KeyCorp's Stock Has Now Fallen More Than the Broader Banking Sector. Is Now the Time to Buy?
Since the start of the banking crisis in March, large and super regional bank stocks have been hit especially hard. The SPDR S Regional Banking ETF is down nearly 29% this year.
But (NYSE: KEY) has been hit even harder, with shares down about 40%. The bank had a rough first quarter and certainly faces some near-term challenges. But given the big sell-off, is it time for investors to jump in and buy the dip? Let's take a look.
As I pointed out in an article published on the eve of the banking crisis, KeyCorp's deposit beta performed very well in 2022, coming in at just 16%. The deposit beta looks at how much a bank will raise deposit pricing in response to changes in interest rates over a set period of time, so the lower the beta the better. Furthermore, management in January projected deposit beta to peak at less than 30%, which would have outperformed its peer group.
Source Fool.com
KeyCorp Stock
With 21 Buy predictions and not a single Sell prediction KeyCorp is an absolute favorite of our community.
On the other hand, the target price of 15 € is below the current price of 15.16 € for KeyCorp, so the potential is actually -1.08%.
