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.
On August 13, 2020, KeyBank launched Key Smart Checking, a new checking account aimed at improving financial wellness. This account features no recurring monthly maintenance fees and offers tools like overdraft protection and EasyUp for automatic savings. Customers can access over 1,400 KeyBank ATMs and 40,000 Allpoint ATMs without surcharge fees. The initiative aligns with KeyBank's goal to support clients during ongoing financial challenges from the pandemic, by providing a digital banking experience with comprehensive financial management tools.
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KeyCorp (NYSE: KEY) reported a net income of $159 million for Q2 2020, up from $118 million in Q1 2020 but down 60.5% from $403 million in Q2 2019. The results reflect the CECL accounting method and the impact of COVID-19. The provision for credit losses exceeded net charge-offs by $386 million, showing prudent risk management. Total revenue was $1.717 billion, a 17.1% increase from Q1 2020, driven by strong noninterest income growth. KeyCorp remains well-capitalized and actively participated in the Paycheck Protection Program, providing over $8 billion in loans.
KeyCorp (NYSE: KEY) announced a cash dividend of $0.185 per share on common shares, payable on September 15, 2020. Record date is September 1, 2020. Preferred stock dividends include $312.50 for Series D, $15.3125 for Series E, $14.1250 for Series F, and $14.0625 for Series G, all payable on the same date with a record date of August 31, 2020. KeyCorp, headquartered in Cleveland, has approximately $156.2 billion in assets as of March 31, 2020, serving clients through over 1,000 branches across 15 states.
KeyCorp (NYSE: KEY) announced its preliminary Stress Capital Buffer requirement from the Federal Reserve, set at 2.5%. This buffer is crucial for banks of Key's size and will be finalized before Q4 2020. CEO Chris Gorman emphasized the company's commitment to a moderate risk profile and robust capital management, stating that their strong balance sheet enables them to sustain operations during tough economic conditions while supporting clients. KeyCorp aims to maintain its common stock dividend for Q3 2020, pending Board approval.
Idemitsu Renewables has successfully secured $60 million in debt financing for its 50 MWp Central 40 solar project in Stanislaus County, California. KeyBank National Association provided the financing, with KeyBanc Capital Markets acting as the arranger. This project strengthens Idemitsu's solar business in California, facilitating power sales through an agreement with Silicon Valley Power. The company continues to expand its renewable energy initiatives, contributing to sustainable energy solutions.