KeyCorp (KEY) Gains As Market Dips: What You Should Know
The latest trading session saw KeyCorp (KEY) ending at $15.19, denoting a +1.06% adjustment from its last day's close. The stock's performance was ahead of the S&P 500's daily loss of 0.31%. Elsewhere, the Dow lost 0.41%, while the tech-heavy Nasdaq lost 0.27%.
Shares of the company have appreciated by 5.4% over the course of the past month, outperforming the Finance sector's gain of 3.08% and the S&P 500's gain of 3.05%.
The investment community will be closely monitoring the performance of KeyCorp in its forthcoming earnings report. The company is scheduled to release its earnings on April 18, 2024. On that day, KeyCorp is projected to report earnings of $0.23 per share, which would represent a year-over-year decline of 47.73%. Alongside, our most recent consensus estimate is anticipating revenue of $1.51 billion, indicating a 11.61% downward movement from the same quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $1.18 per share and a revenue of $6.39 billion, representing changes of +7.27% and +0.09%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for KeyCorp. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.15% downward. KeyCorp is holding a Zacks Rank of #3 (Hold) right now.
Looking at valuation, KeyCorp is presently trading at a Forward P/E ratio of 12.76. For comparison, its industry has an average Forward P/E of 11.21, which means KeyCorp is trading at a premium to the group.
The Banks - Major Regional industry is part of the Finance sector. This group has a Zacks Industry Rank of 99, putting it in the top 40% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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KeyCorp (KEY) : Free Stock Analysis Report
