Keycorp (KEY)
NYSE:KEY
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KeyCorp
(NYSE:KEY)
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Rating:70Outperform
Price Target:
$23.50
▲(7.80% Upside)
Action:UpgradedDate:04/16/26
The score is driven primarily by improving fundamentals (2025 profitability rebound and lower leverage) and a constructive earnings call with raised NII/NIM guidance and larger planned buybacks. Technicals are supportive with price above major moving averages and positive MACD, though near-term momentum looks stretched (high stochastic). Valuation is reasonable at ~12.36x earnings with a modest ~1.9% dividend yield, while the key risk remains multi-year earnings/cash-flow volatility and some caution signals in deposits and credit metrics.
Positive Factors
Diversified fee businesses
Sustained double-digit growth across fee-based lines (wealth, investment banking, payments) strengthens revenue diversification beyond interest income. That mix reduces sensitivity to pure lending cycles, supports fee resilience during rate shifts, and underpins multi-channel client monetization for 2–6+ months.
Negative Factors
Deposit softness and CD runoff
Sequential deposit declines and deliberate brokered CD runoff reduce low-cost, sticky funding and can pressure deposit margins if replaced with higher-cost funding. Over months this constrains balance sheet growth, raises funding beta risk, and increases sensitivity to wholesale funding markets.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified fee businesses
Sustained double-digit growth across fee-based lines (wealth, investment banking, payments) strengthens revenue diversification beyond interest income. That mix reduces sensitivity to pure lending cycles, supports fee resilience during rate shifts, and underpins multi-channel client monetization for 2–6+ months.
Read all positive factors
KeyCorp (KEY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$23.50B
Dividend Yield3.9%
Average Volume (3M)15.70M
Price to Earnings (P/E)10.4
Beta (1Y)1.28
Revenue Growth20.85%
EPS GrowthN/A
CountryUS
Employees16,989
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.44
Shares Outstanding1,072,693,700
10 Day Avg. Volume15,515,823
30 Day Avg. Volume15,703,310
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)1.11
Price to Sales (P/S)2.02
P/FCF Ratio10.76
Enterprise Value/Market Cap1.68
Enterprise Value/Revenue3.53
Enterprise Value/Gross Profit5.67
Enterprise Value/Ebitda17.01
Forecast
1Y Price Target
$23.88Price Target Upside9.52% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)1.81
Revenue Forecast (FY)$8.05B
KeyCorp Business Overview & Revenue Model
Company Description
KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company of...
How the Company Makes Money
KeyCorp primarily earns revenue through a mix of net interest income and noninterest income typical of diversified banking organizations. Net interest income is generated by taking in deposits and other funding and investing or lending those funds...
KeyCorp Key Performance Indicators (KPIs)
Any
Assets by Segment
Breaks down the company's assets across different segments, indicating where the company is investing its resources and potential areas of strength or risk.
Breaks down the company's assets across different segments, indicating where the company is investing its resources and potential areas of strength or risk.
Data provided by:
The Fly
The FlyKeyCorp Earnings Call Summary
Earnings Call Date:Apr 16, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 21, 2026
Earnings Call Sentiment Positive
The call conveyed a broadly positive operational and financial momentum: strong earnings (EPS +33% YoY), healthy revenue and NII trends, consistent commercial loan growth, record investment banking fees for the quarter, disciplined capital returns (accelerated buybacks) and a favorable preliminary view of Basel III endgame relief. Offsetting items were manageable: seasonal deposit outflows and intentional brokered CD runoff, a modest uptick in NPAs from two idiosyncratic credits, an incremental qualitative reserve build due to macro uncertainty, and guidance that investment banking fees may normalize in Q2. Management reiterated conservative guidance assumptions and emphasized continued investments in technology and talent while maintaining solid capital and liquidity positions.Positive Updates
Strong Earnings Per Share Growth
Reported EPS of $0.44, up 33% year over year, reflecting improved profitability and operating leverage.
Negative Updates
Deposit Trends and Seasonal Outflows
Average deposits declined 2% sequentially with reported average noninterest-bearing deposits down 5.5% sequentially; $1.6 billion intentional runoff of higher-cost brokered CDs contributed to the decline and management expects deposits to trough in early May before recovering.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Earnings Per Share Growth
Reported EPS of $0.44, up 33% year over year, reflecting improved profitability and operating leverage.
