Banks are an intriguing area of the market right now. The meltdown the industry suffered beginning in the first quarter and spilling over into April and May left a lot of bank stocks at dirt-cheap valuations. But cheap is not always good, especially if the company faces additional headwinds.
One of those cheap, beaten-down bank stocks is (NYSE: KEY), the holding company for KeyBank. Let's see if this is a stock that's worth an investment.
KeyCorp was hit harder than the average bank this year, with its stock price down about 39% year to date to about $10.65 per share, as of Aug. 15. If you compare it to its peers, this bank with about $195 billion in assets (ranked 21st in the U.S.) has underperformed. The KBW Nasdaq Bank Index, which tracks the 24 largest banks in the country, is down just 16% in 2023.
Source Fool.com