KeyCorp has its work cut out for it as the bank attempts to reduce expenses.
No-moat KeyCorp produced an 8% return on tangible common equity in the second quarter as its efficiency ratio came in at a subpar 69%. The results included $45 million of merger-related expenses (of $751 million in total noninterest expense), reducing the bank’s return on assets by nearly 13%. We expect expenses to remain elevated for some time as the bank will soon complete the acquisition of First Niagara. Our fair value estimate remains $15 per share.Excluding merger-related expenses, Key wa...
KeyCorp is a bank holding company. Through its principal subsidiary, KeyBank National Association and certain other subsidiaries, the company has the following main business segments: Consumer Bank, which serves individuals and small businesses by providing a variety of deposit and investment products, personal finance and financial wellness services, lending, mortgage and home equity, student loan refinancing, credit card, treasury services, and business advisory services; and Commercial Bank, which is focused principally on serving the needs of middle market clients in the following industry sectors, including consumer, energy, healthcare, industrial, public sector, real estate, and technology.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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