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.
KeyBank and The Center for New York City Neighborhoods (CNYCN) are strengthening their partnership to boost Black homeownership in New York City. KeyBank Foundation has granted $20,000 to support CNYCN's Black Homeownership Project (BHP), which aims to preserve and increase Black homeownership through high-quality services, policy advocacy, and community organizing.
This grant follows a previous two-year, $150,000 foundation grant made in 2022 to launch CNYCN's Savings Accelerator and Pathways to Tenant Purchases programs. The new funding will support staff working across five pilot BHP initiatives, offering outreach, educational workshops, and one-on-one services to homeowners.
Since its founding in 2008, CNYCN has helped over 250,000 low- and moderate-income families maintain their homes and achieve financial stability, preserving more than $10 billion in neighborhood property value across New York.
KeyBank has launched the 'Money, Me and Key' program in partnership with Shiloh Baptist Church in Cleveland's Central neighborhood. This initiative offers financial empowerment opportunities through in-person group education sessions and one-on-one Financial Wellness Reviews.
The program includes:
- 15-minute Financial Wellness Reviews with experienced bankers
- Hour-long workshops on topics like debt management, mortgage modifications, and retirement planning
- Sessions held at Shiloh Baptist Church on select Sundays in September and October
This initiative aims to help community members take control of their finances, build credit, save for major purchases, and improve overall financial health. The program reflects KeyBank's commitment to supporting financial literacy and empowerment in local communities.
KeyCorp (NYSE: KEY) has announced that its Chief Financial Officer, Clark Khayat, will present at The Barclays Global Financial Services Conference on September 9, 2024, at 2:45 p.m. ET in New York City. The presentation will cover KeyCorp's performance, strategy, and outlook. A live audio webcast will be available at www.key.com/ir, with a replay option for those unable to attend.
KeyCorp, headquartered in Cleveland, Ohio, is a major bank-based financial services company with assets of approximately $187 billion as of June 30, 2024. The company operates under KeyBank National Association in 15 states, offering various services through 1,000 branches and 1,200 ATMs. KeyCorp also provides corporate and investment banking products under KeyBanc Capital Markets.
KeyBank's Key4Women program, in collaboration with the Women's Council of Central Indiana Realtist Association and NAHREB Indianapolis, is hosting a homeownership workshop on August 22, 2024. The event, taking place at Maven Space in Indianapolis from 4:00 p.m. to 6:00 p.m., aims to provide valuable insights for both current and aspiring homeowners.
The workshop will cover important topics such as:
- Practical steps for achieving homeownership
- Financial planning and equity maximization
- Legal and tax considerations
KeyBank celebrated its 33rd annual Neighbors Make the Difference Day on June 6th, with nearly 100 Central Ohio teammates volunteering at Habitat for Humanity - Mid Ohio. Volunteers built over 50 walls for an upcoming home and KeyBank provided a $10,000 grant to support Habitat's mission.
The event is part of KeyBank's nationwide initiative, allowing employees paid time off to volunteer in their communities. Launched in 1991 in Alaska, it has grown into a leading corporate volunteerism effort in America. The day showcases KeyBank's commitment to community development and empowering families.
Habitat for Humanity - Mid Ohio emphasizes the important role of volunteers in fulfilling their mission to build homes, inspire hope, and develop communities. This collaboration demonstrates how corporate volunteerism can make a significant impact on local organizations and families in need.
Preble Street, a nonprofit organization with offices in Bangor, Lewiston, and Portland, ME, has received a $300,000 grant from KeyBank Foundation to support its Site-Based Housing First (SBHF) programs. The three-year commitment will help Maine's plan to end chronic homelessness by creating 400 new Housing First units statewide. The funds will enable:
1. Development of a comprehensive SBHF Training and Technical Assistance program for developers and service providers.
2. Expansion of 24-hour social work support services to a new SBHF program in Portland, serving an additional 30 people experiencing chronic homelessness.
Preble Street currently operates three SBHF programs in Portland, providing housing to 85 people with complex needs. This grant is part of KeyBank's $40 billion commitment for lending and investments across its national footprint, supporting affordable housing and community development projects.
KeyBank has donated $180,000 to Rainier Scholars - Tacoma, a nonprofit organization focused on supporting underrepresented students of color in the greater Tacoma area. The grant will fund program implementation, including staffing, material development, and supplies over the next three years. Rainier Scholars - Tacoma aims to provide academic, social, and emotional support to help students excel in school and earn college degrees.
The program plans to welcome additional cohorts of students, develop curriculum for middle and high school advancement, and establish a second entry-point for 7th-grade students at First Creek Middle School. This initiative aligns with KeyBank's mission to help communities thrive by supporting underserved youth and fostering an educated workforce, which is important for regional economic prosperity.
KeyBank Foundation has committed a $300,000 community impact grant over three years to Urban Arts, a nonprofit organization teaching video game design to underserved youth as a pathway to college and career. Urban Arts provides a comprehensive curriculum in game design, including computer science, coding, animation, music, and storytelling. The organization offers college access services, scholarships, and connects alumni to mentorship and internship opportunities at leading corporations.
This partnership aligns with KeyBank's commitment to education and workforce development. Urban Arts' innovative approach boosts persistence in computer sciences for low-income youth, generating technically skilled and creatively confident individuals ready for college and career. The program has helped students earn $25 million in scholarships since 2017 and achieved a 100% college enrollment rate for its seniors.
KeyBank Foundation has granted $15,000 to ProsperityME, a Maine-based organization empowering refugees and immigrants through financial education and counseling. Founded by Claude Rwaganje, ProsperityME offers services including financial education, workforce development, business support, and housing assistance. The funding will support programs like Basic Money Management and Saving to Build Wealth, teaching clients about the U.S. financial system, budgeting, and saving.
Since 2008, ProsperityME has offered over 300 courses and workshops, helping more than 10,000 newcomers and low-income families. The organization anticipates serving 4,000 immigrants in the Greater Portland and Lewiston areas this year. This grant is part of KeyBank's $40 billion commitment for lending and investments across its national footprint, established in 2017.
KeyCorp (NYSE: KEY) announced a strategic minority investment of approximately $2.8 billion from Scotiabank (TSX: BNS) (NYSE: BNS), representing a 14.9% pro forma common stock ownership at a fixed price of $17.17 per share. This opportunistic capital raise is expected to:
- Increase KeyCorp's CET1 capital ratio by 195 basis points to 12.4%
- Boost tangible book value per share by over 10%
- Result in a net CET1 capital ratio of 11.3% to 11.6% after potential portfolio repositioning
- Be low single-digit accretive to 2025 earnings per share
The investment will be made in two tranches, with the initial 4.9% stake expected to be completed by end of August 2024, and the remaining purchase subject to Federal Reserve approval in Q1 2025.
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