Keycorp Stock Price, News & Analysis

KeyBank has announced its acquisition of GradFin, a leading provider of Public Service Loan Forgiveness counseling. This strategic move aligns with KeyBank's goal to enhance digital offerings for healthcare clients. GradFin, founded in 2015, specializes in providing comprehensive advisory solutions for student loan debt. The acquisition aims to leverage GradFin's innovative approach, combining digital platforms with expert guidance, to deliver effective debt relief solutions. The deal reflects KeyBank's commitment to expanding its fintech partnerships and driving digital innovation.

On May 5, 2022, Key Private Bank announced that Chief Operating Officer Joe Calabrese received the Lifetime Achievement Award at the 2022 Family Wealth Report Awards. This award acknowledges his dedication to prioritizing client needs throughout his career in wealth management. Calabrese is recognized for his leadership in driving business transformation and relationship development. Key Private Bank oversees $50.2 billion in assets under management and $65.7 billion in assets under administration, underscoring its position as a leading wealth management provider.

KeyCorp (NYSE: KEY) announced an increase in its prime lending rate from 3.50 percent to 4.00 percent, effective May 5, 2022. This adjustment is significant for the bank's lending operations, as prime rates influence the interest charged on loans. As of March 31, 2022, KeyCorp's assets were approximately $181.2 billion, positioning it as a major player in the U.S. banking sector, serving individuals and businesses across 15 states.

On April 27, 2022, KeyBank (NYSE: KEY) introduced the Small Business Check-in, an interactive tool aimed at assisting small business owners in evaluating their financial health and goals. This launch is part of KeyBank's ongoing commitment to support local businesses, especially after the challenges posed by the pandemic. The tool allows users to assess their business priorities and schedule consultations with local bankers for personalized advice. KeyBank emphasizes the importance of digital banking tools, highlighted by their 2022 Financial Mobility Survey, which found that 78% of Americans prefer digital banking.

KeyBank (NYSE: KEY) announced significant changes to its fee structure aimed at enhancing customer financial management. Starting in late 2022, the bank will eliminate non-sufficient fund fees and reduce overdraft fees to $20 per occurrence. Additionally, a $20 threshold will prevent overdraft charges for negative balances below this limit, and an overdraft fee cap of three per day will be instituted. KeyBank continues to support clients with offerings like the Hassle-Free Account, which has no overdraft fees, and plans to introduce new liquidity options such as early wage access.

KeyCorp (NYSE: KEY) reported a net income of $420 million or $0.45 per diluted common share for Q1 2022, down from $601 million or $0.64 per share in Q4 2021. Loan growth was strong, with average loans up 4% quarter-over-quarter, driven by consumer mortgages and a record $820 million in loan originations from Laurel Road. However, noninterest income fell 25.6% due to adverse market conditions. Credit quality remained robust, with net charge-offs at 0.13% of average loans. KeyCorp emphasizes resilience and continued growth amidst market uncertainties.

KeyCorp has announced an increase in its prime lending rate from 3.25 percent to 3.50 percent, effective March 17, 2022. This modification reflects the bank's strategic adjustments within the current economic landscape. As of December 31, 2021, KeyCorp had assets totaling approximately $186.3 billion. Under the KeyBank National Association brand, it operates a network of about 1,000 branches and 1,300 ATMs across 15 states, offering various financial services to both individuals and businesses.