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 2024 Small Business Survey reveals that fraud remains a significant concern for small business owners. The survey highlights that payment fraud (44%), identity theft (37%), malware and ransomware attacks (28%), and phishing and email scams (27%) are top threats. To combat these risks, KeyBank offers various resources and tools. In 2023, KeyBank lent $267.7 million to low-to-moderate income (LMI) communities and processed $11.2 billion in Paycheck Protection Program (PPP) loans in 2020-2021. KeyBank, a leading SBA lender, has provided over $4.5 billion in small business loans and lines of credit. The bank recently received its 11th consecutive 'Outstanding' rating from the OCC for their Community Reinvestment Act activities.
KeyBank has been recognized as one of the 50 most community-minded companies in America by Points of Light for the eleventh time. The Civic 50 survey, administered by True Impact, evaluates companies based on resource investment, business integration, policy institutionalization, and impact measurement. KeyBank is one of the few companies to consistently achieve high marks in the program's 12-year history. Additionally, KeyBank has been named this year's Financials Sector Leader, marking the seventh year for this accolade. The Civic 50 highlights companies dedicated to leveraging their resources for social impact.
KeyBank (NYSE:KEY) has been ranked 17th on Fair360's 2024 'Top 50 Companies for Diversity' list, an improvement from its 22nd position in 2023.
This is the 15th time KeyBank has appeared on the list. The company also ranked highly in several specialty lists, including #1 for People with Disabilities, #6 for Veterans, and #9 for LGBTQ+ Employees.
Chris Gorman, Chairman and CEO, highlighted the company's dedication to diversity, equity, and inclusion as key factors behind this recognition. KeyBank, headquartered in Cleveland, Ohio, operates in 15 states with assets of approximately $187 billion as of March 31, 2024.
KeyCorp (NYSE: KEY) announced that its Chairman and CEO, Chris Gorman, will present at the Bernstein Annual Strategic Decisions Conference on May 29, 2024, at 4:30 p.m. ET in New York City.
The presentation will cover KeyCorp's performance, strategy, and future outlook. A live audio webcast will be available on KeyCorp's investor relations website. Replays will also be accessible.
KeyCorp, headquartered in Cleveland, Ohio, is one of the largest bank-based financial services companies in the U.S., with assets of approximately $187 billion as of March 31, 2024. It offers a range of financial services through its KeyBank National Association and KeyBanc Capital Markets.
KeyBank Foundation has announced a $300,000 investment to support the Greater Rochester Habitat for Humanity (GRHFH) in expanding its Habitat Homebuyer Program. This initiative aims to make homeownership more accessible and sustainable by doubling GRHFH's impact, providing financial literacy training, and partnering with for-profit builders and designers. The funds are expected to benefit an additional 50 families over the next two years, impacting approximately 150 individuals. Since 2017, KeyBank has invested over $727 million in the Rochester market to support affordable housing and community development.
Small business owners are looking to banks for strategic advice amid economic uncertainty. KeyBank's 2024 Small Business Survey reveals that top recommendations include reducing discretionary spending (34%), creating an emergency fund (22%), and diversifying revenue streams (20%). With 52% of owners confident that banks understand their cash flow concerns, KeyBank stands out by offering over $4.5 billion in small business loans and lines of credit. The bank also received its 11th consecutive 'Outstanding' rating from the OCC for its Community Reinvestment Act efforts. In 2023, KeyBank lent $267.7 million to low-to-moderate-income communities and processed $11.2 billion in Paycheck Protection Program loans over 2020-2021.
KeyBank has released its 2023 Corporate Responsibility Report, detailing its impact on community and sustainability efforts. Key highlights include serving over 540 clients with special purpose credit programs, providing $1.8 million in homebuyer grants, and $8.8 million in home equity loans. The bank launched Immediate FundsSM for instant check deposit access and revamped its fee structure for client convenience. Employees volunteered over 77,000 hours, and the bank promoted 22.8% of its workforce. KeyBank delivered $5.5 billion in capital for affordable housing and community support, invested $39.8 million philanthropically, and exceeded supplier diversity goals with a 13% spend on diverse suppliers. Environmentally, the bank allocated nearly $5 billion for a low-carbon economy, achieved a 40% reduction in Scope 1 and 2 emissions, and joined the Partnership for Carbon Accounting Financials.
KeyBank Foundation has announced a $1 million investment to support Say Yes Cleveland, which offers tuition scholarships to eligible students in Cleveland. This grant is part of KeyBank's $40 billion community investment initiative and $11 million commitment to Say Yes. Since its inception in January 2019, Say Yes Cleveland has provided scholarships to over 3,000 students, paid out nearly $9 million in tuition, and raised more than $100 million locally. The initiative, aimed at enhancing educational opportunities, addresses postsecondary affordability and supports students until at least 2044. It aims to close socioeconomic disparities, increase college enrollment, and foster a skilled workforce, thereby boosting Cleveland's economic potential.
KeyBank's 2024 Small Business Survey highlights the challenges small businesses face amid inflation and economic uncertainty. The survey reveals 37% of owners expect a slight increase in operating costs, while 27% foresee a significant rise. Key challenges include fluctuating revenue (35%), delayed payments (29%), and high overhead costs (28%). Despite these concerns, 65% of small business owners feel confident in funding one month of expenses from cash reserves.
KeyBank, recognized as a top SBA lender, has provided over $4.5 billion in small business loans and lines of credit. In 2023, it allocated $267.7 million to low-to-moderate income communities. KeyBank also processed $11.2 billion in loans through the Paycheck Protection Program in 2020 and 2021. The bank continues to support small businesses with resources like the KeyBank Small Business Check-In and the Business Cash Flow Calculator.
Key4Women, a division of KeyBank, is hosting a free webinar titled 'Play You: The Role of a Lifetime' to celebrate National Small Business Month. The event features discussions on authentic leadership, success visualization, stepping out of comfort zones, and igniting missions to increase presence and confidence. The webinar will be led by KeyBank's Rachael Sampson and actor/leader Pam Sherman.
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