Keefe, Bruyette & Woods Reports Better Than Expected Operating Results For KeyCorp

According to Keefe, Bruyette & Woods, KeyCorp

reported better-than-expected operating results of $0.27/share. Keefe, Bruyette & Woods reported that expenses came in better than expected; however, the majority of the beat was due to an outsized reserve release. “Revenues missed our forecast on both lower spread and fee income. We are raising our 2011 estimate as we are pulling forward our reserve release expectations, which results in a lower 2012 estimate. Our 2013 estimate remains unchanged.” KeyCorp closed yesterday at $8.59.