KeyCorp (KEY) - NYSE
  • Jan. 23, 2014, 12:05 AM
  • Jan. 22, 2014, 5:30 PM
    | Jan. 22, 2014, 5:30 PM | 7 Comments
  • Jan. 16, 2014, 1:04 PM
    • KeyCorp (KEY) declares $0.055/share quarterly dividend, in line with previous.
    • Forward yield 1.62%
    • Payable March 14; for shareholders of record March 4; ex-div Feb. 28.
    | Jan. 16, 2014, 1:04 PM | 1 Comment
  • Jan. 14, 2014, 9:38 AM
    • Started with Buys are Fifth Third (FITB +0.5%), KeyCorp (KEY +1%), People's United (PBCT +1%), and Regions Financial (RF +1%).
    • Started with Neutrals are BB&T (BBT -0.1%), Comerica (CMA +0.3%), Huntington (HBAN +0.4%), and M&T (MTB -0.1%).
    • No sells.
    | Jan. 14, 2014, 9:38 AM
  • Jan. 8, 2014, 9:54 AM
    • Oppenheimer is moving some smaller bank names around this morning, upgrading TCF Financial (TCB +2.3%) to Outperform, and removing its Underperform rating on Comerica (CMA +0.5%).
    • At the same time, the team removes its Outperform rating First Midwest Bancorp (FMBI -1.6%) and KeyCorp (KEY -0.3%), cutting both to Perform.
    | Jan. 8, 2014, 9:54 AM | 1 Comment
  • Nov. 21, 2013, 2:18 PM
    • KeyCorp (KEY) declares $0.055/share quarterly dividend, in line with previous.
    • Forward yield 1.69%
    • Payable Dec. 13; for shareholders of record Dec. 3; ex-div Nov. 29.
    | Nov. 21, 2013, 2:18 PM
  • Nov. 12, 2013, 11:05 AM
    • JPMorgan's Steven Alexopoulos finds it hard to get enthused about regional banks (KRE -0.4%) after big gains this year have left valuations rich amid a weak macro outlook. But a bank stock analyst has to pick banks, and he does have a few favorites.
    • For a small-cap growing fast thanks to its focus on loan growth, Alexopoulos has Signature Bank (SBNY) rated a Buy, and for a mid-cap pure play on high net worth and Silicon Valley, First Republic Bank (FRC -0.8%) is the pick.
    • Alexopoulos also identifies three regionals looking pricey relative to 2014 estimates, but far more attractive based on long-term earnings power. In addition to Comerica (CMA -0.3%) (see earlier), his favorites are Zions Bancorp (ZION -0.7%) and KeyCorp (KEY -0.2%). Alexopoulos notes Key trades at a 26% discount to the broader group of mid-cap banks in his coverage universe.
    | Nov. 12, 2013, 11:05 AM
  • Nov. 8, 2013, 10:41 AM
    • Up sharply as interest rates fly higher (the 10-year is up 15 basis points to 2.75%) are the life insurers - all of whom have had their investment returns more than a little constrained by puny yields. IAK +2.4%
    • MetLife (MET +5.9%), Prudential (PRU +4.5%), Lincoln National (LNC +6.8%), Hartford (HIG +3.1%).
    • Also set to benefit from a steeper yield curve (if we're to believe their models) are the banks, and they're leading the S&P 500 higher. The TBTFs: Bank of America (BAC +3.3%), JPMorgan (JPM +3.1%), CItigroup (C +3.3%), Wells Fargo (WFC +2.6%). The regionals (KRE +3.4%): Huntington (HBAN +2.6%), Regions (RF +4.2%), PNC (PNC +2.8%), FIfth Third (FITB +3.4%), First Niagara (FNFG +2%), Keycorp (KEY +3.5%), Zions (ZION +4.1%), Comerica (CMA +3.1%).
    • The XLF +1.9%.
    • FInancial sector ETFs: FAS, XLF, FAZ, UYG, KRE, KBE, VFH, IYF, KIE, SEF, IAT, IAI, IYG, IAK, FXO, PFI, KBWB, RKH, QABA, RWW, FINU, RYF, KRU, KBWR, PSCF, KBWP, KBWI, KRS, FINZ, FNCL
    | Nov. 8, 2013, 10:41 AM | 5 Comments
  • Nov. 5, 2013, 12:48 PM
    • New CCAR guidelines are largely inline with last year, says the team at Credit Suisse, but some variables pose more onerous assumptions and could keep capital distributions more conservative than otherwise expected, though still improved from last year.
