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KeyCorp KEY

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Stock XNYS Rating as of
$16.46 +0.33 (2.05%)
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Company Report

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KeyCorp Earnings: Loan Growth Guidance Has Worsened; Fair Value Estimate Remains Unchanged

Michael Wong,

For its second quarter, no-moat KeyCorp reported net income to common shareholders of $237 million, or $0.25 per diluted share, on $1.5 billion of net revenue. Another incremental $5 million FDIC special assessment charge related to March 2023 banking events did not have a significant impact on this quarter's results. The quarter's overall results were in line with our expectations, besides the surprise of loan growth being weaker than expected. We do not anticipate a material change to our $19 fair value estimate and continue to view shares as undervalued.

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Price vs Fair Value

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KEY is trading at a 325% premium.
Price
$16.46
Fair Value
$13.00
Uncertainty
High
1-Star Price
$41.59
5-Star Price
$66.40
Economic Moat
Xwpy
Capital Allocation
Rbydlcs

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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Trading Information

Previous Close Price
$16.13
Day Range
$16.13–16.47
52-Week Range
$9.50–16.47
Bid/Ask
$16.33 / $16.50
Market Cap
$15.53 Bil
Volume/Avg
14.6 Mil / 12.9 Mil

Key Statistics

Price/Earnings (Normalized)
16.30
Price/Sales
2.58
Dividend Yield (Trailing)
4.98%
Dividend Yield (Forward)
4.98%
Total Yield
4.98%

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
16,752
Website
https://www.key.com

Competitors

Valuation

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Metric
KEY
PNC
WFC
Price/Earnings (Normalized)
 16.3013.4411.64
Price/Book Value
 1.261.371.29
Price/Sales
 2.583.552.63
Price/Cash Flow
 6.599.797.83
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)
 0.69%1.05%1.00%
Return on Equity (Normalized)
 11.20%12.86%11.72%
Return on Invested Capital (Normalized)
 ———
Return on Assets
KEY
PNC
WFC
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Banks - Regional Industry Comparables

Screen With Investor
1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
BNP Paribas ADR
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PNC
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USB
RkzvrpqsGktd$70.9 Bil
 Truist Financial Corp
TFC
HhbbvgczcBymhtj$59.0 Bil
 Itau Unibanco Holding SA ADR
ITUB
ZyslnnmMksr$54.6 Bil
 Mizuho Financial Group Inc ADR
MFG
HdjmswxymGhgd$53.7 Bil
 Lloyds Banking Group PLC ADR
LYG
CyhwcpjzWjzxyx$48.7 Bil
 NatWest Group PLC ADR
NWG
RnhnrfrThb$36.2 Bil
 Deutsche Bank AG
DB
DthnYbsk$30.4 Bil

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