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) and Sapphire Ventures released their 15th annual Private SaaS Company Survey, revealing key trends in the software industry. The survey of over 100 private SaaS companies shows ARR growth expected at ~19% in 2024, nearly double the public software companies' rate.
Companies are maintaining focus on operational efficiency and profitability while preparing for future growth. Notable findings include increased sales team quotas by over 10% in 2023, improved quota attainment from ~70% to ~75%, and consistent retention rates at ~90% gross and ~101% net. AI-first SaaS companies are particularly optimistic about growth acceleration in the next 12 months, with public market software valuations returning to normalized levels at ~5-6x NTM revenue.
KeyBank Foundation has provided funding for Urban Arts' Alumni Workforce Development Program, which hires college students who graduated from its digital arts program as Teaching Assistants (TAs) for new high school students. The program addresses the challenge that only 14% of low-income students complete college, primarily due to financial constraints. TAs earn money while teaching digital game design skills, gaining professional experience, and mentoring the next generation. The program helps cover college expenses like books, supplies, and living costs, which average $1,212 for first-year students, while providing valuable resume-building experience and maintaining connection with the Urban Arts community.
KeyBank and the KeyBank Foundation have announced a $400,000 investment in LISC Toledo's Core City Program. This four-year grant will help cover a development cost gap of up to $40,000 per home to support the construction of approximately 15 homes in Toledo's downtown neighborhoods. The program aims to address blight, increase homeownership (especially among families of color), and increase property values.
In 2023, 73% of program beneficiaries were BIPOC and 58% were female heads of households, with an average income of $40,000. The program has already seen success, with average home sale prices in target neighborhoods rising from $25,000 to $70,000. To date, LISC Toledo has invested over $1.4 million in the Core City Program, renovating and selling 29 homes to owner-occupants, with 13 more in the pipeline.
KeyCorp reported a net loss of $(447) million, or $(0.47) per diluted share, for Q3 2024. Adjusted net income was $290 million or $0.30 per share. Results included a $(737) million after-tax charge related to securities sales. Key received an $821 million investment from Scotiabank, boosting its CET1 ratio to 10.8%.
Net interest income rose 7% quarter-over-quarter to $964 million, with average deposits up 2.5%. Fee income showed strength in investment banking, commercial mortgage servicing, and wealth management. Credit quality remained stable. The company continues to expect completion of the final Scotiabank investment tranche in Q1 2025, subject to approval.
CEO Chris Gorman expressed optimism about Key's business trajectory, citing strong fee pipelines, expected net interest income tailwinds, and a stable-to-improved credit outlook.
KeyBank and Elmwood Park Zoo in Norristown, Pennsylvania have announced a new community partnership to support the Zoo-On-Wheels program. The three-year sponsorship provides funding for the mobile zoo initiative, which makes over 400 visits to schools and community groups in Montgomery County annually. KeyBank will receive branding on a Zoo-On-Wheels vehicle and various admission and hosting opportunities at the zoo.
The partnership enables the addition of a new vehicle to the Zoo-On-Wheels fleet in January, expanding the zoo's mobile programming capabilities. Youseff Tannous, KeyBank Eastern Pennsylvania Market President, emphasized the bank's commitment to community investment. The partnership was announced at a special event on October 1, 2024, attended by zoo leaders, board members, and approximately 150 KeyBank Eastern PA staff and their families.
Elmwood Park Zoo, celebrating its 100th anniversary this year, is also recognized as the world's first Autism-certified zoo.
KeyBank's Key4Women program, in partnership with Micro Enterprise Services of Oregon (MESO) and the Portland Thorns FC, announced the winner of their 2024 Women-Owned Business Pitch Contest. DTOCS , owned by Pallavi Pande, won the grand prize of $20,000 for their eco-friendly sustainable single-use dinnerware solution. The contest, held on October 10th at Providence Park in Portland, featured 10 finalists selected from 89 applicants competing for $50,000 in total awards.
Other winners included Callie's Custom Hat Wigs and For Bitter For Worse, each receiving $8,000. Six additional businesses received $2,000 prizes. The competition was open to businesses 51% or more owned by women in specific Oregon and Washington counties. Judges evaluated pitches based on presentation quality, business vision clarity, economic impact, and value proposition soundness.
KeyBank's Key4Women Capital Region Chapter held its annual forum on October 18th in Albany, NY. The event featured ABC's Chief Meteorologist Ginger Zee as a speaker, who shared her inspiring journey overcoming mental health challenges. Deshanna Wiggins, CEO of the Albany Black Chamber of Commerce and Social Club, was honored with the 2024 Key4Women Achieve Award for her professional success and community leadership.
KeyBank also recognized the Capital District Women's Employment and Resource Center (WERC) as its charitable partner, donating $2,500 to support women's success in the workplace. The Key4Women program aims to provide growth opportunities and advice for women business owners and leaders, offering access to capital and tailored financial solutions.
KeyBank celebrated the one-year anniversary of its West Valley City branch in Utah with a $10,000 grant to Comunidades Unidas, an organization supporting Latinx immigrants. The event featured sweepstakes, networking, and family activities. The branch showcases KeyBank's financial wellness center model, offering comprehensive financial services and consultations.
The branch, located at 2807 South 5600 West, West Valley City, UT 84120, is equipped with digital screens, a client hospitality space, and a drive-up teller line. It serves individuals, families, and businesses in the area. Drew Yergensen, KeyBank Utah market president, expressed enthusiasm about strengthening relationships with clients and community partners.
KeyBank, headquartered in Cleveland, Ohio, has assets of approximately $187 billion as of June 30, 2024. It operates in 15 states with about 1,000 branches and 1,200 ATMs, offering a wide range of financial services to individuals and businesses.
KeyBank and the KeyBank Foundation have announced a $300,000 investment in Avalon Housing, a nonprofit provider of affordable housing in Ann Arbor. This funding will enhance Avalon's supportive services for tenants and clients, specifically focusing on intensive case management services for individuals and families at the highest risk of housing instability.
Avalon Housing uses the supportive housing approach, which prioritizes tenants' health and well-being by providing resources to help them thrive in their homes. This approach has led to a 95% housing retention success rate. The investment will allow Avalon to provide personalized support, helping tenants navigate complex care systems and connect with necessary resources.
The partnership aims to address the increasing homelessness in Washtenaw County due to a lack of affordable housing. Avalon is currently developing nearly 175 new housing units to further combat this issue.
KeyBank's Key4Women is hosting a free virtual event titled "She Means Business: Tips for Growth and Resilience" on October 18th, 2024 at 12:00 p.m. EST. The one-hour webinar will feature a panel discussion led by Rachael Sampson, Key4Women's National Director and Head of Community Bank, with accomplished female leaders and entrepreneurs sharing their experiences and strategies for success.
Participants will learn about transitioning from corporate jobs to entrepreneurship, setting boundaries, and leveraging technology for business growth. Panelists include Ginger Siegel from Mastercard, author and coach Brenda Abdilla, and Amy Peterson from Rebel Nell. The webinar aims to provide actionable tips for business owners and professionals across various industries.
Key4Women, established in 2005, has generated over $12 billion in loans to women-owned businesses and offers free membership with access to Certified Key4Women Advisors who support women's financial wellness journeys.
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