Skip to Content
Morningstar
Get 14 Days Free

KeyCorp KEY

Morningstar Rating
Rating as of

Morningstar’s Analysis

Valuation
Currency in USD
Is it the right time to buy or sell?
Find out with Morningstar Premium
Is it the right time to buy or sell?
Find out with Morningstar Premium

1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Solid Fourth Quarter for KeyBank With Strong Fee Income While Still Awaiting Pick-Up in Loans

Eric Compton, CFA Senior Equity Analyst

Analyst Note

| Eric Compton, CFA |

No-moat rated KeyCorp reported solid fourth-quarter earnings of $0.65, beating the FactSet consensus of $0.56. Top-line full-year revenue came in at $7.3 billion compared with our estimate of $7.1 billion. The beat was primarily attributable to higher-than-expected net interest income and fee income, with investment banking being exceptionally strong during the quarter. KeyCorp generated positive operating leverage during the quarter and for the full year, which management expects to do again in 2022.

Read Full Analysis

Company Profile

Business Description

With assets over $150 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.

Contact
127 Public Square
Cleveland, OH, 44114-1306
T +1 216 689-3000
Sector Financial Services
Industry Banks - Regional
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 17,034

Related

Stock Strategist Industry Reports
Can U.S. Banks' Momentum Continue?
Here's what we're watching for during earnings season -- and our top picks in the industry today.
Eric Compton
Market Update
3 Big Policy Areas That Election Outcomes Would Sway
We examine the major contrasts between the two administrations when it comes to tax policy, international relations, and infrastructure and how companies would fare.
David Sekera
Stock Strategist Industry Reports
Key Takeaways From Banks' First-Quarter Earnings
We're maintaining our call on the U.S. banks and will know a lot more by the second quarter.
Eric Compton
Market Update
Earnings, Economics Will Drive Stock Returns From Here
Investors' focus has shifted this week to earnings reports and economic metrics in order to decipher how quickly a recovery can evolve.
David Sekera
Stock Strategist Industry Reports
Reaffirming Our Call on U.S. Banks: We Think They're Ready This Time
After an in-depth reassessment, we still believe they're undervalued.
Eric Compton
US Videos
Bank Stocks for Dividend-Seekers
Bank dividend yields are set and look to stay that way.
Eric Compton
Premium Article
10 Cheap No-Moat Stocks to Consider
These undervalued names may not have moats today, but they're maintaining or growing their competitive positions.
Susan Dziubinski
US Videos
Where We See Bargains in the Banking Sector
The year is starting with more reasonable valuations, and Wells Fargo and KeyCorp are the best risk-adjusted values today.
Eric Compton
Stock Strategist Industry Reports
Bank Bill to Bring More Competition, M&A
The regulatory relief fits our previous outlook and won’t materially change our bank valuations.
Eric Compton
Fund Spy
Funds That Go Moatless
Price discipline can offset some of the risks of investing in no-moat firms.
Andrew Daniels
Stock Strategist Industry Reports
Tax Reform Could Be Boon for Financials, but Impact Is Uneven
Some financial sector firms could see valuations rise by over a third, while others would see minimal impact.
Brett Horn
Credit Insights
Corporate Credit Spreads Unchanged on Weak Economic Data While Treasury Bonds Gain
David Sekera
Credit Insights
First Pullback in Corporate Credit Spreads in 10 Weeks
We continue to view credit spreads as fairly valued, albeit at the tight end of the range that we see as appropriate, given our economic outlook.
David Sekera
Credit Insights
Credit Spreads Grinding Tighter, Still Have Further to Go
So long as the Fed's asset-purchase program is running full speed ahead, it will provide a ceiling on how much long-term rates can rise and will help push credit spreads tighter over time.
David Sekera
Credit Insights
Corporate Bonds Languish as Equity Markets Roar Ahead
Stronger-than-expected economic indicators prompted investors to rethink when the Federal Reserve may begin to taper its asset-purchase program.
David Sekera
Fund Times
DWS Drops Subadvisor Dreman From Domestic-Value Funds
MFS Global Total Return adds 2 comanagers, Wasatch lures a large-cap value manager from ING, Calamos launches a dividend fund and a mid-growth fund, and American Century announces 2 promotions.
Morningstar Fund Analysts
Fund Spy
Do These Comeback Kids Have Long-Term Prospects?
A closer look at a dozen resurgent U.S.-stock funds.
Dan Culloton
Fund Times
Fidelity to Create New Sector Fund Board, Advisor
Rabobank finally settles on a buyer for most of Robeco, Fidelity to close Fidelity Small Cap Value, Matthews Asia to launch 2 new funds, and Victory Capital gains independence.
Morningstar Fund Analysts
US Videos
Third Avenue Value Paring Concentration
Third Avenue Value manager Ian Lapey talks about some of the changes he's made at the fund since taking full control while staying clear of a benchmark.
Russel Kinnel
Stock Strategist Industry Reports
As the Dust Settles, Which Ohio Bank Fared Better?
Shareholders of the big three Buckeye State banks have endured some hard times.
Maclovio Pina