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Lowering Our Fair Value Estimate for KeyCorp to $24 From $26 on Lower Fee Growth

Business Strategy and Outlook

| Eric Compton, CFA |

KeyCorp was hurt during the financial crisis largely because of its ventures into higher-risk commercial real estate lending in out-of-footprint states. Since the crisis, KeyCorp has wound down most of its construction-related commercial real estate business and refocused on its core corporate banking operations and capital markets services. With increasing credit quality and declining credit-related costs, along with significant operational improvements, KeyCorp has returned to healthy profitability. The bank's First Niagara acquisition back in 2016 has also helped improve the bank's operating efficiency and scale.

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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 Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 17,907

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