services provider’s stock worth $59,473,000 after acquiring an additional 2,960,598 shares during the period. 80.06% of the stock is currently owned by hedge funds and other institutional investors.

KeyCorp traded down $0.28, reaching $20.04, during mid-day trading on Thursday, MarketBeat Ratings reports. The stock had a trading volume of 5,811,003 shares, compared to its average volume of 7,980,126. The stock has a market capitalization of $21.28 billion, a price-to-earnings ratio of 14.74, a price-to-earnings-growth ratio of 1.24 and a beta of 1.05. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.89 and a quick ratio of 0.87. KeyCorp has a 12 month low of $16.28 and a 12 month high of $22.40.

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 15th. Investors of record on Tuesday, May 29th will be paid a dividend of $0.12 per share. This is a boost from KeyCorp’s previous quarterly dividend of $0.11. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date of this dividend is Friday, May 25th. KeyCorp’s dividend payout ratio is presently 30.88%.

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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Earnings History and Estimates for KeyCorp (NYSE:KEY)

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