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 (NYSE: KEY) announced that Chairman and CEO Chris Gorman and Vice Chairman and CFO Don Kimble will present at the virtual Goldman Sachs U.S. Financial Services Conference on December 8, 2020, at 10:40 a.m. ET. The presentation will cover KeyCorp's performance, strategy, and outlook. Interested parties can access the live audio webcast and presentation materials at www.key.com/ir. KeyCorp, headquartered in Cleveland, Ohio, has assets of approximately $170.5 billion as of September 30, 2020, and serves clients through over 1,000 branches across 15 states.
KeyBank has appointed Eric Fiala as Head of Corporate Responsibility, overseeing community engagement and ESG initiatives. Gwen Robinson has been hired to lead the CRA team, aiming to maintain the bank's 'Outstanding' CRA rating. KeyBank promotes Kawanza Humphrey and Stacy Thompson to regional Corporate Responsibility Managers. The bank has a strong history of responsible banking, recently launching a $16.5 billion Community Benefits Plan. Additionally, it committed $18 million in philanthropic efforts in response to COVID-19, showcasing a commitment to supporting low-income communities.
KeyCorp (NYSE: KEY) will announce its fourth quarter 2020 earnings on January 21, 2021, before market opening. A conference call scheduled for 10:00 a.m. ET will discuss financial results, strategy, and outlook. KeyCorp, headquartered in Cleveland, Ohio, is among the largest bank-based financial services firms in the U.S., with around $170.5 billion in assets as of September 30, 2020. The company operates over 1,000 branches and provides a range of financial services.
KeyCorp (NYSE: KEY) announced that its Chairman and CEO, Chris Gorman, along with Vice Chairman and CFO Don Kimble, will present at the virtual BancAnalysts Association of Boston Conference on November 5, 2020, at 8:50 a.m. ET. The presentation will focus on the company's performance, strategy, and outlook. A live audio webcast and presentation materials will be accessible at www.key.com/ir. KeyCorp is headquartered in Cleveland, Ohio, with assets of approximately $170.5 billion as of September 30, 2020.
KeyCorp reported a net income of $397 million, or $0.41 per diluted share, for Q3 2020, a significant increase from $159 million in Q2 2020. This reflects a year-over-year income rise of 3.7%. Revenue grew by 3% driven by higher loan and deposit volumes, bolstered by the Paycheck Protection Program. However, noninterest expenses rose by 10.4% due to pandemic-related costs. The Common Equity Tier 1 ratio improved to 9.5%. The bank remains committed to strong risk management despite economic challenges, reflecting confidence in its future growth.
KeyBank has achieved significant recognition in small business lending, ranking 7th nationally for SBA 7(a) loans in FY 2020, with $316 million in approved loans. This follows its success in the Paycheck Protection Program, where it facilitated over $8.1 billion for more than 43,000 small businesses. KeyBank also received top rankings in various districts, notably number one in Indiana. The bank's commitment to supporting small businesses remains strong, with ongoing investments in its team and services to aid economic recovery.
On October 2, 2020, KeyBank was recognized as a top franchise supplier by Entrepreneur magazine, securing the 8th position in the Franchise Finance category for the second consecutive year. This accolade reflects KeyBank's commitment to empowering franchisees amid market uncertainties. The bank expanded its Franchise Finance Team to enhance service delivery and offers a comprehensive range of banking solutions. KeyBank is also a leading SBA lender and played a critical role in administering the Payroll Protection Program during the pandemic, aiding over 40,000 businesses in accessing capital.
Key Private Bank, the wealth management division of KeyCorp (NYSE: KEY), has been awarded the 2020 Wealth Management "Trusts" Industry Award, marking its second consecutive win. This recognition highlights Key's advancements in trust and fiduciary initiatives. The awards, judged by industry experts, evaluate both quantitative and qualitative measures. Key Private Bank oversees approximately $41 billion in assets under management as of August 30, 2020, emphasizing its capability to assist affluent families in wealth management.
KeyCorp (NYSE: KEY) will announce its third quarter 2020 earnings on October 21, 2020, before market opening. A conference call is scheduled for 9:00 a.m. ET to discuss financial results, strategy, and outlook. KeyCorp, headquartered in Cleveland, Ohio, has approximately $171.2 billion in assets and operates over 1,000 branches across 15 states. The bank provides various financial services, including lending and investment banking products through KeyBanc Capital Markets. For further details, visit www.key.com.
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