Stockchase Opinions

Jenny Harrington, CEO, Gilman Hill Asset Management Keycorp KEY-N WATCH Dec 29, 2023

It's on her watchlist. She's keen to see next week's bank earnings and is bullish banks. KEY has been underperforming big. It reports Jan. 18.

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Stock price when the opinion was issued

banks
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BUY

By and large US banks are quite cheap. There is still a holdover from 2008-2009 where there were some issues. The longer that time goes on, the longer interest rates stay low and the longer these companies get rid of and restructure their balance sheets, the better is their outlook. They all have good upside potential of 50%-70%. It is a question of when the market is going to be a little more relaxed about the stocks and freely buy and recommend them again.

TOP PICK

Financials are cheap – 8-9% earnings yield. He likes the numbers – a little bit of growth.

COMMENT

Believes it is the 5th largest bank in the US. Has a nice dividend yield of 2.7%. Very strong in commercial lending as well as business lending, and works with consumers. Has very good relationship management with communities in the Midwest. It really makes sense to buy a company like this. There will be more integration and more acquisitions within banking.

PAST TOP PICK

(A Top Pick Aug 22/16. Up 36.98%.) If you are bullish on a sector, and you are right, you are going to do better on the smaller and mid-cap names.

COMMENT

Recently hit a 10-year high. They did an acquisition of another bank recently that is going very well. He generally doesn’t like bank stocks, but if he is going to buy one, this is one he does like. This is not for the faint of heart, there is a lot of risk in stocks like this.

PAST TOP PICK

(A Top Pick Aug 22/16. Up 54.49%.) A small-cap bank. If you are risk averse, he would advise you to get out of the stock. If not, the story is still good. Thinks there is still some upside, especially if interest rates go up.

HOLD
Is bouncing nicely today. It's okay, but he prefers the investment banks. Net income was down 30% YOY but pays a nice 4.8% dividend yield. This can still do okay.
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TOP PICK

KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $170.3 billion at December 31, 2020. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of more than 1,000 branches and approximately 1,400 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. Social media mentions are up 500% in the past 24h.

BUY

It just missed earnings and lowered its full-year guidance. But it still rallied 12%, because it had fallen so much in the spring regional bank crisis.