KeyCorp

KEY: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$76.00	Rrrt	Fhrbbcf

KeyCorp Earnings: Loan Growth Guidance Has Worsened; Fair Value Estimate Remains Unchanged

Michael Wong ,

Jul 18, 2024

For its second quarter, no-moat KeyCorp reported net income to common shareholders of $237 million, or $0.25 per diluted share, on $1.5 billion of net revenue. Another incremental $5 million FDIC special assessment charge related to March 2023 banking events did not have a significant impact on this quarter's results. The quarter's overall results were in line with our expectations, besides the surprise of loan growth being weaker than expected. We do not anticipate a material change to our $19 fair value estimate and continue to view shares as undervalued.

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