KeyCorp (NYSE:KEY) is forecasted to display earnings decline according to analysts, with Q3 interest rate relief mostly factored into its current price. The company's stocks have been given a 'moderate buy' consensus by analysts, despite an observable decline in short interest. Following a reduction in its prime lending rate to 8.00 percent, KeyCorp sold approximately $7bn of low-yield investments, causing a surge in its shares after a $2.8bn Scotiabank investment.
Institutional investors, KeyCorp's main bettors, have benefitted from a recent $789m market capital increase. Scotiabank has purchased a significant minority stake (14.9%) in KeyCorp, leading to predictably bullish stock behavior. Despite a few setbacks like a $700m loss on securities sale, the company has reported Q2 2024 net income of $237 million. This is amidst restructuring efforts to bolster KeyCorp, which showed a promising 18.5% jump in its stock within a month. Judging by consensus from brokers, more investments in KeyCorp are forecasted in the future.
Keycorp KEY News Analytics from Fri, 19 Jan 2024 08:00:00 GMT to Sat, 12 Oct 2024 06:14:34 GMT - Rating 7 - Innovation 5 - Information 7 - Rumor 6
