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Bank of America vs. KeyCorp: Which Bank Stock is a Better Buy?

Stock MarketsJul 08, 2021 01:30PM ET
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© Reuters. Bank of America vs. KeyCorp: Which Bank Stock is a Better Buy?

Although the Fed’s low interest rate policy has affected banks severely, we think surging economic and capital market activities should benefit fundamentally sound banking stocks Bank of America (BAC) and KeyCorp (NYSE:KEY) in the coming quarters. But let’s find out which of these two stocks is a better buy now.Bank of America Corporation (NYSE:BAC) and KeyCorp (KEY) are two prominent players in the banking industry. BAC provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments worldwide. However, KEY provides retail and commercial banking, commercial leasing, investment management, and investment banking products and services to individual, corporate, and institutional clients.

Though the Federal Reserve is expected to maintain the low interest rate environment despite rising inflation during the economic recovery period, rising economic activities, business loan demand, and capital markets transactions should allow banks with diversified sources of revenues to benefit in the near term. Furthermore, technological advancements should help banks generate decent revenue in the digital era. The global financial services market is expected to grow at a 6% CAGR to reach $28.53 trillion by 2025. So, both BAC and KEY should witness a decent growth in the coming quarters.

While KEY has gained 7.7% over the past month, BAC returned 21%. In terms of past year’s performance, KEY is a winner with 73.9% gains versus BAC’s 72.8% returns. But which of these stocks is a better pick now? Let’s find out.

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Bank of America vs. KeyCorp: Which Bank Stock is a Better Buy?
 

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