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KeyCorp: Mixed Q3 2018 Results, But The Stock Has One Near-Term Catalyst

October 20, 2018

Summary: 

- KeyCorp reported Q3 2018 results that were not well-received by the market.

- The bank's growing dividend (and capital return plan) may be the only near-term catalyst for the stock.

- I am long KeyCorp and may build the position over the next few quarters.

 

KeyCorp ($KEY) recently reported Q3 2018 financial results that were not well-received by the market, as shown by the almost 6% decline in the stock price over the last five days. On an YTD basis, KEY shares have significantly underperformed the broader market.

 

It was hard to find many positive takeaways from KeyCorp's most recent results, but in my opinion, this regional bank will be able to bounce back. The dividend may be the only thing going for this bank for the time being, of course, besides an improving backdrop that should help management get the company back on track.

 

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