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KeyCorp's Investment Banking Fees Don't Bounce Back in Q2, but Everything Else Is Going Well

Analyst Note

| Eric Compton, CFA |

No-moat KeyCorp reported second-quarter earnings per share of $0.54, above the FactSet consensus EPS of $0.51. Revenue came in at $1.79 billion, in line with the consensus estimate. Despite fees being underwhelming, all other parts of the bank seemed to be doing well. KeyCorp remains one of the cheapest regionals we cover and one to keep an eye on. As we incorporate these results, with the combination of improving net interest income and expense outlook roughly offsetting a worsening fee outlook, we do not plan to substantially change our $26 fair value estimate.

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Company Profile KEY

Business Description

With assets of over $170 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.

127 Public Square
Cleveland, OH, 44114-1306
T +1 216 689-3000
Industry Banks - Regional
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 17,262

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