Keefe, Bruyette & Woods
Keefe, Bruyette & Woods, Inc.
Keefe, Bruyette & Woods (KBW) is a New York-based investment bank specializing in financial services and a wholly owned subsidiary of Stifel Financial. It is known for bank and insurance research and, with Nasdaq, maintains the KBW Nasdaq family of financial-sector indexes.
Company history
Harry Keefe Jr., Gene Bruyette and Norbert Woods founded KBW in 1962 around bank-stock research. On September 11, 2001, the firm lost 67 of its 171 New York-based employees at its World Trade Center headquarters; it rebuilt and launched European research from London in 2004. KBW listed on the NYSE in 2006 and was acquired by Stifel Financial for $575 million in 2013, keeping its own brand.
- 1962Founded by Harry Keefe Jr., Gene Bruyette and Norbert Woods
- 1991KBW Bank Index launched
- 2001Loses 67 employees in the World Trade Center attack
- 2004Launches European research business in London
- 2006Initial public offering on the NYSE
- 2013Acquired by Stifel Financial for $575 million
Research
As of 2026 KBW covers more than 600 financial services companies with about 80 analysts, spanning banks, insurers, asset managers, exchanges, consumer and specialty finance, fintech and digital assets. Its Midcap Banks and Consumer Finance research teams ranked first in Extel's 2025 All-America survey. Stocks are rated Outperform, Market Perform or Underperform on expected 12-month performance relative to the sector index, using a ±10 percentage-point band.
Coverage12M
- Stocks
- 397
- Ratings
- 1,197
- Price targets
- 5
- Median upside
- +12.9%
- Upgrades
- 51
- Downgrades
- 38
- Initiations
- 1
- Reiterations
- 1,107
- Targets raised
- 3
- Targets cut
- 0
- Positive47%188
- Neutral50%197
- Negative3%11
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 PGRThe Progressive Corporation | Outperform | $92 |
 AJGArthur J. Gallagher & Co. | Market Perform | — |
 LAZLazard Ltd | Market Perform | — |
 ALLThe Allstate Corporation | Underperform | — |
 AXSAXIS Capital Holdings Limited | Outperform | — |
 RKTRocket Companies, Inc. | Outperform | $16 |
 TRVThe Travelers Companies, Inc. | Market Perform | — |
 ACGLArch Capital Group Ltd. | Market Perform | — |
 BROBrown & Brown, Inc. | Market Perform | — |
 EVREvercore Inc. | Outperform | — |
Analysts24M
- Christopher McGrattyGS1
Recent actions
| Stock | Rating action | Rating | Date |
|---|---|---|---|
| PRPriority Technology Holdings, Inc.PRTH | Reiterate | Market Perform | Sep 22 |
| JXJackson Financial Inc.JXN | Reiterate | Market Perform | Sep 18 |
| The Progressive CorporationPGR | Reiterate | Outperform | Sep 18 |
| THThe Hanover Insurance Group, Inc.THG | Reiterate | Market Perform | Sep 18 |
| BCBCB Bancorp, Inc.BCBP | Reiterate | Market Perform | Sep 17 |
| UCUnited Community Banks, Inc.UCB | Reiterate | Outperform | Sep 16 |
| TRTrustmark CorporationTRMK | Reiterate | Market Perform | Sep 16 |
| GNGenworth Financial, Inc.GNW | Reiterate | Outperform | Sep 16 |
| CSCoinShares PLC Ordinary SharesCSHR | Reiterate | Outperform | Sep 15 |
 Redwood Trust, Inc.RWT | Reiterate | Outperform | Sep 14 |
| JMJohn Marshall Bancorp, Inc.JMSB | Reiterate | Outperform | Sep 14 |
 Simmons First National CorporationSFNC | Upgrade | Market Perform →Outperform | Sep 10 |
Similar coverage12M
References
- Keefe, Bruyette & Woods – Wikipediaen.wikipedia.org
- About Our Firm – KBWkbw.com
- KBW Research Capabilitieskbw.com
- KBW Research Important Disclosures (ratings definitions)stifel.com
- KBW Appoints Stephen Glagola as Managing Director and Senior Research Analyst (GlobeNewswire, Dec 2025)globenewswire.com
- KBW Announces 2026 Bank Honor Roll Award Winners (April 2026)nasdaq.com