KeyCorp (NYSE:KEY) posted better-than-expected earnings for the third quarter on Thursday.
The company posted adjusted earnings of 41 cents per share, beating market estimates of 38 cents per share. The company's quarterly sales came in at $1.895 billion versus expectations of $1.881 billion.
KeyCorp's Chairman and CEO, Chris Gorman, said, “Our third quarter results demonstrate continued strong momentum. Adjusted revenue was up 17% year-over-year, and we generated more than 1,000 basis points of operating leverage again this quarter. Revenue growth was driven by our clearly defined net interest income tailwinds and adjusted noninterest income growth of 8%, which continues to grow faster than expenses. At the same time, we continue to make meaningful investments in front line bankers and technology that will drive future growth. Tangible book value per share grew 4% sequentially and 14% year-over-year.”
KeyCorp shares gained 0.6% to trade at $16.88 on Friday.
These analysts made changes to their price targets on KeyCorp following earnings announcement.
- Truist Securities analyst Brian Foran maintained KeyCorp with a Hold and lowered the price target from $20 to $19.
- DA Davidson analyst Peter Winter maintained the stock with a Buy and lowered the price target from $22 to $21.
Considering buying KEY stock? Here’s what analysts think:
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