KeyCorp (KEY) reported Q4 earnings, beating expectations on the contrary to estimates but showing a net loss of $279 million. However, the company reported an adjusted net income of $378 million. This mix of results led to a downward revision of the Price Target to $21 by DA Davidson, followed by Morgan Stanley. On a brighter note, the company's outperform rating was reaffirmed by the Royal Bank of Canada. Furthermore, Truist Securities also reiterated their 'hold' rating.
KeyCorp's Q4 earnings crucially benefitted from strong NII (Net Interest Income) despite weak asset quality. The bank also made a key strategic move securing a $2 billion investment as Scotiabank acquired a 14.9% stake in a major deal. Interestingly, General public's attention has turned to KeyCorp with strong trading days outperforming competitors and increasing short interest in the stock by 8.0%.
In management, KeyCorp appointed Mohit Ramani as the Chief Risk Officer and Robert Weiss as Head of Family Wealth Business. The firm shows bullish expectation to increase hiring for wealth management and investment banking. The dividend was announced as $0.205 per share.
Keycorp KEY News Analytics from Wed, 10 Jul 2024 07:00:00 GMT to Sat, 25 Jan 2025 00:08:35 GMT - Rating 7 - Innovation 2 - Information 8 - Rumor -2
