Keycorp - KEY STOCK NEWS

KeyBank Foundation invested $1,120,000 in non-profit organizations in the Capital Region in 2023 to support workforce development and community initiatives. This is part of KeyBank's commitment to invest $40 billion in the communities it serves. The grants aim to support diversity, equity, and inclusion efforts. KeyBank has a tradition of supporting the community, and the investments are intended to strengthen neighborhoods. The funding includes support for organizations such as Trinity Alliance, Albany Black Chamber of Commerce, Affordable Housing Partnership, Albany Can Code, Albany College of Pharmacy and Health Sciences, and many others. KeyBank has a track record of community commitments totaling more than $1 billion in the Capital Region since 2017, supporting affordable housing, community development projects, small business and home lending, and transformative philanthropy.

Avesta Housing receives a $400,000 grant from KeyBank Foundation to enhance services for residents in affordable housing properties. The funding will expand staffing capacity to provide access to healthcare programs, education, employment opportunities, job training, and more. Avesta's mission is to improve lives and strengthen communities by providing affordable quality homes for people in need. KeyBank's Maine Market President, Tony DiSotto, emphasizes the importance of everyone having safe and affordable housing.

Junior Achievement of Oregon and SW Washington has received a $225,000 grant from KeyBank to expand its JA BizTown and JA Finance Park simulations. The funds will support upgrades to its S.E. Portland facilities and a major initiative to serve more Oregon and Washington youth. These programs provide a proven model for economic empowerment and project-based learning.

KeyBank Community Development Lending and Investment (CDLI) provided $34.3 million in construction and permanent financing through the HUD 221(d)(4) Mortgage Insurance program for the substantial rehabilitation of six low-income apartment buildings in the South Shore of Chicago. The project includes 151 units for elderly and disabled residents subsidized under a project-based Section 8 contract, as well as 126 units for families. Evergreen Real Estate Group is the sponsor, and the properties are owned by a LIHTC partnership created by the Housing and Human Development Corporation (HHDC), a non-profit public housing facility in Chicago. The project also received LIHTC and tax-exempt bond allocations from Illinois Housing Development Authority (IHDA). KeyBanc Capital Markets served as the sole manager and underwriter for the $55.1 million bonds. The funds will be used for various improvements to the apartments, and HHDC will provide on-site social service coordinators to connect residents to community-based social service providers and government services.

KeyBank (KEY) announced the placement of $50 million in deposits with six Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs), including Black-owned banks and banks serving Alaskan Native and Native American communities. This initiative is part of KeyBank's commitment to social justice and racial equity, supporting historically under-resourced communities. KeyBank's ongoing support for CDFIs and MDIs is a testament to its dedication to economic inclusion and community development.

KeyBank Community Development Lending and Investment (CDLI) and Urban Investment Group (UIG) within Goldman Sachs Asset Management invested $135.6 million of 4% Federal LIHTC Equity and provided a $200 million construction loan for the planned renovation of Andrews Terrace in Rochester, New York. Additionally, KeyBank Commercial Mortgage Group closed $73.1 million Fannie MTEB and KeyBanc Capital Markets underwrote $163 million of tax-exempt bonds for this project. Conifer Realty, LLC and Community Preservation Partners are partnering to revitalize this iconic 526-apartment building complex, providing housing for low-income seniors and disabled residents. The $335 million project will preserve affordable housing, provide extensive renovations, and improve the community infrastructure in downtown Rochester.

KeyBank's annual Financial Mobility Survey reveals that Americans prioritize happiness over status and achievement, while still expressing concerns about financial stability.

Santa Maria Community Services, Inc. has received a $150,000 grant from the KeyBank Foundation to support its Stable Families program, providing assistance to families at risk of homelessness in Hamilton County. The program offers a range of services, including family counseling, financial aid, and connections to resources. KeyBank's partnership aims to promote stable, vibrant communities across Hamilton County.

KeyCorp (KEY) reported net income of $30 million for Q4 2023, with a strong capital position and solid credit quality. The company's net charge-offs to average loans were 26 basis points, and the Common Equity Tier 1 was at 10.0%, above the targeted range. The financial highlights also revealed a 1.46% return on average tangible common equity from continuing operations.