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'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.
KeyBank's Key4Women program, Micro Enterprise Services of Oregon (MESO), and the Portland Thorns FC have announced 10 finalists for their second annual women-owned business pitch contest in Oregon and SW Washington. The finalists, selected from 86 applicants, will compete for $50,000 in cash awards, with the grand prize winner receiving $20,000. The contest aims to support and empower women entrepreneurs, recognizing their impact on the economy and community.
Finalists will present a 4-minute pitch and answer questions on October 10th at Providence Park in Portland. The event will be livestreamed by the Thorns. To be eligible, businesses must be at least 51% owned and controlled by women, headquartered in specific Oregon or Washington counties, and have annual sales under $3 million. MESO is providing application support, mentorship, and workshops to help finalists prepare their pitches.
Cascade AIDS Project (CAP) has received a $300,000 grant from KeyBank to launch a new Healthcare Equity Advocate Program. The program aims to address healthcare disparities among marginalized communities, including Black, Latino, Indigenous, Pacific Islanders, and LGBTQ+ populations. CAP employee Robb Lawerence has been promoted to Community Healthcare Equity and Engagement Manager to implement the program.
The initiative will focus on community engagement, acting as a liaison between CAP's healthcare services and underserved communities. KeyBank's grant will enhance CAP's capacity to provide culturally informed and responsive care through outreach and partnership development. This aligns with KeyBank's mission to help communities thrive and underscores its commitment to diversity, equity, and inclusion.
KeyBank (NYSE: KEY) announced that over 2,800 clients graduated from the Key Secured Credit Card® program in Spring 2024, bringing the total number of graduates to more than 30,900 since 2019. The program aims to help clients establish or improve their credit history and financial stability. Key findings include:
- 26% of graduates had low FICO scores at origination, with an average improvement of 73 points
- 60% of clients graduated within 12 months, and 93% within 24 months
- Graduates with no initial FICO score achieved an average score of 721
- Overall, graduates showed an average increase of 63 points in their FICO scores
The program features include a $0 annual fee, free FICO score checks, and credit history reporting to bureaus.
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