KeyCorp (KEY, Financial) has reported its second-quarter revenue at $1.84 billion, surpassing the anticipated $1.8 billion. The company's book value per share for the quarter stood at $15.32, while its Common Equity Tier 1 (CET1) capital ratio was 11.7%. Additionally, KeyCorp recorded net charge-offs at 0.39% during this period.
KeyCorp highlighted its strong ongoing momentum with a 21% increase in revenue compared to the same period last year. This growth was attributed to significant improvements in net interest income and a 10% rise in noninterest income. Although expenses rose by 7%, net interest income saw a 4% sequential increase. Credit quality showed positive trends, marking an improvement in overall credit migration for the sixth straight quarter.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 19 analysts, the average target price for KeyCorp (KEY, Financial) is $19.11 with a high estimate of $22.00 and a low estimate of $17.00. The average target implies an upside of 4.54% from the current price of $18.28. More detailed estimate data can be found on the KeyCorp (KEY) Forecast page.
Based on the consensus recommendation from 24 brokerage firms, KeyCorp's (KEY, Financial) average brokerage recommendation is currently 2.3, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for KeyCorp (KEY, Financial) in one year is $15.85, suggesting a downside of 13.29% from the current price of $18.28. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the KeyCorp (KEY) Summary page.
