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KeyCorpNYSEFinancialsBanks - RegionalSnapshot 2026-06-12
Intact
$22.70+1.66%
Close 2026-06-12 · 1-day change
Recent financial performance is holding in the top half of its industry — the reason to own it looks intact.
The bottom line
Recent financial performance is strong, but earnings quality and management's track record are neutral. The sector backdrop is a headwind, and compared with sector peers, KEY trades below typical levels. Peer multiples imply a price about 6% below where it trades (it looks expensive on this basis); the read is fair, priced roughly in line with peer multiples. Key factors to watch include any guidance cuts on the next call, as this could negatively impact estimates and the stock. This read is provisional.
as of 2026-06-12
Quick facts
- Exchange
- NYSE
- Sector
- Financials
- Industry
- Banks - Regional
- Market cap
- $23.76B
- Employees
- 164,000
- IPO date
- 1994-03-31
- Next earnings
- 2026-07-28
Price
Daily closes. Earnings/event dots are placed inline.
Adjusted daily closes (split & dividend). Scroll over the chart to zoom; click a range to reset.
EarningsMaterial event
What's priced in
(what the market already expects)What it's worth (estimated)
A consensus fair price across 7 valuation methods, at three horizons. Current price $22.70. Estimates are diagnostics, not price targets. Short-horizon estimates are close to coin-flips, so confidence is a method-agreement read, not a prediction.
12-month· primaryfull
$21.35consensus
Range $20.16 – $23.32
vs price: +6% above
Method agreement — · 7 methods
No-growth: today's peer multiple on trailing earnings. The headline read.
3-yearinexpensive
$33.37consensus
Range $28.37 – $36.66
vs price: -32% below
Method agreement — · 6 methods
Embeds projected growth. Leans optimistic by design. Upside context.
5-yearinexpensive
How much to trust our fair value
We take the 12-month fair value above and grade our own number — how the market prices this name versus what we'd justify, and where the two diverge.
Aligned with peershigh confidence
At $23 KEY trades at 14× p/e, in line with its 12× p/e peer median. Our $21 fair value reflects that, high confidence. Analysts: $19–$27. Not investment advice.
Multiple (P/E)
14.1x
peer 12.4x · own history 13.3x
Premium
1.1x peer
1.1x its own history
Growth the price needs
6%
our forecast 45%
Our fair value
$21.35
range $20.16 – $23.27
Analyst range(a guide on our number, not a target)Our number is in the analyst range
How this stock is priced
One valuation read at a 12-month horizon, plus how price compares to peers and the company's own history.
Long-term · 1–3 yr
fullfair12-month view
What's priced inJustified
The market is pricing in roughly 6% near-term growth, below our forecast of about 45%. This describes what's priced in, not a forecast of the move.
Low fragilityrisk posture, not a price call
Only weak execution quality, a turbulent sector regime (Heating) — not the full expensive x weak x turbulent stack.
Historical context
For similar setups historically (n=20,154): about 33% saw a 20%+ drawdown, and roughly 76% of those did not recover within the year. These are historical base rates for the cohort, not a forecast of this stock.
How strong is the business
(quality & execution)Factor signals
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Recent financial performance
strongOperating income rose in 3 of the last 3 quarter-over-quarter moves. Historically, Financials names rated strong grew net income 67% of the time over the next year (vs 54% for the rest of the cohort, n=3733).
73rd pctl · Financials
Earnings quality
neutralOver the trailing year it converted 1.17x of net income into operating cash flow. Historically, Financials names rated neutral grew net income 58% of the time over the next year (vs 55% for the rest of the cohort, n=4725).
45th pctl · Financials
Macro sensitivity
Most sensitive to the broad stock market.
- the broad stock market: This stock moves with the broad market (high beta).
Not enough signal to read sensitivity to the US dollar, long-term interest rates, real (inflation-adjusted) rates, Fed net liquidity.
Management & capital allocation
neutralEarnings setup & market context
The next print and the backdrop around it (sector regime and the AI cycle). Context for the path, not a forecast of returns.
