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.
Republic First Bancorp, Inc. has appointed Thomas X. Geisel as CEO and Michael W. Harrington as CFO, effective immediately. Geisel brings over 20 years of banking experience from roles at Webster Bank, while Harrington has over 30 years in community banking, most recently at Bryn Mawr Trust. The new leadership aims to evaluate capital alternatives, restructure the balance sheet, and enhance customer experience through technology. Founder Harry Madonna will step down as Interim CEO but remain Chairman during this transition.
KeyCorp has announced an increase in its prime lending rate from 7.00% to 7.50%, effective December 15, 2022. This change reflects ongoing trends in the financial services sector and could impact borrowing costs across key markets.
With assets totaling approximately $190.1 billion as of September 30, 2022, KeyCorp operates a comprehensive banking network, offering various financial services through around 1,000 branches and approximately 1,300 ATMs across 15 states.
KeyCorp (NYSE:KEY) has announced the retirement of CFO Donald R. Kimble, effective May 1, 2023. Clark H.I. Khayat, the current Chief Strategy Officer, will succeed him. Kimble is praised for his leadership and strategic contributions to the company. Khayat, who joined KeyCorp in 2012, has a strong background in corporate strategy, leading successful initiatives in digital and fintech partnerships, and overseeing acquisitions. KeyCorp, headquartered in Cleveland, boasts approximately $190.1 billion in assets and a substantial national banking presence.
KeyCorp (NYSE: KEY) announced that CEO Chris Gorman and CFO Don Kimble will present at the Goldman Sachs U.S. Financial Services Conference on December 6, 2022, at 1:40 p.m. ET in New York City. The presentation will cover the company's performance, strategy, and outlook. Interested parties can access the live audio webcast and presentation materials on KeyCorp's investor relations website. As of September 30, 2022, KeyCorp had approximately $190.1 billion in assets and operates around 1,000 branches nationwide.
KeyCorp has announced an increase in its prime lending rate from 6.25% to 7.00%, effective November 3, 2022. This change reflects adjustments in market conditions and may impact borrowers and investors.
As of September 30, 2022, KeyCorp holds approximately $190.1 billion in assets and offers a wide range of financial services through its KeyBank and KeyBanc Capital Markets divisions across 15 states.
KeyCorp reported a net income of $513 million for Q3 2022, translating to $0.55 per diluted share, a slight rise from the previous quarter but a decline from a year ago. Revenue increased 5% quarter-over-quarter to $1.886 billion, driven by loan growth in commercial and consumer sectors. Credit quality remains strong, with net charge-offs at low levels. However, noninterest income dropped 14.3% year-over-year, primarily due to declines in investment banking and consumer mortgage income. The Common Equity Tier 1 ratio stood at 9.1%.
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