KeyCorp (KEY)

KeyCorp&#39;s (<a href=http://www.zacks.com/stock/quote/key>KEY</a>) second-quarter net loss came in at 69 cents per share, substantially worse than the Zacks Consensus Estimate. The downside primarily resulted from preferred dividend payment and a significant increase in the provision for loan losses. <p> Credit quality worsened significantly during the quarter. However, we are impressed by the company&#39;s steps to reduce its exposure to the commercial real estate (CRE) home builders business. <p> Though the company will benefit by exiting its risky and unprofitable businesses, we expect elevated provision requirements and a weak net interest to put significant pressure on its profitability. As such, the shares carry and Underperform recommendation from us.

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