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 (NYSE: KEY) will present at the 2023 RBC Capital Markets Financial Institutions Conference on March 7, 2023, at 2:00 p.m. ET in New York City. Executives Don Kimble, Vice Chairman and CFO, and Clark Khayat, EVP and Chief Strategy Officer, will discuss the company's performance, strategy, and outlook.
KeyCorp, headquartered in Cleveland, Ohio, has assets of approximately $190 billion as of December 31, 2022. The company offers a wide range of financial services through KeyBank National Association, which includes approximately 1,000 branches and 1,300 ATMs across 15 states.
KeyBank has been recognized as one of the Best Banks of 2023 by GoBankingRates. The ranking evaluated 18 banks based on criteria such as total assets, account fees, minimum deposit requirements, and customer service. KeyBank's variety of products, including five checking account options and a Hassle Free checking account, were highlighted for helping reduce fees. The bank emphasizes customer support, offering extended hours and multiple contact methods.
KeyBank has partnered with Parachute Credit Counseling to provide free tax preparation services in Niagara County, New York, aimed at low- to moderate-income individuals and families. The initiative includes assistance in determining eligibility for the Earned Income Tax Credit (EITC), which offers substantial tax refunds. KeyBank volunteers will be available every Tuesday and Wednesday through early April at two local community centers. The EITC benefits those with specific income thresholds, and many eligible individuals fail to claim it, resulting in billions of unclaimed dollars.
KeyBank's Key4Women will host a free webinar titled "Grit and Grace" on March 1, 2023, at 12 PM EST, to kick off Women's History Month. The event features guest speaker Cheryle Jackson, CEO of MyOwnDoctor and founder of Grit and Grace, who will discuss balancing ambition with self-compassion for sustained success. Jackson's diverse career includes roles as a C-suite executive, CEO of the Chicago Urban League, and a candidate for the U.S. Senate. KeyBank aims to empower women through this initiative, encouraging participants to overcome challenges and achieve their personal and professional goals.
Key Family Wealth, division of Key Private Bank, was awarded the "Best Multi-family Office" in the $10 billion - $20 billion category at the 2023 Private Asset Management (PAM) awards, marking their third consecutive win. This recognition, based on both quantitative and qualitative metrics, highlights their exceptional advisory services and client care. Key Family Wealth manages over $17.3 billion in assets under management (AUM) and is known for aiding business owners in wealth transition strategies. Headquartered in Cleveland, KeyCorp, with assets of approximately $189.8 billion, offers financial services across the United States.
KeyBank Foundation announced a $1.25 million investment in seven non-profit organizations in Northeast Ohio aimed at enhancing workforce development, education, and diversity, equity, and inclusion (DEI) initiatives. This initiative is part of KeyBank's broader commitment to invest $40 billion in community projects. Notable beneficiaries include the Urban League of Greater Cleveland and Boys & Girls Clubs of Northeast Ohio, which will use the funds for programs that support minority small businesses and prepare youth for future careers. Since 2017, KeyBank has invested over $1.6 billion in Northeast Ohio through its National Community Benefits Plan.
KeyBank is launching its annual Super Refund Saturday events on February 4, 2023, across several states to provide free tax preparation services for low- to moderate-income individuals and families. The initiative helps clients determine eligibility for the Earned Income Tax Credit (EITC), a financial benefit for qualifying workers. Many eligible filers fail to claim the EITC, leading to billions in unclaimed refunds. KeyBank will collaborate with local organizations to host events in cities like Cleveland, Dayton, and Indianapolis, among others, throughout February. Participants should bring necessary documents for successful filing.
KeyBank (NYSE: KEY) is streamlining home loan processes using Blend's digital platform, resulting in an average loan closing time that's 17 days faster. Amid rising interest rates, this efficiency empowers clients to navigate the competitive housing market. Currently, 83% of applicants complete their mortgage applications, taking just 29 minutes on average. Over half of client interactions occur outside regular business hours, highlighting the platform's convenience. A client example illustrates the expedited process, with a loan approved in under three weeks. KeyBank's collaboration with Blend aims to enhance homeownership experiences.
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