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 has entered a new multiyear partnership with the Portland Timbers and Portland Thorns FC, acquiring naming rights to the Providence Park northeast entrance, now known as the 'KeyBank Community Plaza'. The plaza will showcase local nonprofits and small businesses on match days, providing exposure and support to these organizations. KeyBank's collaboration with the Timbers and Thorns aims to benefit the community through various initiatives, emphasizing community engagement and positive impact.
KeyCorp (NYSE: KEY) declared dividends for the second quarter of 2024, including a cash dividend of $0.205 per share on common shares and various dividends on preferred stock. The dividends are payable in June to shareholders of record as of specific dates in May and June.
KeyBank and KeyBank Foundation have granted $300,000 to the Columbus Urban League (CUL) to support the Housing Accelerator Program (HAP) in Central Ohio. HAP aims to tackle housing instability issues by providing wrap-around services for vulnerable residents, assisting with affordable housing, generational wealth, and career services. The investment will help promote safe, quality, and affordable housing, addressing disparities exacerbated by the pandemic. The program targets homeless or at-risk individuals, the unemployed, survivors of domestic violence, justice-involved individuals, and those with low credit scores. CUL will provide housing education and support clients in starting new careers. KeyCorp, with assets of $187 billion, supports individuals and businesses in 15 states. CUL, a 105-year-old organization, advocates for Black and urban communities, promoting wealth, education, and strong families.
KeyBank was honored with the 2024 Leadership in Music Education Award by the Buffalo Philharmonic Orchestra, acknowledging their significant contributions to music education. KeyBank's support has helped develop important music education programs benefiting over 33,000 students annually, fostering creativity, communication skills, and improved classroom performance.
KeyBank has launched KeyVAM, a virtual account management solution powered by Qolo, to streamline cash-flow and account structure for treasury management clients. This technology enables real-time access to KeyBank commercial cash management bank accounts, offering custom virtual account structures, automated reporting, and easy API integration. KeyVAM allows businesses to manage multiple clients or cost centers efficiently, reflecting transactions in real-time, maintaining a virtual sub-ledger, and providing the ability to process real-time payments.
The Urban League of Greater Hartford has been awarded a $150,000 grant from KeyBank Foundation to support the Project Ready program for youth development. The grant will fund new modules in STEAM and Financial Capability to enhance diversity in quantitative fields. KeyBank's donation is the largest annualized gift ever given to the Project Ready program, showcasing a strong commitment to financial education and racial equity. The Urban League of Greater Hartford, founded in 1964, aims to empower youth through education, employment, housing, and justice initiatives.
KeyCorp announced the dates for their quarterly earnings conference calls for 2025. The company, one of the nation's largest bank-based financial services firms, will review financial results on specific dates throughout the year. Key provides a range of services to individuals and businesses and operates in 15 states. The conference calls will be live-streamed on their website, with more details to follow.
KeyBank supports small businesses amid concerns of inflation and fraud. Despite economic challenges, small business owners remain resilient. The 2024 Small Business Survey shows optimism among owners, with concerns about rising operating costs due to inflation. Small business owners are taking proactive measures to safeguard their businesses. KeyBank, a top SBA lender, has invested in communities and received high ratings for its support. Banks play a important role in providing advice and resources to small business owners.
KeyBank's 2024 Small Business Survey shows small business owners in the U.S are confident about their businesses amid concerns about inflation, fraud, and political noise. 65% are confident in covering operating expenses for a month, but 37% expect a slight inflation increase. Top challenges include fluctuating sales, delayed payments, and high overhead costs. Despite challenges, owners are implementing cost-saving measures and taking precautions. KeyBank offers advice and support to navigate cash flow issues. Fraud prevention and political uncertainties are also key concerns for small business owners.
KeyBank's 2024 Financial Mobility Survey reveals that Americans are adjusting their financial strategies to pursue homeownership, highlighting inflation as a major concern influencing purchasing decisions. Despite the challenges, homeownership is viewed as important for long-term financial stability. KeyBank offers insights on saving for a home and provides resources to assist potential homebuyers in achieving their dream.
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