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 (NYSE:KEY) has announced its collaboration with the State of New York Mortgage Agency (SONYMA) to provide low-interest mortgage loans to assist first-time homebuyers in New York. KeyBank will offer two primary SONYMA programs: Achieving the Dream and Low Interest Rate, which can be combined with down payment assistance loans and other grants. Additionally, KeyBank has introduced a $5,000 Home Buyer Credit for eligible purchases. KeyBank aims to enhance community investment through home ownership, emphasizing the importance of housing in wealth building.
KeyBank Foundation is investing a total of $555,000 in various non-profit organizations in Central New York, focusing on workforce development and community initiatives. This funding is part of KeyBank's $40 billion National Community Benefits Plan, which underscores its commitment to diversity, equity, and inclusion. Significant grants include $150,000 for Jubilee Homes of Syracuse to support its Build to Work program and $150,000 for Le Moyne College to enhance STEM programming. Since 2017, KeyBank has invested over $512 million in Central New York, demonstrating its dedication to economic inclusion and community support.
KeyCorp (NYSE: KEY) reported a net income of $356 million, or $0.38 per diluted share, for Q4 2022, down from $513 million in Q3 2022 and $601 million in Q4 2021. The results reflect a $265 million provision for credit losses, exceeding net charge-offs by $224 million. Despite a solid credit quality with net charge-offs at 14 basis points, noninterest income fell 26.2% year-over-year, driven by a decline in investment banking fees. Total revenue was $1.898 billion, a slight increase from Q3 2022. Loans and deposits grew across commercial and consumer sectors, affirming Key's business model while aiming for disciplined expense management and future investments.
KeyBank and its Michigan Market president, David Mannarino, are taking significant steps to promote heart health by participating in the 2023 Detroit Heart Challenge. Mannarino is set to lead the initiative with a fundraising goal of $1.2 million for the American Heart Association. The Heart Challenge aims to engage corporations in enhancing employee wellness through various activities and events. This move underscores KeyBank's commitment to community health and well-being, reflecting their wider mission to support healthier lives.
KeyBank has pledged $25,000 to The King Center for Nonviolent Social Change in recognition of Martin Luther King Jr. Day. This donation aims to honor Dr. King’s legacy and support the Center’s mission to educate people on his life and teachings. The King Center, established in 1968, serves as a global resource for the promotion of nonviolent social change and empowerment. It attracts nearly a million visitors annually who seek inspiration and knowledge from Dr. King's legacy.
This initiative reflects KeyBank's commitment to celebrating cultural differences within the community.
KeyBank has announced a $150,000 grant to Create Common Good (CCG), a non-profit in Idaho aimed at improving food service career opportunities for at-risk adults. This funding will expand CCG's ServSafe Training program to include certification and job placement support for inmates post-release. Since its inception in 2008, CCG has been addressing employment barriers for vulnerable populations. The initiative aims to reduce recidivism by providing skills necessary for sustainable employment, enhancing community welfare through food distribution programs.
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.
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