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 reports developments across its KeyBank banking franchise, KeyBanc Capital Markets, and wealth-management operations. Company news commonly covers deposit, lending, cash management, and investment services for individuals and businesses in its multi-state banking footprint, along with commercial banking coverage for middle-market companies.
Recurring updates include quarterly earnings, net interest income, fee-based businesses such as investment banking, commercial payments, and wealth management, and regional expansion of middle-market teams. News also covers Key Private Bank, customer financial surveys, community partnerships, and capital-markets services including M&A advice, public and private debt and equity, syndications, and derivatives.
KeyCorp (NYSE: KEY) and its banking affiliates have announced a reduction in their prime lending rate from 8.50% to 8.00%, effective September 19, 2024. This decision reflects changes in the financial market and could impact various lending products tied to the prime rate. 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 the name KeyBank National Association, serving individuals and businesses across 15 states through a network of about 1,000 branches and 1,200 ATMs. KeyCorp also offers corporate and investment banking services under the KeyBanc Capital Markets brand.
Neighborhood Health Clinic in Naples, FL received a $20,000 charitable grant from KeyBank Foundation and Key Private Bank to support its dental program. The grant will fund the purchase of dental tools, equipment, and supplies, as well as training for volunteer hygienists and dental assistants. It aims to improve the overall health of Collier County's uninsured workers through the clinic's "Promoting Wellness through Positive Impact on Overall Dental Health and Education for the Underserved" program.
The clinic's Dental Suite, opened in 2019, features four dental operatories, a dental lab, and a classroom for patient education. In 2023, the clinic provided over 12,000 patient visits and 30,000 patient procedures. KeyBank's grant is part of a $40 billion commitment established in 2017 to support community development projects and philanthropic efforts across its national footprint.
KeyBank's Fall 2024 Small Business Flash Poll reveals 61% of small business owners plan to delay major decisions until after the election. Despite concerns about potential policy changes, particularly in taxation (45%), regulation (34%), and trade (31%), business owners remain resilient. They're adapting by increasing cash reserves (38%), delaying investments (36%), and diversifying offerings (31%).
The survey highlights challenges from high interest rates, including reduced profit margins and increased borrowing costs. However, 72% of owners are confident in funding monthly operations, up from 64% in March. Fraud prevention remains a priority, with payment fraud (49%) and identity theft (29%) as top concerns.
Women business owners show more uncertainty but are taking proactive measures like adjusting pricing strategies. Despite challenges, 75% of small business owners don't foresee hiring cuts, with 32% expecting to grow their staff in the next year.
KeyBanc Capital Markets (KBCM), the investment banking arm of KeyCorp (NYSE:KEY), announced that Julie Andress, Managing Director, has been appointed as the 2025 Board Chair for the Security Traders Association (STA). Andress, with over a decade of experience at KBCM, has served on the STA board for six years and previously held positions as STA Board Vice Chair and Women in Finance Co-Chair.
The STA, founded in 1934, is a grassroots organization educating members on market structure issues and representing their interests with legislators, regulators, and industry associations. It comprises more than 20 affiliates in the U.S. and Canada, representing individuals in the financial services industry across various business models.
KBCM, with over 800 professionals and more than $50 billion of capital committed to clients, provides capital markets and advisory solutions to companies across multiple industries. KeyCorp, KBCM's parent company, is a major bank-based financial services company with assets of $187 billion as of June 30, 2024.
KeyBank's Key4Women is hosting a free virtual webinar on September 25, 2024, titled 'Emotional Intelligence in Diverse Business Environments'. The one-hour event features Rachael Sampson, Key4Women's National Director, in conversation with Natasha Tous, a Certified Executive Coach. The webinar aims to address the critical role of emotional intelligence (EI) and cultural empathy in business success.
Participants will learn how to develop EI and cultural empathy to improve communication, foster inclusivity, and drive business growth. The event will also cover navigating cultural differences and building stronger relationships. Key4Women, launched in 2005, has generated over $12 billion in loans to women-owned businesses and offers free membership with access to Certified Key4Women Advisors.
KeyBank Foundation is investing $250,000 in the United Way of Central New York's Thrive at Work Program. This innovative initiative aims to help employed individuals facing financial challenges due to access to resources and support. The program will offer financial education, low-interest loans, one-on-one coaching, and free tax preparation services to employees in entry-level or lower-income positions at small to mid-sized companies in Central New York.
The program targets Asset , Income Constrained, Employed (ALICE) individuals, who represent 25% of Onondaga County households. Expected outcomes include improvements in financial literacy, credit scores, debt reduction, and savings. Since 2017, KeyBank has invested over $700 million in Syracuse and Central New York, supporting various community development projects.
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.