Wedbush Weighs in on KeyCorp’s Q3 2017 Earnings (KEY)

KeyCorp (NYSE:KEY) – Analysts at Wedbush dropped their Q3 2017 earnings estimates for KeyCorp in a research report issued on Thursday. Wedbush analyst P. Winter now anticipates that the financial services provider will post earnings per share of $0.36 for the quarter, down from their previous estimate of $0.37. Wedbush also issued estimates for KeyCorp’s Q4 2017 earnings at $0.37 EPS, FY2017 earnings at $1.44 EPS, Q1 2018 earnings at $0.36 EPS, Q2 2018 earnings at $0.37 EPS, Q3 2018 earnings at $0.40 EPS, Q4 2018 earnings at $0.42 EPS and FY2018 earnings at $1.56 EPS.

KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.34 earnings per share for the quarter, hitting the consensus estimate of $0.34. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.53 billion. KeyCorp had a net margin of 16.62% and a return on equity of 9.88%. The company’s revenue was up 52.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.27 EPS.

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Other analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods set a $20.00 price objective on shares of KeyCorp and gave the company a “hold” rating in a research report on Saturday, April 22nd. BidaskClub raised shares of KeyCorp from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. Piper Jaffray Companies reissued a “buy” rating and set a $20.50 price target on shares of KeyCorp in a research report on Friday, July 21st. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of KeyCorp in a research report on Saturday. Finally, Nomura reissued a “buy” rating and set a $23.00 price target on shares of KeyCorp in a research report on Friday, April 21st. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $19.78.

Shares of KeyCorp (KEY) opened at 18.48 on Monday. The stock’s 50 day moving average is $18.61 and its 200 day moving average is $18.28. The stock has a market cap of $20.19 billion, a P/E ratio of 18.35 and a beta of 1.13. KeyCorp has a 12 month low of $11.35 and a 12 month high of $19.53.

A number of large investors have recently bought and sold shares of KEY. Quadrature Capital Ltd bought a new stake in KeyCorp during the fourth quarter worth about $1,307,000. Brookfield Asset Management Inc. bought a new stake in KeyCorp during the fourth quarter worth about $1,690,000. Wealthfront Inc. boosted its stake in KeyCorp by 26.4% in the fourth quarter. Wealthfront Inc. now owns 21,592 shares of the financial services provider’s stock worth $394,000 after buying an additional 4,505 shares during the last quarter. UBS Asset Management Americas Inc. boosted its stake in KeyCorp by 4.2% in the fourth quarter. UBS Asset Management Americas Inc. now owns 3,763,192 shares of the financial services provider’s stock worth $68,752,000 after buying an additional 151,531 shares during the last quarter. Finally, Hudson Bay Capital Management LP bought a new stake in KeyCorp during the fourth quarter worth about $343,000. Institutional investors own 80.96% of the company’s stock.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Tuesday, August 29th will be paid a $0.095 dividend. This represents a $0.38 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date is Friday, August 25th. KeyCorp’s payout ratio is 38.78%.

KeyCorp announced that its board has initiated a share repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $800.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

About KeyCorp

KeyCorp is a bank holding company. The Company is a bank-based financial services company. The Company operates through its subsidiary, KeyBank National Association (KeyBank), which is engaged in providing banking services. Through KeyBank and other subsidiaries, it provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, and investment banking products and services to individual, corporate and institutional clients.

Earnings History and Estimates for KeyCorp (NYSE:KEY)

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