KeyCorp (KEY) CEO Beth Mooney looks to turn around the bank’s business by growing market share in its core markets, and although expenses were higher than expected in the last quarter, the company continues showing progress, says Mark Palmer, Managing Director and Equity Analyst for BTIG LLC.
“The transaction that KeyCorp did with First Niagara (FNFG) last year, in which it acquired HSBC (HBC) branches and consequently was able to significantly increase its market share in Buffalo and Rochester, New York, was a good example of the type of transaction that will help KEY to address that core problem of penetration,” Palmer said.
Palmer also says KEY is growing its lending book, and the company, along with Comerica (CMA), maintains one of the best capital ratios in the industry, positioning KEY to return significant amounts of capital to shareholders.
“We believe that they will have little trouble having their requests for capital return approved by the Fed this year, and we’re in the middle of the CCAR process, which is the process for having the Fed approve the various banks’ capital plans,” Palmer said.
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