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KeyCorp (KEY) Beats on Q1 Earnings & Revenue Estimates
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Have you been eager to see how KeyCorp (KEY - Free Report) performed in Q1 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 32 cents, beating the Zacks Consensus Estimate of 28 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 bullish trend prior to the earnings release. The Zacks Consensus Estimate moved 3.7% upward over the last 30 days.
However, KeyCorp does not have a decent earnings surprise history. Before posting the earnings beat in Q1, the company delivered positive surprises in two quarters of the prior four quarters, with average beat of 3.7%.
KeyCorp posted total revenues of $1.51 billion, which surpassed the Zacks Consensus Estimate of $1.45 billion. Moreover, the figure was above the year-ago figure.
Key Stats to Note:
Net interest margin up 24 basis point year over year to 3.13%
Provision for credit losses declined 29.2% from the year-ago quarter to $63 million
Average loans surged 43.2% from the prior-year quarter to $86.1 billion
Average deposits jumped 42.6% year over year to $102.1 billion
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) 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.
Check back later for our full write up on this KeyCorp earnings report!
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With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
Image: Bigstock
KeyCorp (KEY) Beats on Q1 Earnings & Revenue Estimates
Have you been eager to see how KeyCorp (KEY - Free Report) performed in Q1 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 32 cents, beating the Zacks Consensus Estimate of 28 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 bullish trend prior to the earnings release. The Zacks Consensus Estimate moved 3.7% upward over the last 30 days.
However, KeyCorp does not have a decent earnings surprise history. Before posting the earnings beat in Q1, the company delivered positive surprises in two quarters of the prior four quarters, with average beat of 3.7%.
KeyCorp Price and EPS Surprise
KeyCorp Price and EPS Surprise | KeyCorp Quote
Revenue Came In Higher Than Expected
KeyCorp posted total revenues of $1.51 billion, which surpassed the Zacks Consensus Estimate of $1.45 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 #3 (Hold) 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.)
Check back later for our full write up on this KeyCorp earnings report!
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
See This Ticker Free >>