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KeyCorp KEY

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Stock XNYS Rating as of
$14.63 +0.25 (1.74%)
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As of Delayed Price Closed
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Company Report

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KeyCorp Earnings: 2024 Net Interest Income Outlook Unchanged; Fees Strong and Expenses Stable

Michael Wong,

For its first quarter, no-moat-rated KeyCorp reported net income to common shareholders of $183 million, or $0.20 per diluted share, on $1.5 billion of net revenue. An incremental $29 million FDIC special assessment charge related to the agency increasing its estimated loss from the March 2023 banking events reduced earnings per share by 10%. We do not anticipate a material change to our $19 fair value estimate and continue to view the shares as undervalued.

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Price vs Fair Value

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KEY is trading at a 24% discount.
Price
$14.38
Fair Value
$93.00
Uncertainty
High
1-Star Price
$46.68
5-Star Price
$53.40
Economic Moat
Tnk
Capital Allocation
Gybvhqkv

Bulls Say, Bears Say

Bulls

KeyCorp's valuation is not demanding. As long as the bank can avoid a dilutive capital raise or some other complete disaster, there should be upside in the name.

Bears

There are few positive catalysts left for the banks. Funding costs are running higher, net interest income has likely peaked, higher regulatory scrutiny is likely, and a recession still isn't out of the question.

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News

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Trading Information

Previous Close Price
$14.38
Day Range
$14.32–14.80
52-Week Range
$8.54–15.86
Bid/Ask
$14.52 / $14.65
Market Cap
$13.57 Bil
Volume/Avg
16.9 Mil / 15.3 Mil

Key Statistics

Price/Earnings (Normalized)
12.95
Price/Sales
2.22
Dividend Yield (Trailing)
5.68%
Dividend Yield (Forward)
5.68%
Total Yield
5.98%

Company Profile

With assets of over $180 billion, Ohio-based KeyCorp's bank footprint spans 16 states, but it is predominantly concentrated in its two largest markets: Ohio and New York. KeyCorp is primarily focused on serving middle-market commercial clients through a hybrid community/corporate bank model.
Sector
Financial Services
Industry
Banks - Regional
Stock Style Box
Mid Value
Total Number of Employees
17,333
Website
https://www.key.com

Competitors

Valuation

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Metric
KEY
PNC
WFC
Price/Earnings (Normalized)
 12.9510.4911.38
Price/Book Value
 1.131.151.27
Price/Sales
 2.222.812.60
Price/Cash Flow
 4.177.566.23
Price/Earnings
KEY
PNC
WFC

Financial Strength

Metric
KEY
PNC
WFC
Quick Ratio
 ———
Current Ratio
 ———
Interest Coverage
 ———
Quick Ratio
No chart available

Profitability

Metric
KEY
PNC
WFC
Return on Assets (Normalized)
 0.92%1.13%1.04%
Return on Equity (Normalized)
 15.45%14.50%12.17%
Return on Invested Capital (Normalized)
 ———
Return on Assets
KEY
PNC
WFC
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