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KeyCorp (KEY) Beats on Q3 Earnings & Revenue Estimates
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Have you been eager to see how KeyCorp. (KEY - Free Report) performed in Q3 in comparison with the market expectations? Let’s quickly scan through the key facts from this Cleveland-based bank-oriented financial services company’s earnings release this morning:
An Earnings Beat
KeyCorp came out with adjusted earnings per share of 30 cents, beating the Zacks Consensus Estimate of 26 cents.
Rise in revenue was largely responsible for earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for KeyCorp depicted a neutral stance prior to the earnings release. The Zacks Consensus Estimate remained flat over the last 7 days.
However, KeyCorp does not have a decent earnings surprise history. Before posting the earnings beat in Q3, the company delivered negative surprises in two quarters of the prior four quarters.
KeyCorp posted total revenues of $1.35 billion, which surpassed the Zacks Consensus Estimate of $1.29 billion. Moreover, the figure was above the year-ago figure.
Key Stats to Note:
Results benefited from the acquisition of First Niagara in Aug 2016
Net interest margin down 2 basis point year over year to 2.85%
Provision for credit losses increased 31.1% from the year-ago quarter to $59 million
Average loans surged 31.1% from the prior-year quarter to $77.7 billion
Average deposits jumped 35.6% year over year to $94.9 billion
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #4 (Sell) for KeyCorp. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
Following the earnings release, KeyCorp shares were up more than 3% in the pre-trading session. This is in line with what the stock witnessed in the prior-day’s session. Clearly, the initial reaction shows that the investors have considered the results in their favor. However, the full-session’s price movement may indicate a different picture.
Check back later for our full write up on this KeyCorp earnings report!
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KeyCorp (KEY) Beats on Q3 Earnings & Revenue Estimates
Have you been eager to see how KeyCorp. (KEY - Free Report) performed in Q3 in comparison with the market expectations? Let’s quickly scan through the key facts from this Cleveland-based bank-oriented financial services company’s earnings release this morning:
An Earnings Beat
KeyCorp came out with adjusted earnings per share of 30 cents, beating the Zacks Consensus Estimate of 26 cents.
Rise in revenue was largely responsible for earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for KeyCorp depicted a neutral stance prior to the earnings release. The Zacks Consensus Estimate remained flat over the last 7 days.
However, KeyCorp does not have a decent earnings surprise history. Before posting the earnings beat in Q3, the company delivered negative surprises in two quarters of the prior four quarters.
KEYCORP NEW Price and EPS Surprise
KEYCORP NEW Price and EPS Surprise | KEYCORP NEW Quote
Revenue Came In Higher Than Expected
KeyCorp posted total revenues of $1.35 billion, which surpassed the Zacks Consensus Estimate of $1.29 billion. Moreover, the figure was above the year-ago figure.
Key Stats to Note:
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #4 (Sell) for KeyCorp. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)
How the Market Reacted So Far
Following the earnings release, KeyCorp shares were up more than 3% in the pre-trading session. This is in line with what the stock witnessed in the prior-day’s session. Clearly, the initial reaction shows that the investors have considered the results in their favor. However, the full-session’s price movement may indicate a different picture.
Check back later for our full write up on this KeyCorp earnings report!
Confidential from Zacks
Beyond this Tale of the Tape, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>