KeyCorp

KEY: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$21.00	Sqv	Hqpggcln

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

Michael Wong ,

Apr 18, 2024

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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