KeyCorp stock drops after missing earnings target and losing deposits

KeyCorp KEY stock fell 2.2% in premarket trades after the regional bank missed its first-quarter earnings target because of a build up in credit loss allowance and reported a drop in deposits. KeyCorp said its first-quarter net income fell to $275 million, or 30 cents a share, from $420 million, or 45 cents a share, in the year-ago quarter. The company fell short of the analyst estimate of 44 cents a share.

2% in premarket trades after the regional bank missed its first-quarter earnings target because of a build up in credit loss allowance and reported a drop in deposits. KeyCorp said its first-quarter net income fell to $275 million, or 30 cents a share, from $420 million, or 45 cents a share, in the year-ago quarter. The company fell short of the analyst estimate of 44 cents a share.

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