KeyCorp - KEY STOCK NEWS

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.

KeyCorp (NYSE: KEY) announced that Chris Gorman, Chairman and CEO, and Don Kimble, Vice Chairman and CFO, will present at the Morgan Stanley US Financials, Payments & CRE Conference in New York City on June 13, 2022, at 1:45 p.m. ET. The presentation will cover KeyCorp’s performance, strategy, and outlook. Interested parties can access the live audio webcast and materials at www.key.com/ir. KeyCorp, headquartered in Cleveland, Ohio, has approximately $181.2 billion in assets as of March 31, 2022.

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.