$KEY · KEYCORP /NEW/
KeyCorp filed an investor presentation for European meetings in September 2026, outlining its strategic roadmap. The company targets 15%+ ROTCE by 4Q27 and 16-19% long-term, with a NIM path to 3.25%+ by 4Q27 driven by $30B in fixed-rate asset repricing. FY2026 guidance includes revenue up ~8%, NII up 9-11%, and at least $1.3B in share repurchases under a $3B board authorization.
- Targeting 15%+ ROTCE by 4Q27 and 16-19% ROTCE long-term
- Expects to repurchase at least $1.3B of shares in 2026; board authorized up to $3B
- NIM exit rate guided to 3.00-3.05% for 4Q26, path to 3.25%+ by 4Q27
- Priority fee businesses (Wealth, IB, Payments) grew +8% collectively in 1H26 vs 1H25
- Record AUM of $74B; CET1 ratio of 9.8% marked, top quartile among peers
Stock up 1.80% in regular session to $20.61; after-hours session now active. The presentation reinforces bullish sentiment with concrete medium-term targets and a substantial buyback commitment.
KeyCorp is putting hard numbers behind its turnaround: 15%+ ROTCE by 4Q27, $1.3B+ buybacks, and a NIM expansion roadmap that would close the gap to the 3.2% peer median.
KeyCorp's marked CET1 of 9.8% sits above the 9.4% peer median, and its 42% noninterest income/revenue mix leads the 30% peer median. The $30B fixed-rate asset repricing tailwind through 2027 is a differentiated NIM catalyst vs. regional peers.
NCOs at 42 bps in 2Q26 with CRE criticized loans at 9.05%; office NPLs at 1.52%. Consumer unsecured NCO ratio at 1.77%, though portfolio is ~60% professional student loans.
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