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.
KeyBanc Capital Markets (KBCM) has expanded its Utilities, Power & Renewables Group with the addition of a six-person renewable energy investment banking team, featuring prominent figures such as Julian Bailliet and Timothy Beach. This team is set to enhance KBCM's M&A advisory services within the U.S. renewable sector, building on KeyBank's strong history in financing renewable energy, with over $15 billion deployed since 2010. The move aligns with Key's commitment to lead the transition to a sustainable power system.
KeyCorp (NYSE:KEY) announced the appointment of Joe Skarda as the new president of KeyBank Wealth Management on April 28, 2021. Based in Chicago, Skarda will oversee the bank's wealth management strategy, targeting mass affluent, high net worth, and ultra-high net worth clients. He has nearly 20 years of experience in the sector, previously serving as managing director at JP Morgan Chase. Skarda aims to drive growth through a relationship-focused model and maintain the momentum of existing wealth management operations.
KeyCorp (NYSE: KEY) reported a net income of $591 million, or $0.61 per diluted share for Q1 2021, up from $549 million in Q4 2020 and significantly higher than $118 million in Q1 2020. Strong credit quality and record revenues were highlighted, driven by investment banking and consumer banking growth. The Common Equity Tier 1 ratio stood at 9.8%. The company launched Laurel Road for Doctors, enhancing its digital reach. A $900 million share repurchase program is underway, with $135 million executed in Q1. Overall, KeyCorp is positioned for growth as economic recovery progresses.
On March 30, 2021, Laurel Road, a brand of KeyBank, launched Laurel Road for Doctors, a digital banking platform designed specifically for physicians and dentists. The initiative aims to alleviate financial burdens, such as student debt and work-life balance challenges faced by healthcare professionals, especially post-COVID-19. Key features include a Student Loan Cashback℠ Credit Card, high-yield savings accounts, and personalized financial insights. The platform aligns with a broader strategy to support healthcare professionals, having already serviced over $7 billion in loans since its inception.
Key announced its definitive agreement to acquire AQN Strategies LLC, an analytics consultancy specializing in financial services, on March 2, 2021. AQN's founder, Ben Sabloff, will lead Key's analytics initiatives post-acquisition. This move aligns with Key's strategy to enhance customer engagement through data-driven approaches, expanding its reach while maintaining risk discipline. AQN, established in 2016, has worked with numerous banks and fintechs, offering expertise in credit and payments. Key anticipates leveraging AQN's analytics capabilities to drive customer value and improve experiences.
KeyCorp (NYSE: KEY) will present at the RBC Capital Markets Global Financial Institutions Conference on March 9, 2021, at 10:00 a.m. ET. Chris Gorman, CEO, and Don Kimble, CFO, will discuss the company's performance, strategy, and outlook. A live audio webcast and presentation slides will be accessible on KeyCorp's official website prior to the event. As of December 31, 2020, KeyCorp held approximately $170.3 billion in assets and operates over 1,000 branches in 15 states, offering various financial services.
Key Family Wealth has been honored as the "Best Multi-family Office" in the $10 billion to $20 billion category at the 2021 Private Asset Management (PAM) Awards. This recognition marks the second consecutive year Key Family Wealth has received this prestigious award.
The PAM Awards evaluate firms based on qualitative and quantitative performance indicators, showcasing Key Family Wealth's commitment to exceptional client service and strategic wealth management for ultra-high-net-worth families.
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