KEYCORP ANNOUNCES SHARE REPURCHASE PROGRAM

Rhea-AI Summary

KeyCorp (NYSE: KEY) has announced a significant $1.0 billion share repurchase program authorized by its Board of Directors. The program, set to commence in the second half of 2025, will allow KeyCorp to purchase shares through open market or private transactions.

The timing, price, and volume of repurchases will be determined based on various factors, including market conditions, stock price, regulatory requirements, corporate liquidity needs, and other priorities. The company, celebrating its bicentennial in 2025, currently maintains assets of approximately $187 billion as of December 31, 2024, with operations spanning 15 states through approximately 1,000 branches and 1,200 ATMs.

Positive

• $1.0 billion share repurchase program demonstrates strong capital position
• Potential boost to earnings per share through share count reduction
• Shows management's confidence in company's financial strength
• Significant return of capital to shareholders

Negative

• Reduced cash reserves available for other strategic investments
• Program execution subject to market conditions and regulatory approval
• Capital allocation to buybacks instead of business growth initiatives

News Market Reaction

+3.50%

1 alert

+3.50% News Effect

On the day this news was published, KEY gained 3.50%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

CLEVELAND, March 13, 2025 /PRNewswire/ -- KeyCorp (NYSE: KEY) today announced that its Board of Directors has authorized a share repurchase program pursuant to which KeyCorp may purchase up to $1.0 billion of KeyCorp common shares, in the open market or in privately negotiated transactions.

The company intends to begin repurchasing shares in the second half of 2025. The timing and price of repurchases as well as the actual number of shares repurchased under the program will be at the discretion of KeyCorp and will depend on a variety of factors, including general market conditions, the stock price, regulatory requirements and limitations, corporate liquidity requirements and priorities, and other factors.

FORWARD-LOOKING STATEMENTS  
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "outlook," "goal," "objective," "plan," "expect," "anticipate," "intend," "may," "project," "believe," "estimate," "potential," "contemplate," "explore," and other words of similar meaning. Forward-looking statements represent management's current expectations and forecasts regarding future events. If underlying assumptions prove to be inaccurate or unknown risks or uncertainties arise, actual results could vary materially from these projections or expectations. Factors that could cause KeyCorp's actual results to differ from those described in the forward-looking statements can be found in KeyCorp's Form 10-K for the year ended December 31, 2024, as well as in KeyCorp's subsequent filings with the Securities and Exchange Commission (SEC), all of which have been filed with the SEC and are available on KeyCorp's website (www.key.com/ir) and on the SEC's website (www.sec.gov). Forward-looking statements speak only as of the date they are made and KeyCorp does not undertake any obligation to update the forward-looking statements to reflect new information or future events.

ABOUT KEYCORP
In 2025, KeyCorp celebrates its bicentennial, marking 200 years of service to clients and communities from Maine to Alaska. To learn more, visit KeyBank Heritage Center. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $187 billion at December 31, 2024. 

Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 ATMs. Key also provides a broad range of 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 in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit  https://www.key.com/. KeyBank Member FDIC. 

 

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SOURCE KeyCorp

FAQ

How much is KeyCorp's (KEY) new share repurchase program worth in 2025?

KeyCorp's Board of Directors has authorized a $1.0 billion share repurchase program.

When will KeyCorp (KEY) begin its share buyback program?

KeyCorp plans to begin repurchasing shares in the second half of 2025.

What factors will determine KEY's share repurchase execution?

The timing, price, and volume will depend on market conditions, stock price, regulatory requirements, corporate liquidity needs, and other factors.

What is KeyCorp's (KEY) total asset value as of December 2024?

KeyCorp reported assets of approximately $187 billion as of December 31, 2024.

How many branches and ATMs does KeyCorp (KEY) operate in 2025?

KeyCorp operates approximately 1,000 branches and 1,200 ATMs across 15 states.