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.
KeyCorp has announced an increase in its prime lending rate from 7.75% to 8.00%, effective March 23, 2023. This decision reflects adjustments to the economic landscape and impacts borrowing costs for consumers and businesses. KeyCorp, headquartered in Cleveland, Ohio, is a significant player in the financial services industry, managing assets of approximately $189.8 billion as of December 31, 2022. The increase in the prime rate may influence lending activity and overall market dynamics.
KeyBank has awarded a $150,000 grant to the St. Vincent de Paul Society of Lane County (SVdP) to support its new Shed-ucation initiative. This program, developed with Lane Workforce Partnership and Lane Educational Service District, enables students in rural high schools to gain hands-on experience by building sheds for mobile-home parks. The funding will cover costs for materials and labor, benefiting students with practical skills and low-income families with quality storage solutions. KeyBank's Market President praised the project for its community impact and career preparation for youth.
KeyBank has strengthened its commitment to diversity, equity, and inclusion by launching a partnership with Resilia, a social enterprise helping nonprofits led by Black, Hispanic, Indigenous, and people of color. This initiative will support 25 grassroots organizations across the U.S. through a year-long capacity-building pilot program designed to enhance their infrastructure and operational capabilities. Services include board development, fundraising plans, and management coaching. Shanelle Smith Whigham from KeyBank highlighted that a thriving nonprofit sector is crucial for community success.
KeyBank has donated $100,000 to support Rochester's Office of Financial Empowerment's Financial Empowerment Center (FEC) program. This funding aims to enhance efforts to promote homeownership for low-income families, support small businesses, and assist individuals from the re-entry population. The FEC has served over 2,300 clients since its launch in February 2020, helping them increase savings by over $1.6 million and reduce debt by more than $2.2 million. KeyBank's support is part of its commitment to fostering community growth and economic inclusion.
KeyBank has issued its second annual Task Force on Climate-related Financial Disclosures (TCFD) report, highlighting its dedication to combat climate change. The report details updated environmental targets, including achieving carbon neutral operations by 2030 and facilitating $38 billion for climate initiatives by 2026. KeyBank has reported a 31% reduction in greenhouse gas emissions and a 23% decrease in energy consumption since 2016. The establishment of a Climate Oversight Council and notable investments in renewable energy affirm KeyBank's commitment to a low-carbon economy.
KeyBank has announced a donation of $12,500 to The Next Door, a non-profit organization assisting economically vulnerable adults through financial education programs.
This contribution aligns with KeyBank's values of philanthropy and financial wellness, supporting initiatives aimed at promoting financial independence in the community. The Next Door serves over 3,000 community members annually, offering services such as mental health counseling and outreach training. KeyBank's market president emphasized the importance of this partnership in fostering financial confidence within the community.
KeyBank Community Development Lending and Investment provided $49 million in financing for Columbia Residential to construct the Magnolia Family II affordable housing property in Tallahassee, Florida. The financing includes a $33 million construction loan and a $15.9 million permanent loan. The project consists of 160 units, with 128 units designated for low-income residents. Additionally, residents will receive complimentary supportive services, including employment assistance and financial management programs. This development follows Phase I, with completion scheduled for November 1, 2023.
KeyBank has been recognized in the 2023 Corporate Mentoring Honor Roll by Mentor New York, highlighting its commitment to corporate mentoring initiatives. KeyBank actively participates in mentoring through board service and volunteer efforts in various communities. The KeyBank Foundation contributes funding to non-profits supporting mentoring programs for students and workforce development. Notable beneficiaries include City Year Buffalo and Jubilee Homes of Syracuse Inc.. This acknowledgment reinforces KeyBank’s dedication to fostering professional development and community engagement.
KeyBank Foundation has awarded a $30,000 grant to The Immokalee Foundation aimed at supporting its Career Pathways Program, which prepares students for high-demand careers in various fields such as Business Management and Healthcare. With over 31 years of educational service, the Foundation focuses on career readiness for financially disadvantaged students. This grant is part of KeyBank's broader plan to invest over $29 billion in community development and educational initiatives since 2017. KeyBank Foundation allocated $630,000 in grants in 2022 to assist nonprofits in Southern Florida.
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