KeyCorp (KEY) Stock Drops Despite Market Gains: Important Facts to Note
The most recent trading session ended with KeyCorp (KEY) standing at $14.46, reflecting a -0.89% shift from the previouse trading day's closing. The stock trailed the S&P 500, which registered a daily gain of 0.57%. Meanwhile, the Dow experienced a rise of 0.46%, and the technology-dominated Nasdaq saw an increase of 0.75%.
Shares of the company witnessed a gain of 12.06% over the previous month, beating the performance of the Finance sector with its gain of 1.46% and the S&P 500's gain of 3.4%.
The upcoming earnings release of KeyCorp will be of great interest to investors. The company's earnings report is expected on January 18, 2024. In that report, analysts expect KeyCorp to post earnings of $0.23 per share. This would mark a year-over-year decline of 39.47%. Simultaneously, our latest consensus estimate expects the revenue to be $1.53 billion, showing a 19.18% drop compared to the year-ago quarter.
Investors might also notice recent changes to analyst estimates for KeyCorp. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 1.14% decrease. Right now, KeyCorp possesses a Zacks Rank of #3 (Hold).
Looking at valuation, KeyCorp is presently trading at a Forward P/E ratio of 11.47. This expresses a premium compared to the average Forward P/E of 10.72 of its industry.
Also, we should mention that KEY has a PEG ratio of 2.67. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Banks - Major Regional industry had an average PEG ratio of 1.6 as trading concluded yesterday.
The Banks - Major Regional industry is part of the Finance sector. This industry, currently bearing a Zacks Industry Rank of 59, finds itself in the top 24% echelons of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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KeyCorp (KEY) : Free Stock Analysis Report
