KeyCorp

KEY: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$44.00	Xsjj	Shcgcrcdb

Fees Coming in a Bit Below Our Expectations, However KeyCorp Generally Does Well Elsewhere in Q3

Eric Compton

Oct 20, 2022

No-moat-rated KeyCorp reported third-quarter earnings of $0.55 per share, missing the FactSet consensus estimate of $0.58 slightly. Revenue came in at $1.89 billion, in line with the consensus at $1.88 billion. Given Key’s higher exposure to investment banking-related revenue, cyclical lulls for the industry are always a risk, and the bank has yet to see a recovery with these fees still trending at $150 million in the quarter compared with more than $200 million in 2021.

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