KeyCorp (KEY) Stock Drops Despite Market Gains: Important Facts to Note
KeyCorp (KEY) closed the latest trading day at $14.20, indicating a -1.32% change from the previous session's end. The stock's change was less than the S&P 500's daily gain of 0.08%. Elsewhere, the Dow lost 0.31%, while the tech-heavy Nasdaq added 0.02%.
The the stock of company has fallen by 2.57% in the past month, lagging the Finance sector's gain of 0.69% and the S&P 500's gain of 3.52%.
The upcoming earnings release of KeyCorp will be of great interest to investors. The company's earnings report is expected on January 18, 2024. On that day, KeyCorp is projected to report earnings of $0.22 per share, which would represent a year-over-year decline of 42.11%. Meanwhile, the latest consensus estimate predicts the revenue to be $1.52 billion, indicating a 19.65% decrease compared to the same quarter of the previous year.
It's also important for investors to be aware of any recent modifications to analyst estimates for KeyCorp. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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, there's been a 1.31% fall in the Zacks Consensus EPS estimate. KeyCorp is currently sporting a Zacks Rank of #3 (Hold).
In the context of valuation, KeyCorp is at present trading with a Forward P/E ratio of 11.39. This denotes a premium relative to the industry's average Forward P/E of 10.47.
One should further note that KEY currently holds a PEG ratio of 2.65. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. Banks - Major Regional stocks are, on average, holding a PEG ratio of 1.56 based on yesterday's closing prices.
The Banks - Major Regional industry is part of the Finance sector. This industry, currently bearing a Zacks Industry Rank of 34, finds itself in the top 14% echelons of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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KeyCorp (KEY) : Free Stock Analysis Report
