Regional banking company KeyCorp (NYSE: KEY) will be announcing earnings results this Thursday before market open. Here’s what to look for.
KeyCorp beat analysts’ revenue expectations by 1.5% last quarter, reporting revenues of $1.83 billion, up 20.9% year on year. It was a mixed quarter for the company, with a decent beat of analysts’ revenue estimates but EPS in line with analysts’ estimates.
Is KeyCorp a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, analysts are expecting KeyCorp’s revenue to grow 175% year on year to $1.88 billion, a reversal from the 56.2% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.38 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. KeyCorp has missed Wall Street’s revenue estimates three times over the last two years.
Looking at KeyCorp’s peers in the banks segment, some have already reported their Q3 results, giving us a hint as to what we can expect. FB Financial delivered year-on-year revenue growth of 94.2%, beating analysts’ expectations by 4.2%, and Citigroup reported revenues up 9.3%, topping estimates by 4.6%.
Read our full analysis of FB Financial’s results here and Citigroup’s results here.
Investors in the banks segment have had fairly steady hands going into earnings, with share prices down 1.5% on average over the last month. KeyCorp is down 3.8% during the same time and is heading into earnings with an average analyst price target of $21.90 (compared to the current share price of $18.12).
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