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KeyCorp (KEY) Meets Q2 Earnings Estimates, Revenues Up
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Have you been eager to see how KeyCorp (KEY - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this Cleveland-based bank-oriented financial services company’s earnings release this morning:
In Line Earnings
KeyCorp came out with adjusted earnings per share of 34 cents in line with the Zacks Consensus Estimate.
Rise in revenue was largely responsible for earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for KeyCorp depicted a bullish trend prior to the earnings release. The Zacks Consensus Estimate moved 3% upward over the last 30 days.
KeyCorp has a decent earnings surprise history. The company delivered positive surprises in three quarters of the prior four quarters, with average beat of 8.3%.
KeyCorp posted total revenues of $1.64 billion, which surpassed the Zacks Consensus Estimate of $1.52 billion. Moreover, the figure was above the year-ago figure.
Key Stats to Note:
Net interest margin up 54 basis point year over year to 3.30%
Provision for credit losses rose 29.6% from the year-ago quarter to $66 million
Average loans were $86.5 billion
Average deposits stood at $102.8 billion
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for KeyCorp. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this KeyCorp earnings report!
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KeyCorp (KEY) Meets Q2 Earnings Estimates, Revenues Up
Have you been eager to see how KeyCorp (KEY - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this Cleveland-based bank-oriented financial services company’s earnings release this morning:
In Line Earnings
KeyCorp came out with adjusted earnings per share of 34 cents in line with the Zacks Consensus Estimate.
Rise in revenue was largely responsible for earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for KeyCorp depicted a bullish trend prior to the earnings release. The Zacks Consensus Estimate moved 3% upward over the last 30 days.
KeyCorp has a decent earnings surprise history. The company delivered positive surprises in three quarters of the prior four quarters, with average beat of 8.3%.
KeyCorp Price and EPS Surprise
KeyCorp Price and EPS Surprise | KeyCorp Quote
Revenue Came In Higher Than Expected
KeyCorp posted total revenues of $1.64 billion, which surpassed the Zacks Consensus Estimate of $1.52 billion. Moreover, the figure was above the year-ago figure.
Key Stats to Note:
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for KeyCorp. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)
Check back later for our full write up on this KeyCorp earnings report!
"3 Top Picks to Ride the Hottest Tech Trend
Zacks just released a Special Report to guide you through a space that has already begun to transform our entire economy...
Last year, it was generating $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for those who make the right trades early. Download Report with 3 Top Tech Stocks >>"