Have you been eager to see how KeyCorp (KEY - Free Report) performed in Q2 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 Match
KeyCorp came out with adjusted earnings per share of 44 cents, which was in line with the Zacks Consensus Estimate.
Rise in net interest income offset by higher expenses.
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 have remained stable over the last seven days.
KeyCorp have an impressive earnings surprise history. Before reporting Q2 earnings, the company delivered positive surprises in three of trailing four quarters, as shown in the chart below:
Overall, the company has a positive earnings surprise of 1.1% in the trailing four quarters.
Revenue Came In Lower Than Expected
KeyCorp posted total revenues of $1.61 billion, which was below the Zacks Consensus Estimate of $1.62 billion.
Key Q2 Stats to Note:
- Net income (after considering non-recurring items) was $403 million or 40 cents per share
- Net interest margin decreased 13 basis points year over year to 3.06%
- Expenses rose 2.6% from the year-ago quarter to $1.02 billion
- Provision for credit losses increased 15.6% from the year-ago quarter to $74 million
- Average loans were $90.8 billion
- Average deposits stood at $109.6 billion
What Zacks Rank Says
Currently, KeyCorp has a Zacks Rank #3 (Hold). 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!
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Have you been eager to see how KeyCorp (KEY - Free Report) performed in Q2 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 Match
KeyCorp came out with adjusted earnings per share of 44 cents, which was in line with the Zacks Consensus Estimate.
Rise in net interest income offset by higher expenses.
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 have remained stable over the last seven days.
KeyCorp have an impressive earnings surprise history. Before reporting Q2 earnings, the company delivered positive surprises in three of trailing four quarters, as shown in the chart below:
Overall, the company has a positive earnings surprise of 1.1% in the trailing four quarters.
Revenue Came In Lower Than Expected
KeyCorp posted total revenues of $1.61 billion, which was below the Zacks Consensus Estimate of $1.62 billion.
Key Q2 Stats to Note:
What Zacks Rank Says
Currently, KeyCorp has a Zacks Rank #3 (Hold). 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!
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.
This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.
See their latest picks free >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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