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.
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KeyBank has awarded a $1 million grant to ConnCORP to enhance support for minority-owned businesses in the Newhallville/Dixwell neighborhood. This grant, distributed in $200,000 increments over five years, aligns with KeyBank's National Community Benefits Plan, which has contributed over $29 billion to community projects. The funding will facilitate the hiring of a program director and the expansion of entrepreneurship programs, including workshops and investment roundtables. KeyBank emphasizes its commitment to fostering economic health through this partnership, which aims to support local minority entrepreneurs and build a sustainable business ecosystem.
KeyCorp (NYSE: KEY) has announced that its Chairman and CEO Chris Gorman and Chief Strategy Officer Clark Khayat will present at the Bank of America Securities 2023 Financial Services Conference on February 14, 2023, at 10:30 a.m. ET in New York City.
The presentation will cover the company's performance, strategy, and outlook. Interested parties can access the live audio webcast and presentation materials at www.key.com/ir. KeyCorp has a history of nearly 200 years and manages assets of approximately $189.8 billion as of December 31, 2022.
Connecticut Foodshare has been awarded a $500,000 grant from KeyBank Foundation to enhance its Mobile Pantry program, intended to assist those lacking access to food resources. Over three years, the funding aims to increase distribution from 3.1 million pounds to at least 4.5 million pounds, reaching over 14,000 households monthly. The program served an average of 17,718 food-insecure households per month in 2022. KeyBank's efforts are part of its broader commitment to improve communities through targeted support and resources.
KeyBank Foundation is contributing $300,000 to Penquis, which has secured additional funding of $3.3 million for a transformative housing project in Maine. This initiative aims to tackle the state's housing crisis using BioHome3D technology developed by the University of Maine. The pilot program will construct nine 3D-printed homes utilizing sustainable materials, addressing an estimated shortage of 20,000 to 25,000 rental units in the state. The project not only aims to provide affordable housing but could also stimulate local economic development and job creation within the construction sector.
KeyBank (NYSE:KEY) has announced its collaboration with the State of New York Mortgage Agency (SONYMA) to provide low-interest mortgage loans to assist first-time homebuyers in New York. KeyBank will offer two primary SONYMA programs: Achieving the Dream and Low Interest Rate, which can be combined with down payment assistance loans and other grants. Additionally, KeyBank has introduced a $5,000 Home Buyer Credit for eligible purchases. KeyBank aims to enhance community investment through home ownership, emphasizing the importance of housing in wealth building.
KeyBank Foundation is investing a total of $555,000 in various non-profit organizations in Central New York, focusing on workforce development and community initiatives. This funding is part of KeyBank's $40 billion National Community Benefits Plan, which underscores its commitment to diversity, equity, and inclusion. Significant grants include $150,000 for Jubilee Homes of Syracuse to support its Build to Work program and $150,000 for Le Moyne College to enhance STEM programming. Since 2017, KeyBank has invested over $512 million in Central New York, demonstrating its dedication to economic inclusion and community support.
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KeyCorp (NYSE: KEY) reported a net income of $356 million, or $0.38 per diluted share, for Q4 2022, down from $513 million in Q3 2022 and $601 million in Q4 2021. The results reflect a $265 million provision for credit losses, exceeding net charge-offs by $224 million. Despite a solid credit quality with net charge-offs at 14 basis points, noninterest income fell 26.2% year-over-year, driven by a decline in investment banking fees. Total revenue was $1.898 billion, a slight increase from Q3 2022. Loans and deposits grew across commercial and consumer sectors, affirming Key's business model while aiming for disciplined expense management and future investments.
KeyBank and its Michigan Market president, David Mannarino, are taking significant steps to promote heart health by participating in the 2023 Detroit Heart Challenge. Mannarino is set to lead the initiative with a fundraising goal of $1.2 million for the American Heart Association. The Heart Challenge aims to engage corporations in enhancing employee wellness through various activities and events. This move underscores KeyBank's commitment to community health and well-being, reflecting their wider mission to support healthier lives.