5d 1m 3m 1y 5y 10y
PR Newswire (Wed, 8:30AM)
PR Newswire (Thu, 6:30AM)
PR Newswire (Apr 15, 2014)
PR Newswire (Apr 8, 2014)
at CNBC.com (Mar 27, 2014)
PR Newswire (Mar 26, 2014)
PR Newswire (Mar 25, 2014)
PR Newswire (Mar 20, 2014)
at CNBC.com (Mar 11, 2014)
at Fox Business (Mar 7, 2014)
at CNBC.com (Mar 7, 2014)
PR Newswire (Feb 19, 2014)
at Fox Business (Feb 3, 2014)
PR Newswire (Jan 28, 2014)
at MarketWatch.com (Jan 24, 2014)
KEY vs. ETF Alternatives
KeyCorp is a bank holding company, which through its subsidiaries, provides retail and commercial banking, commercial leasing, investment management, consumer finance and investment banking products and services to its clients.
Tuesday, Jan 149:38 AM|Tuesday, Jan 149:38 AM| Comment!
Wednesday, Jan 89:54 AM
Wednesday, Jan 89:54 AM| 1 Comment
- 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.
Thursday, Nov 212013, 2:18 PM
Tuesday, Nov 122013, 11:05 AM
Tuesday, Nov 122013, 11:05 AM| Comment!
- 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.
Friday, Nov 82013, 10:41 AM
Friday, Nov 82013, 10:41 AM| 5 Comments
- 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
Tuesday, Nov 52013, 12:48 PM
Tuesday, Nov 52013, 12:48 PM| Comment!
- 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.
Wednesday, Oct 162013, 8:29 AM
Wednesday, Oct 162013, 8:29 AM| Comment!
- 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.
- Q3 results, press release.
- KEY +2% premarket.
Wednesday, Oct 162013, 6:41 AM
Wednesday, Oct 162013, 12:05 AM
Tuesday, Oct 152013, 5:30 PM
Wednesday, Oct 92013, 12:04 PM
Wednesday, Oct 92013, 12:04 PM| 2 Comments
- 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.
Thursday, Sep 192013, 3:05 PM
Thursday, Sep 192013, 3:05 PM| Comment!
- 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.
Monday, Sep 162013, 2:18 PM
Monday, Sep 162013, 2:18 PM| 6 Comments
- Bank of America's (BAC +0.7%) Tier 1 common capital ratio would remain above the regulatory minimum, falling to 9.2% by mid-2015 in the "severely adverse scenario" of its self-administered stress test, which - like Citigroup and Goldman - models for a number of Armageddon-like scenarios with the exception of one: sharply higher interest rates. Is the Fed really that omnipotent?
- The Fed's own stress test results - the CCARs - are due in March of next year.
- BofA's Mid-Cycle Stress Test Results.
- Earlier: Citigroup and Goldman.
- More: Keycorp (KEY) says it will come in at 10%, Capital One (COF) at 12.5%.
- ETFs of interest: KBE, KBWB, KRE, KCE, KBWC, XLF, IYF, PFI, VFH, RYF, RWW, FAS, UYG, FAZ, SKF, SEF, IAI, FXO, PSCF, KBWD, KBWB, IYG, FINU, FINZ.
Thursday, Aug 152013, 3:45 PM
Thursday, Aug 152013, 3:45 PM| 4 Comments
- Is it something more than interest rates at work? Selloffs earlier this summer were notable for exempting certain sectors set to benefit from higher rates - insurance (KIE -1.4%) and regional banks (KRE -1.1%) - but not today.
- Leading the insurance sector lower are AIG (AIG -2.3%), Aflac (AFL -2%), Cincinnati Financial (CINF -2.3%), Old Republic (ORI -1.3%), and Prudential (PRU -1.6%).
- In regional banks it's Huntington (HBAN -1.5%), SunTrust (STI -1.5%), First Niagara (FNFG -1.6%), Synovus (SNV -1%), and KeyCorp (KEY -1.5%), and Flagstar (FBC -4%).
- Related ETFs: IAT, KBE, KRE, RKH, QABA, KRU, KRS, KBWR.
Tuesday, Aug 132013, 11:03 AM
Tuesday, Aug 132013, 11:03 AM| Comment!
- BMO Capital's Lana Chan plugs Fed rate hikes into her models and raises price targets on eight regional banks. Her assumptions are rate hikes beginning in mid-2015 and totaling 100 bps by the end of the year, with another 100 bps of hikes by the middle of 2016 - a total off 200 basis points over one year.
- Hold-rated BB&T (BBT +0.3%) is upped to $40 from $38, Comerica (CMA -0.2%) to $42 from $41, PNC Financial (PNC -0.7%) to $78 from $76, SunTrust (STI -0.3%) to $36 from $35, U.S. Bancorp (USB -0.4%) to $39 from $38, and Wells Fargo (WFC -0.1%) to $47 from $46.
- M&T Bank (MTB -0.7%) - still awaiting approval of its buyout of Hudson City Bancorp (HCBK -0.6%) - is lifted to $124 from $117.
- Buy-rated Fifth Third (FITB -1.3%) with price target $22, KeyCorp (KEY -0.4%) with price target $14, and Zions (ZION -1.7%) with price target $33 receive no boost, but Regions Financial (RF -0.1%) is lifted to $13 from $12.
- Many banks disclose their own analysis - but these (probably like Chan's) assume a "parallel" increase in rates in which the yield curve shape doesn't change. By their own analysis, Zions see itself benefitting more than its competitors, with net interest income to rise 18.1% on a 200 bp parallel increase in rates.
- Regional bank ETFs: IAT, KBE, KRE, RKH, QABA, KRU, KRS, KBWR.
Thursday, Jul 182013, 12:18 PMKeyCorp (KEY +2.5%) continues to add to gains following an earnings beat this morning. The company has achieved $171M of its goal to eliminate $200M in annualized savings by the end of the year. Net interest income of $586M rose 7.7% Y/Y, though a large chunk of that gain was through branch and credit card portfolio acquisitions. NIM of 3.13% rose 7 bps from a year ago. Noninterest income of $429M fell 6.1% Y/Y. Book value/share of $10.89 gained $0.46 from a year ago. (PR) |Thursday, Jul 182013, 12:18 PM| Comment!
- View all 6 replies
vml1999:: BAC is hold, RF or KEY In my opinion should looked at. RF, used to work for it. Strong company. Conservative.
Brandon1268:: BAC is not growing, RF is doing a lot to expand. They just signed a deal with Fiserv to improve online banking. BAC's done nothing at all
- View all 3 replies
Hillbilly Stock Star:: Oh yeah!