KeyCorp (NYSE:KEY) Shares Gap Down After Earnings Miss

KeyCorp (NYSE:KEYGet Rating) gapped down prior to trading on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $21.75, but opened at $20.60. KeyCorp shares last traded at $21.77, with a volume of 262,220 shares.

The financial services provider reported $0.45 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.04). The business had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.74 billion. KeyCorp had a net margin of 33.32% and a return on equity of 15.93%. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.61 EPS.

Several research firms have commented on KEY. Barclays lifted their price target on KeyCorp from $24.00 to $26.00 in a report on Monday, January 3rd. Credit Suisse Group upgraded KeyCorp from a “neutral” rating to an “outperform” rating in a report on Tuesday, February 8th. Odeon Capital Group upgraded shares of KeyCorp from a “hold” rating to a “buy” rating in a research note on Friday, January 7th. The Goldman Sachs Group cut their target price on shares of KeyCorp from $30.00 to $27.00 and set a “buy” rating on the stock in a research note on Friday. Finally, Citigroup reissued a “neutral” rating on shares of KeyCorp in a research note on Thursday, March 24th. Six analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $27.19.

In related news, Director Carlton L. Highsmith sold 5,362 shares of KeyCorp stock in a transaction on Monday, March 7th. The shares were sold at an average price of $22.86, for a total transaction of $122,575.32. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.54% of the company’s stock.

A number of hedge funds have recently made changes to their positions in KEY. Goldman Sachs Group Inc. grew its holdings in KeyCorp by 306.2% during the 3rd quarter. Goldman Sachs Group Inc. now owns 13,950,902 shares of the financial services provider’s stock worth $301,618,000 after acquiring an additional 10,516,305 shares in the last quarter. Norges Bank acquired a new position in shares of KeyCorp in the 4th quarter valued at about $181,634,000. Capital International Investors boosted its holdings in shares of KeyCorp by 8.6% in the 4th quarter. Capital International Investors now owns 83,201,801 shares of the financial services provider’s stock valued at $1,924,458,000 after buying an additional 6,586,364 shares during the period. Balyasny Asset Management LLC boosted its holdings in shares of KeyCorp by 4,070.9% in the 3rd quarter. Balyasny Asset Management LLC now owns 5,930,163 shares of the financial services provider’s stock valued at $128,210,000 after buying an additional 5,787,985 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in shares of KeyCorp by 213.9% in the 4th quarter. JPMorgan Chase & Co. now owns 7,238,492 shares of the financial services provider’s stock valued at $167,426,000 after buying an additional 4,932,777 shares during the period. 82.83% of the stock is owned by institutional investors.

The company’s fifty day moving average price is $23.09 and its 200 day moving average price is $23.73. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 0.79. The firm has a market capitalization of $19.06 billion, a price-to-earnings ratio of 7.87, a price-to-earnings-growth ratio of 0.51 and a beta of 1.32.

About KeyCorp (NYSE:KEY)

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; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, investment, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.

Featured Articles

Receive News & Ratings for KeyCorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for KeyCorp and related companies with MarketBeat.com's FREE daily email newsletter.