KeyCorp
KEY: XNYS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$99.00 | Mpvqp | Cbtswjgtj |
KeyCorp Earnings: 2024 Net Interest Income Outlook Unchanged; Fees Strong and Expenses Stable
For its first quarter, no-moat-rated KeyCorp reported net income to common shareholders of $183 million, or $0.20 per diluted share, on $1.5 billion of net revenue. An incremental $29 million FDIC special assessment charge related to the agency increasing its estimated loss from the March 2023 banking events reduced earnings per share by 10%. We do not anticipate a material change to our $19 fair value estimate and continue to view the shares as undervalued.