KeyCorp Earnings Cheat Sheet: Quarter Lacks Gusto

S&P 500 (NYSE:SPY) component KeyCorp (NYSE:KEY) reported its results for the third quarter. KeyCorp is a financial holding company that offers its clients retail and commercial banking, commercial leasing, investment management, consumer finance and investment banking products and services.

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KeyCorp Earnings Cheat Sheet for the Third Quarter

Results: Net income for KeyCorp fell to $217 million (24 cents per share) vs. $219 million (20 cents per share) a year earlier. This is a decline of 1%.

Actual vs. Wall St. Expectations: KEY beat the mean analyst estimate of 21 cents per share.

Quoting Management: Chairman and Chief Executive Officer Beth Mooney stated, “Our financial results demonstrate consistent positive momentum for Key as we continue executing our relationship strategy, improving credit quality and maintaining disciplined expense control. We are also pleased that our commercial, financial and agricultural loan portfolio grew for the second consecutive quarter. Our clients continue to benefit from our ability to work together across business lines to deliver value by combining local knowledge and service with specialized industry expertise and advisory capabilities.”

Key Stats:

The company has now topped analyst estimates for the last four quarters. It beat the mark by 6 cents in the second quarter, by 6 cents in the first quarter, and by 20 cents in the fourth quarter of the last fiscal year.

Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the fourth quarter has moved down from 21 cents a share to 20 cents over the last sixty days. In the past month, the average estimate for the fiscal year has fallen from 87 cents per share to 86 cents abs.

Competitors to Watch: Wells Fargo & Company (NYSE:WFC), SunTrust Banks, Inc. (NYSE:STI), JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corp. (NYSE:BAC), PNC Financial Services (NYSE:PNC), Citigroup Inc. (NYSE:C), Regions Financial Corp. (NYSE:RF), Northrim BanCorp, Inc. (NASDAQ:NRIM), Pacific Continental Corp. (NASDAQ:PCBK), and Zions Bancorporation (NASDAQ:ZION).

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(Source: Xignite Financials)