Regional banking company KeyCorp (NYSE:KEY) will be announcing earnings results this Tuesday morning. Here’s what you need to know.
KeyCorp met analysts’ revenue expectations last quarter, reporting revenues of $1.90 billion, up 17.5% year on year. It was a strong quarter for the company, with an impressive beat of analysts’ tangible book value per share estimates and a narrow beat of analysts’ net interest income 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 10.5% year on year to $1.97 billion, slowing from the 15.9% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.39 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 only missed Wall Street’s revenue estimates once over the last two years, exceeding top-line expectations by 3.3% on average.
Looking at KeyCorp’s peers in the regional banks segment, some have already reported their Q4 results, giving us a hint as to what we can expect. First Horizon delivered year-on-year revenue growth of 8.1%, beating analysts’ expectations by 3.2%, and BOK Financial reported revenues up 12.2%, topping estimates by 7.1%. First Horizon traded down 26.3% following the results.
Read our full analysis of First Horizon’s results here and BOK Financial’s results here.
Investors in the regional banks segment have had steady hands going into earnings, with share prices up 1.4% on average over the last month. KeyCorp’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $23.96 (compared to the current share price of $21.27).
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