    • The incorporation of a large counterparty default scenario is particularly of note for those banks with material trading and custodial operations. The bar for CCAR passage is thus raised for: BAC, BK, C, GS, JPM, MS, STT, and WFC.
    • Additionally, the weakening of economic activity in the severely adverse scenario appears worse than last year. Also included is a reversal in the recent improvement in U.S. housing and the European economy.
    • Those best-positioned for excess capital deployment: AXP, HBAN, KEY, NTRS, RF, and USB. Bank of New York, Goldman, State Street, and Wells Fargo all have the honor of ending up on both lists.
    • ETFs: KBE, KBWB.
    | Nov. 5, 2013, 12:48 PM
  • Oct. 16, 2013, 8:29 AM
    • Net interest income of $584M up 1% Y/Y with net interest margin of 3.11% of 12 basis points.
    • Noninterest income of $459M is off 11.3% from a year ago, with much of the decline due to last year's gain associated with the redemption of trust preferred securities. Expenses increased a hair to $716M.
    • Commercial loans gained 11.1% Y/Y, home equity loans gains 4%, and other consumer loans rose 1.8%. Total loans grew 5.1%.
    • Provision for credit losses fell to $28M to $109M.
    • Tier 1 common capital ratio of 11.11% vs. 11.3% a year ago.
    • Conference call at 9 ET.
    • KEY +2% premarket.
    | Oct. 16, 2013, 8:29 AM
  • Oct. 16, 2013, 6:41 AM
    • KeyCorp (KEY): Q3 EPS of $0.28 beats by $0.05. (PR)
    | Oct. 16, 2013, 6:41 AM | 1 Comment
  • Oct. 16, 2013, 12:05 AM
  • Oct. 15, 2013, 5:30 PM
  • Oct. 9, 2013, 12:04 PM
    • The banking sector overall - at 12-15x 2014 EPS and 1.5-.19x book value - is "fairly valued," says Oppenheimer's Terry McEvoy, but he finds some undervalued names headed into Q3 earnings.
    • Four top regional bank picks are BBT, KEY, FMER, and SBNY.
    • BB&T, says McEvoy has averaged a 12.5x forward P-E multiple vs. the 10.6x it's at now.
    • KeyCorp trades at just 11.3x earnings vs. its peer group at 13.
    • FirstMerit has had a big run and trades at 13.9x estimates, but it's a growth play - 12% organic loan growth this year along with reasonably-priced acquisitions - and deserves this  multiple, says McEvoy.
    • At 18x consensus, Signature Bank is also a growth play deserving of a big multiple - net loans and leases were up 13% Y/Y in Q2.
    • Relevant ETFs: KBE, KBWB, KRE.
    | Oct. 9, 2013, 12:04 PM | 2 Comments
  • Sep. 19, 2013, 3:05 PM
    • Regional banks have fallen and can't get up following yesterday afternoon's non-taper announcement. The SPDR Regional Banking ETF (KRE -1.7%) is off about 3% from where it stood prior to 2 PM ET yesterday.
    • The sector sliced right through the bond market tumble this summer as higher rates were expected to boost profitability for the lenders, and investors are using the excuse of the taper delay to cash in some chips (as they are with another higher-rate beneficiary, the insurance sector).
    • Individual names of note: Huntington (HBAN -2%), Regions (RF -3.7%), SunTrust (STI -3.1%), First NIagara (FNFG -2.8%), Synovus (SNV -1.8%), KeyCorp (KEY -3.9%), ZIons (ZION -3.1%), Flagstar (FBC -2.3%).
    • Perhaps a little less asset-sensitive and performing better: U.S. Bancorp (USB -0.4%), BB&T (BBT -0.3%), PNC Financial (PNC -0.5%), Hudson CIty (HCBK -0.9%), Fifth Third (FITB -1%).
    • Other ETFs: KBE, KBWB.
    | Sep. 19, 2013, 3:05 PM
  • Sep. 16, 2013, 2:18 PM
    | Sep. 16, 2013, 2:18 PM
Company Description
KeyCorp is a bank holding company. The company through its subsidiary, KeyBank National Association provides a wide range of retail and commercial banking, commercial leasing, investment management, consumer finance and investment banking products and services to individual, corporate and... More
Sector: Financial
Industry: Money Center Banks
Country: United States