Keefe, Bruyette & Woods
Upgrade grade
B
Downgrade grade
A
Keefe, Bruyette & Woods was founded in 1962 and has established itself as a premier specialist investment bank focused exclusively on the financial services sector, including banks, insurance companies, and diversified financial institutions. The firm maintains significant scale with approximately 4,980 analyst ratings calls in our database covering US equities, reflecting their deep engagement with publicly traded financial companies. KBW is widely recognized as one of the leading independent research voices in banking and insurance, known for their rigorous fundamental analysis and close relationships with institutional investors seeking specialized sector expertise. The firm has earned a distinctive reputation for their contrarian insights during financial cycles, having maintained independence and credibility through multiple market downturns and industry recessions by resisting groupthink and providing nuanced perspectives on financial sector valuations and risks that often diverge from consensus views.
Upgrades
519
77.26% win rate
· avg +2.04% D1
Downgrades
525
80.0% win rate
· avg -2.20% D1
Avg Gap — Upgrades
+1.68%
open vs prev close
Avg Gap — Downgrades
-1.89%
open vs prev close
Performance by Sector
| Sector | ↑ Win% | ↑ D1 | ↓ Win% | ↓ D1 |
|---|---|---|---|---|
| Financial Services | 77.43% (452) | +2.08% | 80.55% (473) | -2.21% |
| Real Estate | 76.09% (46) | +1.57% | 81.82% (33) | -2.28% |
| Technology | 81.82% (11) | +3.28% | — | — |
Win Rate by Year
| Year | ↑ Win% | ↑ Calls | ↓ Win% | ↓ Calls |
|---|---|---|---|---|
| 2026 | 78.6% | 14 | 66.7% | 15 |
| 2025 | 71.9% | 57 | 92.6% | 27 |
| 2024 | 84.2% | 57 | 80.9% | 47 |
| 2023 | 65.8% | 38 | 79.5% | 39 |
| 2022 | 78.3% | 23 | 88.2% | 68 |
| 2021 | 82.1% | 28 | 68.8% | 16 |
| 2020 | 75.0% | 44 | 66.7% | 36 |
| 2019 | 85.7% | 21 | 83.3% | 42 |
| 2018 | 74.3% | 35 | 92.3% | 26 |
| 2017 | 80.0% | 35 | 88.5% | 26 |
Recent Calls
| Date | Ticker | Company | Sector | Action | Grade Change | PT | Gap | D1 |
|---|---|---|---|---|---|---|---|---|
| May 1, 2026 | INBK | First Internet Bancorp | Financial Services | Maintains | Market Perform → Market Perform | — | +2.7% | +3.5% |
| May 1, 2026 | MITT | TPG Mortgage Investment Trust Inc | Real Estate | Maintains | Market Perform → Market Perform | — | -0.3% | -0.9% |
| May 1, 2026 | JMSB | John Marshall Bancorp, Inc. | Financial Services | Maintains | Outperform → Outperform | — | +0.0% | +2.2% |
| May 1, 2026 | NEWT | NewtekOne, Inc. | Financial Services | Maintains | Market Perform → Market Perform | — | +3.7% | +1.2% |
| May 1, 2026 | DGICA | Donegal Group Inc. | Financial Services | Maintains | Market Perform → Market Perform | — | -1.2% | -2.4% |
| May 1, 2026 | ALRS | Alerus Financial Corporation | Financial Services | Maintains | Market Perform → Market Perform | — | +0.6% | +0.0% |
| May 1, 2026 | FMBH | First Mid Bancshares, Inc. | Financial Services | Maintains | Market Perform → Market Perform | — | +1.1% | +3.2% |
| May 1, 2026 | CCB | Coastal Financial Corporation | Financial Services | Maintains | Outperform → Outperform | — | +0.0% | +1.0% |
| May 1, 2026 | BBT | Beacon Financial Corp. | Financial Services | Maintains | Outperform → Outperform | — | -0.8% | +0.6% |
| May 1, 2026 | PFS | Provident Financial Services, Inc. | Financial Services | Maintains | Outperform → Outperform | — | -0.1% | -1.3% |
| May 1, 2026 | FIBK | First Interstate BancSystem, Inc. | Financial Services | Downgrade | Outperform → Market Perform | — | -0.1% | -0.1% |
| May 1, 2026 | NMRK | Newmark Group, Inc. | Real Estate | Maintains | Outperform → Outperform | — | +1.4% | -0.5% |
| May 1, 2026 | RYAN | Ryan Specialty Holdings, Inc. | Financial Services | Maintains | Outperform → Outperform | — | -14.0% | -11.3% |
| May 1, 2026 | WBS | Webster Financial Corporation | Financial Services | Maintains | Outperform → Outperform | — | +0.3% | -0.2% |
| May 1, 2026 | TROW | T. Rowe Price Group, Inc. | Financial Services | Maintains | Market Perform → Market Perform | — | +0.8% | +0.5% |
| May 1, 2026 | AJG | Arthur J. Gallagher & Co. | Financial Services | Maintains | Market Perform → Market Perform | — | +5.1% | +0.8% |
| May 1, 2026 | FIBK | First Interstate BancSystem, Inc. | Financial Services | Downgrade | Outperform → Mkt Perform | — | -0.1% | -0.1% |
| Apr 29, 2026 | BMRC | Bank of Marin Bancorp | Financial Services | Maintains | Outperform → Outperform | — | -0.6% | -1.7% |
| Apr 29, 2026 | CBNK | Capital Bancorp, Inc. | Financial Services | Maintains | Market Perform → Market Perform | — | +0.8% | +2.9% |
| Apr 29, 2026 | CAC | Camden National Corporation | Financial Services | Maintains | Market Perform → Market Perform | — | -0.2% | -5.3% |
| Apr 29, 2026 | NBN | Northeast Bank | Financial Services | Maintains | Market Perform → Market Perform | — | +0.9% | -4.0% |
| Apr 29, 2026 | GABC | German American Bancorp, Inc. | Financial Services | Maintains | Market Perform → Market Perform | — | -0.5% | -0.4% |
| Apr 29, 2026 | NWBI | Northwest Bancshares, Inc. | Financial Services | Maintains | Market Perform → Market Perform | — | -0.5% | -2.9% |
| Apr 29, 2026 | PJT | PJT Partners Inc. | Financial Services | Maintains | Outperform → Outperform | — | -0.5% | -0.8% |
| Apr 29, 2026 | CBC | Central Bancompany, Inc. Class A Common Stock | Financial Services | Maintains | Market Perform → Market Perform | — | +0.6% | +1.2% |