KeyCorp (KEY) Laps the Stock Market: Here's Why
KeyCorp (KEY) closed at $14.54 in the latest trading session, marking a +0.14% move from the prior day. This move outpaced the S&P 500's daily gain of 0.04%. Meanwhile, the Dow experienced a rise of 0.14%, and the technology-dominated Nasdaq saw a decrease of 0.03%.
The company's shares have seen an increase of 16.72% over the last month, surpassing the Finance sector's gain of 8.22% and the S&P 500's gain of 5.28%.
The investment community will be paying close attention to the earnings performance of KeyCorp in its upcoming release. The company is slated to reveal its earnings on January 18, 2024. The company's upcoming EPS is projected at $0.23, signifying a 39.47% drop compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $1.54 billion, down 18.56% from the prior-year quarter.
For the full year, the Zacks Consensus Estimates are projecting earnings of $1.07 per share and revenue of $6.4 billion, which would represent changes of -44.27% and -11.71%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for KeyCorp. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 3.95% lower. KeyCorp presently features a Zacks Rank of #3 (Hold).
With respect to valuation, KeyCorp is currently being traded at a Forward P/E ratio of 13.61. This valuation marks a premium compared to its industry's average Forward P/E of 10.19.
We can also see that KEY currently has a PEG ratio of 3.16. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Banks - Major Regional industry currently had an average PEG ratio of 1.56 as of yesterday's close.
The Banks - Major Regional industry is part of the Finance sector. This group has a Zacks Industry Rank of 87, putting it in the top 35% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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KeyCorp (KEY) : Free Stock Analysis Report
