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 KeyBank Foundation have announced a $480,000 investment in Central State University (CSU), Ohio's only public Historically Black College and University (HBCU). The funds will establish the KeyBank Scholars (KBS) Program, providing tuition support for 40 students over five years. The program includes a five-week summer bridge program and $2,000 annual scholarships for four years. Students must maintain a 3.0 GPA to receive the awards.
The KBS Program aims to enhance student experience and promote long-term success. Previous CSU summer bridge programs have shown promising results, with 83% of participants on track to graduate on time and an average GPA of 3.15. This investment aligns with KeyBank's commitment to supporting local students and communities, as well as CSU's mission to foster academic excellence and prepare diverse students for leadership roles.
KeyCorp (NYSE: KEY) has announced a strategic relationship and minority investment in Zentist, a leading cloud-based Insurance Revenue Cycle Management (RCM) software provider for Dental Support Organizations (DSOs). KeyBank will introduce Zentist's Remit AI software to its DSO network, offering a tool to enhance dental insurance RCM operations. The software streamlines claims processing with automated EOB and ERA delivery, remittance to bank data matching, and intelligent task distribution.
Zentist's Cavi AR module helps DSOs streamline claims status and follow-up workflow, saving time and categorizing open claims. This collaboration aligns with KeyBank's strategy of delivering comprehensive financial solutions to DSOs and marks its latest partnership with emerging fintech providers.
KeyBank and the KeyBank Foundation have announced a $150,000 investment in Habitat for Humanity of St. Joseph County (HFHSJC) to launch a new Homeownership Training Center and home office. The renovated space in Mishawaka will be twice the size of HFHSJC's current location, accommodating organizational growth and expanded services. Over the next three years, HFHSJC aims to welcome 3,000 individuals to learn about homeownership programs and offer classes to approximately 95 families.
HFHSJC is also launching an Advancing Black Homeownership (ABH) initiative, aiming to build 30 homes for Black families by 2027. This partnership between KeyBank and HFHSJC is expected to strengthen the community and provide greater stability and prosperity for local families.
KeyBank has awarded a $300,000 grant to Brothers Redevelopment, Inc. (BRI) to support their Community Aging in Place - Advancing Better Living for Elders (CAPABLE) program. This program helps low-income aging individuals continue living in their homes by providing minor safety improvements and accessibility enhancements. The grant will allow BRI to expand the program from the Pikes Peak region to metro Denver.
BRI, founded in 1971, has served over 40,000 Coloradans through housing provisions and programs. The CAPABLE program, piloted in 2022, has shown positive outcomes. It offers guidance from occupational therapists and registered nurses to determine necessary support for improving home safety and accessibility.
KeyBank, with assets of approximately $187 billion as of June 30, 2024, operates in 15 states and provides various financial services to individuals and businesses.
KeyCorp announced the completion of the initial tranche of Scotiabank's strategic minority investment. Scotiabank has purchased approximately $0.8 billion of KeyCorp's common stock, representing a 4.9% ownership. This is part of a larger agreement announced on August 12, 2024, where Scotiabank will invest a total of $2.8 billion for a 14.9% pro forma ownership at a fixed price of $17.17 per share. The final purchase of about $2.0 billion is expected to be completed in the first quarter of 2025, pending Federal Reserve approval.
KeyBank Foundation has granted $300,000 to The Well CDC in Akron to expand its Career Development Program. The program offers a 5-week cohort for women, providing customer service certification, resume writing, interview practice, and workshops on mental health and emotional wellness. The grant will enable The Well CDC to add case management to support participants from enrollment through long-term employment stability.
Key outcomes include:
- Increasing clients served annually from 54 to 125
- Creating an Alumni Peer Support Group
- Boosting client placement at employer partners from 20% to 50%
- Implementing data collection processes for retention and engagement information
KeyBank has provided a $2 million loan to C3's Impact Fund, a Chicago-based CDFI supporting BIPOC and female real estate investors in low and moderate income areas. The loan will help C3 Fund continue its mission of revitalizing neighborhoods and addressing wealth disparities. Since its inception, C3 Impact Fund has deployed over $50 million in loans and created more than 2,200 jobs in underserved communities.
KeyBank's Community Development Lending and Investment (CDLI) group, which finances projects across all 50 states, has earned 11 consecutive 'Outstanding' ratings on the Community Reinvestment Act exam. This partnership aligns with KeyBank's commitment to community development and affordable housing.
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.
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