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.
KeyBank introduces Key Coverage Zone to help clients avoid overdraft fees for amounts of $20 or less. Effective September 16, 2022, the changes also eliminate non-sufficient funds fees and lower overdraft fees to $20. Overdraft transactions are capped at three daily, and transfers from eligible credit products now incur no fees. These updates reflect KeyBank's commitment to enhancing customer experience and financial flexibility.
KeyCorp (NYSE: KEY) has canceled its presentation and webcast at the Barclays Global Financial Services Conference scheduled for September 12, 2022, at 2:00 PM ET, due to illness related to COVID-19. Additionally, all associated in-person investor meetings are also canceled. KeyCorp, headquartered in Cleveland, Ohio, is one of the largest bank-based financial services companies in the U.S., with assets of approximately $187.0 billion as of June 30, 2022. The company serves customers in 15 states through KeyBank National Association.
Key Family Wealth, part of Key Private Bank, has been awarded the 2022 Wealth Management "Family Office" Industry Award for Best Thought Leadership. Recognized for its Business Advisory Services, Key Family Wealth has successfully assisted numerous privately-held business owners in transitions over the years. This award is part of a record-breaking selection process with over 1,000 entries evaluated by industry experts. Key Family Wealth manages over $16.8 billion in assets and focuses on delivering tailored investment and estate strategies to ultra-high net worth families.
KeyCorp (NYSE: KEY) will present at the Barclays Global Financial Services Conference on September 12, 2022, at 2:00 p.m. ET. The presentation will be led by Chris Gorman, CEO, and Don Kimble, CFO, who will discuss the company's performance, strategy, and outlook. Interested parties can access the live webcast and materials at www.key.com/ir. KeyCorp is one of the largest bank-based financial services companies in the U.S., with assets of approximately $187.0 billion as of June 30, 2022, serving clients through around 1,000 branches and 1,300 ATMs nationwide.
KeyCorp (NYSE: KEY) announced its schedule for upcoming quarterly earnings conference calls. The calls will be held on:
- Fourth quarter 2022: January 19, 2023, at 10:00 AM ET
- First quarter 2023: April 20, 2023, at 10:00 AM ET
- Second quarter 2023: July 20, 2023, at 10:00 AM ET
- Third quarter 2023: October 19, 2023, at 10:00 AM ET
Financial results will be released before market open on these dates. Webcast and dial-in details will be shared later.
KeyCorp (NYSE: KEY) has announced an increase in its prime lending rate from 4.75% to 5.5%, effective July 28, 2022. This decision reflects current economic conditions and aims to align with market trends. Headquartered in Cleveland, Ohio, KeyCorp is a significant player in the banking sector, with approximately $187 billion in assets as of June 30, 2022. The bank provides various financial services across 15 states with a network of around 1,000 branches.
KeyCorp (NYSE: KEY) reported a net income of $504 million for Q2 2022, up 20% from Q1 2022 but down 28% from Q2 2021. Driven by a 6% revenue increase, primarily from stronger net interest income, the bank experienced robust loan growth in both commercial and consumer sectors. Credit quality remained stable, demonstrating strong risk management practices. Highlights include the expansion of healthcare offerings and the acquisition of GradFin. However, net interest margin increased slightly to 2.61% amid rising interest rates, and total noninterest income dropped compared to the previous year.
KeyBank has launched new end-to-end payment facilitation capabilities, enhancing its embedded banking solutions. This move allows software companies to easily manage and control payments while improving the onboarding experience for merchants. Following the acquisition of XUP Payments in November 2021, KeyBank aims to solidify its position as a leader in embedded banking. The innovative solution simplifies merchant experiences, enabling clients to drive new revenue opportunities. With assets of approximately $181.2 billion as of March 31, 2022, KeyBank continues to focus on digital innovation.
KeyBank has announced the graduation of 4,343 clients from its Secured Credit Card program as of May 2022, contributing to over 15,000 clients improving their financial mobility since 2018. The program aims to enhance financial wellness and has shown significant results, including an average credit score increase of 81 points for those who initially had low scores. After graduation, 71% of clients graduated within 12 months. The program enables clients to establish credit with a $0 annual fee, promoting good spending habits and financial literacy.
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