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) announced its schedule for upcoming quarterly conference calls to review financial results in 2022. The calls are set for:
- Fourth Quarter 2021: January 20 at 8:00am ET
- First Quarter 2022: April 21 at 8:00am ET
- Second Quarter 2022: July 21 at 8:00am ET
- Third Quarter 2022: October 20 at 8:00am ET
The financial results will be released prior to market openings on designated dates. Access to live webcasts and other materials will be available on KeyCorp's investor relations website.
KeyBank has enhanced its client experience through a significant investment in nCino's technology. The nCino Bank Operating System® will now support KeyBank's small business banking, improving transparency and client engagement. As part of this expansion, KeyBank aims to offer a comprehensive view of clients' financial health, especially in light of ongoing economic challenges from the Covid-19 pandemic. A recent survey indicated that 42% of business owners prioritize financial planning as they prepare for potential economic shifts.
KeyCorp (NYSE: KEY) will present at the Goldman Sachs U.S. Financial Services Conference on December 7, 2021, at 10:40 a.m. ET. CEO Chris Gorman and CFO Don Kimble will discuss the company's performance, strategy, and outlook. The event will be available via live webcast and can be accessed later for a re-broadcast. With assets totaling approximately $187.0 billion as of September 30, 2021, KeyCorp operates over 1,000 branches and offers a range of financial services across 15 states.
KeyBank National Association has acquired XUP Payments, a digital platform focused on B2B payments. This acquisition aims to enhance client onboarding and service experiences, building on a successful prior partnership. By integrating XUP's technology, KeyBank seeks to advance its embedded banking strategy and improve its commercial product offerings. The acquisition follows several fintech partnerships and enhances KeyBank's status as a leader in financial innovation, aiming to provide best-in-class payment experiences.
KeyCorp (NYSE: KEY) will announce its fourth quarter 2021 earnings on January 20, 2022, before market opening. A conference call at 8:00 a.m. ET will discuss financial results, strategy, and outlook. KeyCorp, headquartered in Cleveland, Ohio, holds approximately $187.0 billion in assets as of September 30, 2021. The company serves individuals and businesses across 15 states through its network of 1,000 branches and around 1,300 ATMs.
KeyCorp (NYSE: KEY) will present at the BancAnalysts Association of Boston Conference on November 4, 2021, at 9:40 a.m. ET in Boston, Massachusetts. KeyCorp's executive team, including Victor Alexander, Jamie Warder, and Don Kimble, will discuss the company's performance, strategy, and future outlook. Investors can access the live audio webcast and presentation materials at www.key.com/ir. KeyCorp has nearly 200 years of history and approximately $187.0 billion in assets as of September 30, 2021.
KeyCorp (KEY) reported a net income of $616 million in Q3 2021, or $.65 per diluted share, reflecting a 11.7% decline from Q2 2021 but a 55.2% increase from Q3 2020. Revenue rose to $1.822 billion, up 8% year-over-year, driven by strong performances in consumer loans and investment banking. Key's credit quality remained robust, with nonperforming loans decreasing to $554 million. The bank initiated an accelerated share repurchase program, supported by capital relief from the sale of its indirect auto loan portfolio. The Common Equity Tier 1 ratio stood at 9.6%.
KeyBank reported a substantial increase in its SBA lending during FY 2021, extending 947 loans totaling $434 million, more than doubling its unit approvals from 2020. This achievement secured KeyBank a top 10 ranking among over 1,700 lenders and marked a record-breaking year for the bank. Additionally, through the Paycheck Protection Program, KeyBank processed around 70,000 loans amounting to $11 billion. KeyBank continues to rank among the top SBA lenders nationally, having provided over $2 billion in financing since 2015.
Laurel Road, a digital banking platform of KeyBank, announced the launch of its new checking account and mobile application aimed at healthcare and business professionals. The account offers features like a $500 cash bonus for direct deposits and discounts on student loan refinancing. A survey revealed that 45% of Gen-Z and millennials are interested in switching banks for better savings options. With no minimum deposit and a wide ATM network, the new offerings cater to the financial needs of busy professionals while promoting financial growth.
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