Welcome to our dedicated page for KeyCorp news (Ticker: KEY), a resource for investors and traders seeking the latest updates and insights on KeyCorp stock.
KeyCorp (NYSE: KEY) is a prominent financial services company headquartered in Cleveland, Ohio, with roots dating back nearly 200 years to Albany, New York. As one of the nation's largest bank-based financial services companies, KeyCorp has assets of approximately $187 billion as of March 31, 2024. The company operates under the name KeyBank National Association and serves clients through a network of approximately 1,000 branches and 1,200 ATMs across 15 states.
KeyCorp's core services include deposit, lending, cash management, and investment services tailored to individuals and businesses. The company also offers sophisticated corporate and investment banking products such as merger and acquisition advice, public and private debt and equity, syndications, and derivatives to middle market companies throughout the United States under the KeyBanc Capital Markets trade name.
KeyBank is committed to making homeownership more accessible through its array of mortgage products and special purpose credit programs. Recently, the bank introduced Freddie Mac's Home Possible® mortgage loan, designed to offer more options and credit flexibilities to eligible individuals, aiming to boost homeownership rates.
The company also emphasizes wealth management for high net worth (HNW) and ultra-high net worth (UHNW) clients through Key Wealth, which includes Key Private Bank, Key Family Wealth, and Key Institutional Advisors. A strategic partnership with Neuberger Berman has further enhanced Key Wealth's offerings by integrating customized portfolio management to optimize tax efficiency and deliver better client outcomes.
Additionally, KeyCorp focuses on community development and corporate social responsibility. It has invested significantly in projects aimed at affordable housing, supporting small businesses, and educational initiatives. For instance, KeyBank recently invested in clean energy career preparation courses and skilled trade programs to help youth from diverse backgrounds thrive in emerging industries.
Financially, KeyCorp remains robust with a Common Equity Tier 1 ratio of 10.3% as of the first quarter of 2024. Despite challenges such as higher interest rates impacting net interest income and margin, the company continues to show resilience with steady customer deposits and low nonperforming loan ratios. The company declared a dividend of $0.205 per common share for the first quarter, reflecting its strong capital position.
For more information about KeyCorp's services, financial performance, and community initiatives, visit their official website at https://www.key.com.
On June 6th, the Connecticut Convention Center hosted the 13th Annual Power of the Purse Luncheon and Silent Auction, presented by KeyBank and Key4Women. This event, attended by nearly 1,000 women in business and their allies, aimed to support Women United's mission to enhance financial empowerment for families.
KeyBank has been a presenting sponsor for four years, with leaders Allison Standish-Plimpton and Elona Shape highlighting the resources Key4Women offers to women business owners. Actress Rita Moreno, the keynote speaker, delivered an inspiring message about collaboration and support.
The luncheon raised over $377,000, contributing to a cumulative total of $1.8 million since 2012, which supports financial stability programs for Connecticut families, including employment training, financial coaching, and tax preparation services.
KeyBank's Key4Women program, MESO, and the Portland Thorns FC are hosting their second annual business pitch contest for women-owned businesses in Oregon and SW Washington. The contest offers $50,000 in awards, with a grand prize of $20,000. Eligible businesses must be 51% women-owned and headquartered in specific counties. Applications open on June 3, 2024, and close on July 15, 2024. The finalists, announced in early August, will pitch at a live event on October 10, 2024. Last year's winner, Melody Brown of L&M Hair Company, will serve as a judge. The event aims to support women entrepreneurs through mentorship and capital.
KeyBank will host a Juneteenth Financial Wellness Series in Buffalo, N.Y., as part of its support for the 2024 Juneteenth Festival. The workshops, scheduled from 5:00 p.m. to 7:00 p.m. at the C-District Police Station community room, will cover mortgage (June 6), small business (June 13), and wealth building (June 20). KeyBank emphasizes its commitment to inclusivity, offering mortgage and home equity lending products without regard to race, color, religion, national origin, sex, handicap, or familial status. The bank will also participate in the festival parade on June 15.
Operation HOPE, in partnership with U.S. Bank and KeyBank, introduces 'UPLIFT Denver,' a new initiative to enhance financial literacy and economic empowerment in Denver. Scheduled for June 6, 2024, from 4-6 p.m. at the B.E. Event Center, the event aims to provide free financial education and resources to local residents. Attendees can engage in sessions on topics like credit management, homeownership, and entrepreneurship, and interact with financial coaches and community leaders. KeyBank and U.S. Bank highlight the importance of financial literacy as a cornerstone of economic empowerment. The initiative aims to address wealth disparities and increase access to homeownership and business opportunities for diverse working-class families in Denver.
