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KEY

KeyCorp

5/22/2013, 6:46 AM ET

Quote & Headlines Market Currents StockTalk

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| Earnings
| Dividends
| M&A
| On the move

Friday, May 17, 7:43 AM KeyCorp (KEY) declares $0.055/share quarterly dividend, 10% increase from prior dividend of $0.05. Forward yield 2.08%. For shareholders of record May 28. Payable June 14. Ex-div date May 24. (PR) Comment! [Dividends]
Thursday, May 16, 8:56 AM KeyCorp (KEY) hikes its quarterly dividend 10% to $0.055/share and reiterates the Fed's approval of a buyback of up to $426M of stock. The bank also receives no objection from a request to use the after-tax proceeds from the Victory Capital sale (about $120M) for additional repurchases. (PR) Comment! [Financials, Breaking News, Dividends]
Wednesday, May 15, 7:40 AM KeyCorp (KEY) is downgraded to Hold at BTIG as the stock has hit Mark Palmer's price target of $10.50. Originally bullish due to valuation and the chance for improvements with low-hanging fruit like expense reduction, Palmer needs to see something more transformational for another leg up, and isn't convinced it's coming. Shares -0.9% premarket. Comment! [Financials]
Friday, May 10, 11:28 AM Loan growth at midcap banks (KRE) should rebound in Q2, says Credit Suisse after digging through management commentary from MTB, ZION, BBT, CMA, FITB, and HBAN. Notably not sharing the positive vibe were First Horizon (FHN) and KeyCorp (KEY). Growth is nice, but what about pricing? Fulton Financial (FULT) and Key say it remains competitive, while Zions says margins are getting even tighter. Comment! [Financials]
Friday, May 10, 7:21 AM Looking for growth, KeyBank (KEY) finds it, purchasing a Bank of America (BAC) CMBS portfolio and acquiring Berkadia Commercial Mortgage's special servicing business. Berkadia will act as sub-servicer on all CMBS primary servicing just acquired from BofA. Upon closing Key's commercial servicing portfolio will be about $205B - top 3 in the country. (PR) Comment! [Financials]
Wednesday, May 8, 10:43 AM KeyCorp's (KEY) big move (up 22% YTD vs. 14% for KBE) is unjustified, according to KBW's Chris Mutascio, who's had a Sell on the stock for most of the run. Four other large regionals - WFC, USB, BBT, FITB - are better bargains as they sport lower P/E multiples despite higher ROAs and (for 3 of the 4) far larger ROEs. 3 Comments [Financials]
Thursday, April 18, 9:55 AM Reiterating a Buy on KeyCorp (KEY -1.2%) following earnings, BTIG worries investors will look past the better-than-expected improvement in expenses to focus on a disappointing net interest margin. Higher Y/Y, NIM fell 13 bps sequentially, an issue not just for Key, but for all of the regional banks (KRE -0.6%). (earnings slides) 1 Comment [Financials]
Thursday, April 18, 7:50 AM More on KeyCorp (KEY) Q1 earnings: Net interest income +5.4% Y/Y as NIM gains 8 bps Y/Y to 3.24%. Noninterest income of $425M, flat Y/Y, but off 3.2% sequentially. Noninterest expense flat Y/Y. Net loan charge-offs to average loans falls to 0.38% from 0.82% a year ago. New loan originations of $8.5B in Q1 vs. $8.3B a year ago. Tier 1 Capital Ratio of 11.39% vs. 11.36% in Q4. Tangible book value/share of $9.78 vs. $9.67 in Q4, $9.28 a year ago. Shares -1.9% premarket. (PR) Comment! [Financials, Earnings, On the Move]
Thursday, April 18, 6:42 AM KeyCorp (KEY): Q1 EPS of $0.21 in-line. Revenue of $1.01B misses by $0.02B. (PR) Comment! [Earnings, Breaking News, Financials]
Thursday, April 18, 12:05 AM Notable earnings before Thursday’s open: ADS, AN, APH, BAX, BBT, BPOP, BTU, BX, CY, DHR, FCS, FCX, FITB, KEY, LDK, MMR, MS, NOK, NUE, OMC, PBCT, PENN, PEP, PM, PPG, SHW, SNA, SON, TSM, TZOO, UNH, UNP, VZ Comment! [Earnings]
Wednesday, April 17, 5:30 PM Notable earnings before Thursday’s open: ADS, AN, APH, BAX, BBT, BPOP, BTU, BX, CY, DHR, FCS, FCX, FITB, KEY, LDK, MMR, MS, NOK, NUE, OMC, PBCT, PENN, PEP, PM, PPG, SHW, SNA, SON, TSM, TZOO, UNH, UNP, VZ Comment! [Earnings]
Monday, April 1, 4:02 PM The bank stock rally has paused since the results of the Fed's capital-review tests, but improving underlying fundamentals continue, says Sterne Agee. Warnings about lower mortgage profits should be offset by stronger lending demand elsewhere. Favorites heading into earnings: BAC, C, JPM, KEY, PACW, PNC, BPOP, OFG. 7 Comments
Thursday, March 14, 5:22 PM After hours movers in the regional banks: COF +0.6%, FITB +0.9%, KEY - which just announced an increase in the dividend to $0.055 from $0.05 and $426M in share repurchases - up 1%, PNC +0.4%, RF +1.6%, STI -0.3%, USB +0.2%. BBT - whose plan was rejected - off 2.8%. Comment! [On the Move, Financials]
Tuesday, March 12, 11:57 AM Regions Financial (RF), SunTrust (STI), and Zions Bancorp (ZION) are likely to see the biggest dividend boosts among the regional players, says Credit Suisse. Buybacks would be best at the "cheap" banks as they would get the biggest boost to book value - Regions (again), KeyCorp (KEY), and Comerica (CMA) this year, and Fifth Third (FITB) and Huntington (HBAN) in 2014. 1 Comment [Financials]
Friday, March 8, 10:42 AM Fifth Third (FITB), KeyCorp (KEY), SunTrust STI), and PNC were the "winners" of the Fed stress tests, says FBR's Paul Miller. FIfth Third, he says, showed just minor losses under the Fed's "severely adverse scenario," while SunTrust showed major losses, but was still found to be adequately capitalized. STI is having the best day of those tested, +2.3%. Comment! [Financials]
Thursday, March 7, 4:55 PM More on the Fed Stress Tests (regional bank focus): BBT, FITB, KEY, PNC, RF, and USB came through with higher ratios than the big banks. STI is the laggard among the regionals, but still showed a 7.3% common ratio, well above the 5% cutoff. KeyCorp is the only stock showing noticeable movement AH, +0.8%. 1 Comment [Financials]

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