This is one of my favorite banks out there, said Cramer.
If you watch Mad Money regularly you know that the resurgence of the regional banks is one of many long-term investable themes that Cramer introduced at the beginning of the year. Back on January 7th, Cramer said if he could play the theme with only one bank it would be KeyCorp. "I think it's the most undervalued regional and should benefit from a resurgence in the heartland," he said at the time.
Fast forward 10 months, and the price action in KeyCorp appears to confirm Cramer's aplomb for picking winners.
Shares are up over 40% year to date. That's more than twice the S&P 500.
And with over a thousand branches across 24 states in the Midwest, the Northeast, and the Pacific Northwest, Cramer thinks KeyCorp is well positioned going foward.
In part that's because Cramer expects a recovery in housing to pick up steam.
If KeyCorp's recent earnings are any indication, business has already picked up steam; the latest results released Wednesday showed profits rose and loans increased