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KeyCorp (KEY) Dips More Than Broader Markets: What You Should Know
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KeyCorp (KEY - Free Report) closed the most recent trading day at $9.52, moving -0.52% from the previous trading session. This change lagged the S&P 500's daily loss of 0.2%. Meanwhile, the Dow lost 0.38%, and the Nasdaq, a tech-heavy index, lost 9.78%.
Coming into today, shares of the company had lost 9.89% in the past month. In that same time, the Finance sector gained 6.56%, while the S&P 500 gained 4.16%.
KeyCorp will be looking to display strength as it nears its next earnings release, which is expected to be July 20, 2023. On that day, KeyCorp is projected to report earnings of $0.31 per share, which would represent a year-over-year decline of 42.59%. Meanwhile, our latest consensus estimate is calling for revenue of $1.64 billion, down 8.13% from the prior-year quarter.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $1.42 per share and revenue of $6.74 billion. These totals would mark changes of -26.04% and -6.98%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for KeyCorp. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable 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. Within the past 30 days, our consensus EPS projection has moved 13.22% lower. KeyCorp currently has a Zacks Rank of #5 (Strong Sell).
In terms of valuation, KeyCorp is currently trading at a Forward P/E ratio of 6.75. This valuation marks a discount compared to its industry's average Forward P/E of 8.02.
Also, we should mention that KEY has a PEG ratio of 1.57. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Banks - Major Regional was holding an average PEG ratio of 1.3 at yesterday's closing price.
The Banks - Major Regional industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 225, which puts it in the bottom 11% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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KeyCorp (KEY) Dips More Than Broader Markets: What You Should Know
KeyCorp (KEY - Free Report) closed the most recent trading day at $9.52, moving -0.52% from the previous trading session. This change lagged the S&P 500's daily loss of 0.2%. Meanwhile, the Dow lost 0.38%, and the Nasdaq, a tech-heavy index, lost 9.78%.
Coming into today, shares of the company had lost 9.89% in the past month. In that same time, the Finance sector gained 6.56%, while the S&P 500 gained 4.16%.
KeyCorp will be looking to display strength as it nears its next earnings release, which is expected to be July 20, 2023. On that day, KeyCorp is projected to report earnings of $0.31 per share, which would represent a year-over-year decline of 42.59%. Meanwhile, our latest consensus estimate is calling for revenue of $1.64 billion, down 8.13% from the prior-year quarter.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $1.42 per share and revenue of $6.74 billion. These totals would mark changes of -26.04% and -6.98%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for KeyCorp. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable 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. Within the past 30 days, our consensus EPS projection has moved 13.22% lower. KeyCorp currently has a Zacks Rank of #5 (Strong Sell).
In terms of valuation, KeyCorp is currently trading at a Forward P/E ratio of 6.75. This valuation marks a discount compared to its industry's average Forward P/E of 8.02.
Also, we should mention that KEY has a PEG ratio of 1.57. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Banks - Major Regional was holding an average PEG ratio of 1.3 at yesterday's closing price.
The Banks - Major Regional industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 225, which puts it in the bottom 11% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.