Read all positive updates
Company Guidance
KeyCorp raised and refined its 2026 targets: full‑year taxable‑equivalent net interest income growth is now guided to 9–10% (vs. prior 8–10%) with an expected exit NIM of ~3.05% (Q1 NIM 2.87%; management remains on track to exceed 3% by year‑end); average loans are now guided to +2–4% (prior 1–2%) with average commercial loans +6–8%, and full‑year expense growth is reiterated at 3–4%. On capital and shareholder returns, CET1 was 11.4% (marked CET1 10%) and management will manage marked CET1 to ~9.5–10% under current RWA rules (a preliminary Basel III endgame estimate would add 100+ bps, implying ~11% fully phased), and buybacks are at least $300M per quarter (≥ $1.3B for 2026, up from $1.2B) after repurchasing nearly $400M in Q1. Other guidance/details: Q2 investment banking fees planned at $175–180M with full‑year mid‑single‑digit growth, commercial mortgage servicing fees ~$50–60M/quarter, deposits expected to trough in early May then grow (total deposit cost 1.65%), cumulative interest‑bearing deposit beta 56% and cumulative funding beta 68%; NII guidance assumes a wide range of rate scenarios (base case = no cuts) and management added qualitative loan‑loss reserves for macro uncertainty.KeyCorp Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
58
Neutral
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 11.19B | 9.05B | 10.23B | 7.91B | 7.33B |
| Gross Profit | 6.97B | 4.06B | 5.73B | 6.52B | 7.46B |
| EBITDA | 2.32B | -233.00M | 1.31B | 2.50B | 3.29B |
| Net Income | 1.83B | -161.00M | 967.00M | 1.92B | 2.63B |
Balance Sheet | |||||
| Total Assets | 184.38B | 187.17B | 188.28B | 189.81B | 186.35B |
| Cash, Cash Equivalents and Short-Term Investments | 11.45B | 22.51B | 48.94B | 42.44B | 57.29B |
| Total Debt | 11.00B | 14.25B | 22.64B | 28.77B | 12.80B |
| Total Liabilities | 164.00B | 168.99B | 173.64B | 176.36B | 168.92B |
| Stockholders Equity | 20.38B | 18.18B | 14.64B | 13.45B | 17.42B |
Cash Flow | |||||
| Free Cash Flow | 2.10B | 599.00M | 2.76B | 4.36B | 1.09B |
| Operating Cash Flow | 2.21B | 664.00M | 2.90B | 4.47B | 1.15B |
| Investing Cash Flow | 3.22B | 2.50B | 1.42B | -10.93B | -15.07B |
| Financing Cash Flow | -5.88B | -2.36B | -4.27B | 6.44B | 13.74B |
KeyCorp Technical Analysis
Positive
21.80
Price Trends
20.73
Positive
20.55
Positive
19.15
Positive
Market Momentum
0.43
Negative
67.40
Neutral
80.21
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KEY, the sentiment is Positive. The current price of 21.8 is above the 20-day moving average (MA) of 20.63, above the 50-day MA of 20.73, and above the 200-day MA of 19.15, indicating a bullish trend. The MACD of 0.43 indicates Negative momentum. The RSI at 67.40 is Neutral, neither overbought nor oversold. The STOCH value of 80.21 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for KEY.
KeyCorp Risk Analysis
KeyCorp disclosed 22 risk factors in its most recent earnings report. KeyCorp reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
KeyCorp Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $10.06B | 10.27 | 11.93% | 1.40% | 6.69% | 17.78% | |
74 Outperform | $24.14B | 10.08 | 11.78% | 3.74% | 2.92% | 16.52% | |
71 Outperform | $45.58B | 58.08 | 8.86% | 3.14% | 7.66% | -5.41% | |
71 Outperform | $33.67B | 13.98 | 8.82% | 3.50% | 9.60% | 0.60% | |
70 Outperform | $23.50B | 10.41 | 9.74% | 3.90% | 20.85% | ― | |
68 Neutral | $27.53B | 12.33 | 7.63% | 2.89% | -0.04% | 34.70% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
KEY
KeyCorp
21.96
7.77
54.76%
FITB
Fifth Third Bancorp
50.31
15.62
45.01%
HBAN
Huntington Bancshares
16.55
2.56
18.29%
RF
Regions Financial
28.33
8.75
44.69%
WTFC
Wintrust Financial
150.55
41.12
37.57%
CFG
Citizens Financial
64.99
29.00
80.57%
KeyCorp Corporate Events
Business Operations and StrategyExecutive/Board Changes
KeyCorp Announces CIO Amy Brady’s Planned Leadership Transition
Neutral
Mar 2, 2026
On February 24, 2026, KeyCorp announced that Chief Information Officer Amy G. Brady had informed the company of her intention to resign due to personal health considerations, with her executive role ending on March 2, 2026. Brady will remain with ...
Business Operations and StrategyPrivate Placements and Financing
KeyCorp Issues $750 Million Fixed-to-Floating Senior Notes
Positive
Jan 28, 2026
On January 28, 2026, KeyCorp issued $750 million aggregate principal amount of 5.305% Fixed-to-Floating Rate Senior Medium Term Notes, Series S, due January 28, 2037, as part of its ongoing funding strategy in the capital markets. The registered i...
Business Operations and StrategyExecutive/Board ChangesStock BuybackFinancial Disclosures
KeyCorp announces board changes and stronger quarterly results
Positive
Jan 20, 2026
On January 15, 2026, KeyCorp directors Ruth Ann Gillis and Carlton Highsmith notified the board that they will retire at the end of their terms at the 2026 annual shareholder meeting, prompting the board’s January 20, 2026 decision to nomina...
Executive/Board Changes
KeyCorp director retires, board size reduced to 14
Neutral
Jan 16, 2026
On January 13, 2026, KeyCorp announced that director David K. Wilson retired from its Board of Directors for personal health reasons, marking a change in the company’s governance structure. Following his departure, the Board approved a reduc...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.