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 has announced an increase in its prime lending rate from 3.25 percent to 3.50 percent, effective March 17, 2022. This modification reflects the bank's strategic adjustments within the current economic landscape. As of December 31, 2021, KeyCorp had assets totaling approximately $186.3 billion. Under the KeyBank National Association brand, it operates a network of about 1,000 branches and 1,300 ATMs across 15 states, offering various financial services to both individuals and businesses.
D.A. Davidson & Co. has acted as the exclusive advisor for EarnUp's oversubscribed Series C funding round, which attracted strategic investments from LendingTree (NASDAQ:TREE) and KeyBank (NYSE:KEY), as well as from top institutional investors like Bain Capital Ventures. EarnUp, a San Francisco-based platform, automates loan payment scheduling, managing over $10 billion in payments. The funding aims to enhance enterprise products to benefit mortgage companies and borrowers, reflecting EarnUp's commitment to a fair financial system.
KeyBank has joined the RMA Credit Risk Navigator, powered by Automated Financial Systems (AFS), enhancing its risk management capabilities. This partnership allows KeyBank to access a database with nearly 850,000 loans, enabling detailed portfolio benchmarking and peer analytics. According to John Dravenstott, KeyBank's Portfolio Executive, the CRN database provides essential data to inform strategic portfolio decisions. The collaboration aims to strengthen KeyBank's credit risk profile management and improve performance tracking against industry standards.
Key Family Wealth, part of Key Private Bank, has earned two prestigious accolades at the 2022 Private Asset Management (PAM) Awards. The firm was named the Best Multi-family Office in the $10 billion - $20 billion category, marking its second consecutive win. Additionally, it received the award for Best Fiduciary/Trustee Service, recognizing its excellence in fiduciary and trustee services. Key Family Wealth manages over $19.1 billion in assets under management (AUM) and prides itself on delivering exceptional client service and investment strategies for ultra-high-net-worth families.
Google Cloud, KeyBank, and Deloitte have announced a strategic partnership aimed at enhancing KeyBank's cloud-first banking approach. This partnership will see KeyBank migrate its primary platforms to Google Cloud, aiming for a transformation in client services and operational efficiency by 2025. KeyBank will utilize Google Cloud's AI and data solutions to offer personalized digital banking experiences, including the integration of Contact Center AI to improve client interactions. Deloitte will assist in this migration, unlocking significant business value and growth capabilities.
KeyCorp (NYSE: KEY) reported a net income of $601 million, or $.64 per diluted share, for Q4 2021, a slight decrease from $616 million in Q3 2021. Compared to Q4 2020, the earnings grew from $549 million. Key achieved record revenues in both quarter and year, with strong growth in consumer loans and commercial business. The company returned 75% of net income to shareholders. However, net interest income declined due to reduced reinvestment yields, notably impacted by the exit of the indirect auto loan portfolio.
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.
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