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.
On May 12, 2022, KeyCorp (NYSE: KEY) announced the declaration of dividends for the second quarter of 2022. A cash dividend of $0.195 per share on common shares is scheduled for payment on June 15, 2022, to holders of record as of May 31, 2022. Additionally, dividends for preferred stocks include $312.50 per share for Series D, $15.3125 for Series E, $14.1250 for Series F, and $14.0625 for Series G, all payable on June 15, 2022. These dividends reflect the company's ongoing commitment to returning value to shareholders.
KeyBank has announced its acquisition of GradFin, a leading provider of Public Service Loan Forgiveness counseling. This strategic move aligns with KeyBank's goal to enhance digital offerings for healthcare clients. GradFin, founded in 2015, specializes in providing comprehensive advisory solutions for student loan debt. The acquisition aims to leverage GradFin's innovative approach, combining digital platforms with expert guidance, to deliver effective debt relief solutions. The deal reflects KeyBank's commitment to expanding its fintech partnerships and driving digital innovation.
On May 5, 2022, Key Private Bank announced that Chief Operating Officer Joe Calabrese received the Lifetime Achievement Award at the 2022 Family Wealth Report Awards. This award acknowledges his dedication to prioritizing client needs throughout his career in wealth management. Calabrese is recognized for his leadership in driving business transformation and relationship development. Key Private Bank oversees $50.2 billion in assets under management and $65.7 billion in assets under administration, underscoring its position as a leading wealth management provider.
KeyCorp (NYSE: KEY) announced an increase in its prime lending rate from 3.50 percent to 4.00 percent, effective May 5, 2022. This adjustment is significant for the bank's lending operations, as prime rates influence the interest charged on loans. As of March 31, 2022, KeyCorp's assets were approximately $181.2 billion, positioning it as a major player in the U.S. banking sector, serving individuals and businesses across 15 states.
On April 27, 2022, KeyBank (NYSE: KEY) introduced the Small Business Check-in, an interactive tool aimed at assisting small business owners in evaluating their financial health and goals. This launch is part of KeyBank's ongoing commitment to support local businesses, especially after the challenges posed by the pandemic. The tool allows users to assess their business priorities and schedule consultations with local bankers for personalized advice. KeyBank emphasizes the importance of digital banking tools, highlighted by their 2022 Financial Mobility Survey, which found that 78% of Americans prefer digital banking.
KeyBank (NYSE: KEY) announced significant changes to its fee structure aimed at enhancing customer financial management. Starting in late 2022, the bank will eliminate non-sufficient fund fees and reduce overdraft fees to $20 per occurrence. Additionally, a $20 threshold will prevent overdraft charges for negative balances below this limit, and an overdraft fee cap of three per day will be instituted. KeyBank continues to support clients with offerings like the Hassle-Free Account, which has no overdraft fees, and plans to introduce new liquidity options such as early wage access.
KeyCorp (NYSE: KEY) reported a net income of $420 million or $0.45 per diluted common share for Q1 2022, down from $601 million or $0.64 per share in Q4 2021. Loan growth was strong, with average loans up 4% quarter-over-quarter, driven by consumer mortgages and a record $820 million in loan originations from Laurel Road. However, noninterest income fell 25.6% due to adverse market conditions. Credit quality remained robust, with net charge-offs at 0.13% of average loans. KeyCorp emphasizes resilience and continued growth amidst market uncertainties.
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