Bank’s fourth-quarter outlook disappoints investors
- KeyCorp stock falls 3.8% on lower non-interest income forecast
- Fourth-quarter outlook for non-interest income to drop by 5% to 8%
- Previous estimate was for an increase of 1% to 3%
- Fourth-quarter loan activity expected to drop by 1% to 3%
- Net interest income expected to remain relatively stable
KeyCorp’s stock was down 3.8% after the bank revised its fourth-quarter outlook for non-interest income. The bank now expects a drop of 5% to 8%, compared to the previous estimate of a 1% to 3% increase. Additionally, fourth-quarter loan activity is projected to decline by 1% to 3%, while net interest income is expected to remain relatively stable. These revised estimates were disclosed during KeyCorp’s appearance at the Goldman Sachs 2023 U.S. Financial Services Conference.
Factuality Level: 8
Factuality Justification: The article provides specific information about KeyCorp’s stock performance and the bank’s revised fourth-quarter outlook. The information is based on the bank’s filing and appearance at a financial services conference, which suggests a level of credibility. However, the article does not provide any additional context or analysis, making it difficult to fully assess the accuracy of the information.
Noise Level: 8
Noise Justification: The article provides specific information about KeyCorp’s stock performance and its revised fourth-quarter outlook. However, it lacks analysis, evidence, or actionable insights. It stays on topic and does not dive into unrelated territories, but it does not hold powerful people accountable or explore the consequences of decisions. Overall, the article contains mostly factual information without providing much value beyond the basic news.
Financial Relevance: Yes
Financial Markets Impacted: KeyCorp’s stock
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article pertains to financial topics as it discusses KeyCorp’s stock performance and its revised fourth-quarter outlook.
Public Companies: KeyCorp (KEY)
Key People:
Reported publicly:
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