According to HOPE Research Institute, the initiative has already shown progress with average credit scores for clients increasing by 37 points, a median debt reduction of $2,314, and a median savings increase of $1,128. Nearly 300 attendees are expected.
KeyCorp (NYSE: KEY) announced that its CFO, Clark Khayat, and President of KeyBank Real Estate Capital, Daniel Heberle, will present at the Morgan Stanley US Financials, Payments, & CRE Conference on June 11, 2024, at 3:15 p.m. ET in New York City.
The presentation will cover KeyCorp's performance, strategy, and outlook. The live audio webcast will be available at www.key.com/ir, with replays accessible post-event.
With roots tracing back to Albany, NY, KeyCorp is one of the nation’s largest bank-based financial services companies, managing assets of approximately $187 billion as of March 31, 2024. KeyCorp operates in 15 states with around 1,000 branches and 1,200 ATMs, providing a wide range of financial services under KeyBank and KeyBanc Capital Markets.
KeyBank has announced the appointment of Marissa Brydle as their new Sustainability Director, effective June 4, 2024. Brydle will lead the development and execution of KeyBank's climate strategies and disclosures, aiming to drive the company's climate-related commitments. She will also serve as the primary contact for investors and other stakeholders. Brydle brings 15 years of sustainability strategy and disclosure experience, including her recent role at Cleveland-Cliffs, where she led the corporate sustainability team. Her expertise aligns with KeyBank's goal to transition to a low-carbon economy and enhance their corporate responsibility strategy.
KeyBank's Chief Corporate Responsibility Officer and CEO of KeyBank Foundation, Eric Fiala, expressed confidence in Brydle's ability to advance the bank's sustainability initiatives. Brydle holds bachelor's and master's degrees from John Carroll University and has extensive experience in corporate sustainability and external reporting activities.
On May 31, 2024, KeyBank Foundation announced a $450,000 investment to combat food insecurity in East Buffalo. The grant, revealed at the opening of the third season of the KeyBank Delavan-Grider Farmers Market, benefits two organizations: Buffalo Go Green and the Independent Health Foundation's 'Healthy Options at Home' program.
Buffalo Go Green received $300,000, supporting its Holistic Wellness & Agricultural Education Campus, Fruits & Vegetables Prescription Program, and nutrition education in their new commercial kitchen. The Independent Health Foundation received $150,000 for its comprehensive nutrition education program, providing meal kits and cooking tools to over 1,500 families since its inception amid the COVID-19 pandemic.
KeyBank has invested over $1 billion in Buffalo and Western New York since 2017, focusing on affordable housing, community development, small business, and home lending in low-to-moderate-income communities.
KeyBank's 2024 Small Business Survey reveals that fraud remains a significant concern for small business owners. The survey highlights that payment fraud (44%), identity theft (37%), malware and ransomware attacks (28%), and phishing and email scams (27%) are top threats. To combat these risks, KeyBank offers various resources and tools. In 2023, KeyBank lent $267.7 million to low-to-moderate income (LMI) communities and processed $11.2 billion in Paycheck Protection Program (PPP) loans in 2020-2021. KeyBank, a leading SBA lender, has provided over $4.5 billion in small business loans and lines of credit. The bank recently received its 11th consecutive 'Outstanding' rating from the OCC for their Community Reinvestment Act activities.
KeyBank has been recognized as one of the 50 most community-minded companies in America by Points of Light for the eleventh time. The Civic 50 survey, administered by True Impact, evaluates companies based on resource investment, business integration, policy institutionalization, and impact measurement. KeyBank is one of the few companies to consistently achieve high marks in the program's 12-year history. Additionally, KeyBank has been named this year's Financials Sector Leader, marking the seventh year for this accolade. The Civic 50 highlights companies dedicated to leveraging their resources for social impact.
KeyBank (NYSE:KEY) has been ranked 17th on Fair360's 2024 'Top 50 Companies for Diversity' list, an improvement from its 22nd position in 2023.
This is the 15th time KeyBank has appeared on the list. The company also ranked highly in several specialty lists, including #1 for People with Disabilities, #6 for Veterans, and #9 for LGBTQ+ Employees.
Chris Gorman, Chairman and CEO, highlighted the company's dedication to diversity, equity, and inclusion as key factors behind this recognition. KeyBank, headquartered in Cleveland, Ohio, operates in 15 states with assets of approximately $187 billion as of March 31, 2024.
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