Regional banking company KeyCorp (NYSE: KEY) will be announcing earnings results this Thursday morning. Here’s what to expect.
KeyCorp beat analysts’ revenue expectations last quarter, reporting revenues of $2.01 billion, up 12.5% year on year. It was a satisfactory quarter for the company, with a decent beat of analysts’ revenue estimates but a slight miss of analysts’ tangible book value per share estimates.
Is KeyCorp a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting KeyCorp’s revenue to grow 9.3% year on year, slowing from the 15.7% increase it recorded in the same quarter last year.
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 rarely misses Wall Street’s revenue estimates.
Looking at KeyCorp’s peers in the banks segment, some have already reported their Q1 results, giving us a hint as to what we can expect. FB Financial delivered year-on-year revenue growth of 30.8%, missing analysts’ expectations by 1.7%, and Citigroup reported revenues up 13.9%, topping estimates by 4.9%. FB Financial traded down 2.3% following the results.
Read our full analysis of FB Financial’s results here and Citigroup’s results here.
There has been positive sentiment among investors in the banks segment, with share prices up 9% on average over the last month. KeyCorp is up 14.7% during the same time and is heading into earnings with an average analyst price target of $24.03 (compared to the current share price of $21.75).
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