Earnings setup · pre-print positioning
forward-looking
Neutral11 analysts, 50% Buyfor period ending 2026-06-30
Why this setup
Consensus revisions
EPS estimate $0.42 → $0.43 (+0.3% / 30d). 2 raised, 8 cut, 11 covering analysts.
Rating actions
0 upgrades, 0 downgrades / 30d. 50% of analysts rate Buy.
Material events
1 positive, 0 negative / 30d. See F4 management tile for the event list.
Sector context
Intermediate · WeeklySector phase: financials is in growth, with decelerating (~3.2 years in phase).
Sector regime (90d momentum): headwind.Secular epoch: by revenue growth.Management scorecard
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
Long-term · 1–3 yr
Overall: weak
- Capital allocation
- weak
- Earnings discipline
- weak
- Margin discipline
- weak
- Balance sheet
- strong
- Post-call reaction
- neutral
Met or beat guidance 0% of the last 1 guided quarters · -200.0% avg surprise
How bumpy is the path
(risk while you hold it)Risk: how this stock moves
What a normal day, a bad day, and the worst of the last year would mean for a $10,000 position.
Intermediate · WeeklyLong-term · 1–3 yr
On a typical day, $10k can swing ±$97.
How much price usually moves either way.
On a bad day, this stock has moved -$221.
A rough but not unusual down day (about the 95th percentile).
In the worst 12 months, $10k could have lost $1,775.
Deepest peak-to-trough drop in the last year.
moderateas of 2026-06-12
Past results, not a forecast. Not investment advice.
What would change the read
(catalysts & re-read triggers)What changed
The most important moves since the prior daily snapshot.
Short-term · Daily
- No material changes since the prior snapshot.
No material changes since the prior snapshot.
as of 2026-06-12
What to watch next
Specific, dated things to watch for, each with what would confirm it and what would prove it wrong.
Intermediate · Weekly
- UpsideHigh confidenceQuartersactive 14d
Watch for commercial loan growth exceeding 5% YoY
Why it matters: Strong growth in commercial loans shows healthy demand. This can increase overall revenue.
What confirms / what disproves
Confirms:Commercial loan growth exceeds 5% year-over-year in the next quarter.
Disproves:If commercial loan growth is below 5% year-over-year, it may be a concern.
Earnings call
News catalysts
Recent news graded against this company's own objectives — whether it reinforces or challenges the thesis, and how confirmed it is.
No graded news catalysts for KEY yet.
This sector is also watching
- Watch for revenue growth dropping below 10% across major banks
- Watch for changes in FOMC interest rate policy on June 17
What could change this view
Conditional scenarios: if X happens, the view would shift in this direction. These are not predictions.
Intermediate · Weekly
Upside triggers
- If sector bellwethers like HDB, IBN, and PNC keep beating earnings and guiding higher, the Financials sector momentum should keep lifting KEY and other Financials names. Worth watching these names for early signals.
- If KEY raises forward guidance on the next earnings call (currently NEW as of 2026-04-16), that's a momentum boost. Street estimates typically follow guidance up and the stock tends to re-rate higher.
Downside triggers
- If KEY cuts guidance on the next call (currently NEW as of 2026-04-16), that's a meaningful negative. The Street tends to walk down estimates and the stock usually takes a leg lower.
- If the Fed starts cutting rates from the current 3.62%, that would weigh on KEY and other Financials names, since the sector usually outperforms when rates stay high.
- If sector bellwethers like HDB, IBN, and PNC start missing or guiding lower, the Financials tailwind helping KEY and other Financials names could fade. Watch these names for early warning.
Recent events
(material 8-K / filing activity)Material updates
Recent SEC 8-K filings ranked by likely impact, confidence, and recency.
- 2026-05-141mo agoItem 8.01
Other Events. On May 13, 2026, KeyCorp announced that its Board of Directors has authorized a share repurchase program pursuant to which the Company may purchase up to $3.0 billion of KeyCorp common shares. A copy of the press release announcing the share repurchase program is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Cautionary Note Regarding Forward-Looking Statements From time to time, the Company has made or will make forward-looking statements within the me…
Capital allocationpositive
Score history
Whether the overall read has been drifting up or down lately, and how it's changed since last week.
+7.4 vs last weeklatest as of 2026-06-13
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.