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Why is Keycorp (KEY) Stock down?
We've noticed a 5.18% decline in Keycorp (KEY) stock during the 2024-04-10 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
20 Oct, 2023:
KeyCorp Stock (KEY) dropped by 6.34% from $10.56 to $9.89 in the trading on Friday October 20, 2023. The reason why KEY stock down today is due to the profit-taking after strong Q3 FY23 results.
- Revenues of $1.566 billion, in line with the consensus, up 6.4% from Q2 2023. Consumer Bank revenue fell 9.8% Y/Y and Commercial Bank was down 10% Y/Y in the quarter.
- EPS of 29 cents, beating the street view of 27 cents.
- Net interest income of $923 million with net interest margin of 2.01%, due to higher interest-bearing deposit costs and a shift in funding mix to higher cost deposits and borrowings..
- Provision for credit losses fell 25.7% Y/Y to $81 million, reflecting a more stable economic outlook and balance sheet optimization efforts.
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