Keycorp Stock Price, News & Analysis

KeyBank's Key4Women hosted its third annual forum in Pittsburgh on October 17th, drawing over 100 attendees to Franklin on Penn. The event, themed 'Perseverance: When Life is 'On the Rocks', featured keynote speaker Maria Costanzo Palmer, author of 'On the Rocks: The Primadonna Story', who shared insights on resilience and success through adversity.

The Key4Women program, launched in 2005, offers customized financial services, exclusive member events, thought leadership content, and support for women organizations. The program provides certified advisors and networking opportunities to foster professional development and create lasting connections among women in business.

KeyBank's Key4Women announces a free virtual webinar titled 'The Ownership Mindset: How to Bounce Back From Anything' scheduled for November 5th, 2024. The event features Kerry Siggins, CEO of StoneAge, who will share insights on leadership transformation and resilience. Under Siggins' leadership, StoneAge has achieved double-digit growth and transitioned to an ESOP structure in 2015. The webinar will address topics including embracing flaws, dealing with imposter syndrome, and implementing ownership mindset. Key4Women, launched in 2005, has provided over $12 billion in loans to women-owned businesses and offers free membership with access to Certified Key4Women Advisors.

KeyBanc Capital Markets (KBCM) and Sapphire Ventures released their 15th annual Private SaaS Company Survey, revealing key trends in the software industry. The survey of over 100 private SaaS companies shows ARR growth expected at ~19% in 2024, nearly double the public software companies' rate.

Companies are maintaining focus on operational efficiency and profitability while preparing for future growth. Notable findings include increased sales team quotas by over 10% in 2023, improved quota attainment from ~70% to ~75%, and consistent retention rates at ~90% gross and ~101% net. AI-first SaaS companies are particularly optimistic about growth acceleration in the next 12 months, with public market software valuations returning to normalized levels at ~5-6x NTM revenue.

KeyBank Foundation has provided funding for Urban Arts' Alumni Workforce Development Program, which hires college students who graduated from its digital arts program as Teaching Assistants (TAs) for new high school students. The program addresses the challenge that only 14% of low-income students complete college, primarily due to financial constraints. TAs earn money while teaching digital game design skills, gaining professional experience, and mentoring the next generation. The program helps cover college expenses like books, supplies, and living costs, which average $1,212 for first-year students, while providing valuable resume-building experience and maintaining connection with the Urban Arts community.

KeyBank and the KeyBank Foundation have announced a $400,000 investment in LISC Toledo's Core City Program. This four-year grant will help cover a development cost gap of up to $40,000 per home to support the construction of approximately 15 homes in Toledo's downtown neighborhoods. The program aims to address blight, increase homeownership (especially among families of color), and increase property values.

In 2023, 73% of program beneficiaries were BIPOC and 58% were female heads of households, with an average income of $40,000. The program has already seen success, with average home sale prices in target neighborhoods rising from $25,000 to $70,000. To date, LISC Toledo has invested over $1.4 million in the Core City Program, renovating and selling 29 homes to owner-occupants, with 13 more in the pipeline.

KeyCorp reported a net loss of $(447) million, or $(0.47) per diluted share, for Q3 2024. Adjusted net income was $290 million or $0.30 per share. Results included a $(737) million after-tax charge related to securities sales. Key received an $821 million investment from Scotiabank, boosting its CET1 ratio to 10.8%.

Net interest income rose 7% quarter-over-quarter to $964 million, with average deposits up 2.5%. Fee income showed strength in investment banking, commercial mortgage servicing, and wealth management. Credit quality remained stable. The company continues to expect completion of the final Scotiabank investment tranche in Q1 2025, subject to approval.

CEO Chris Gorman expressed optimism about Key's business trajectory, citing strong fee pipelines, expected net interest income tailwinds, and a stable-to-improved credit outlook.

KeyBank and Elmwood Park Zoo in Norristown, Pennsylvania have announced a new community partnership to support the Zoo-On-Wheels program. The three-year sponsorship provides funding for the mobile zoo initiative, which makes over 400 visits to schools and community groups in Montgomery County annually. KeyBank will receive branding on a Zoo-On-Wheels vehicle and various admission and hosting opportunities at the zoo.

The partnership enables the addition of a new vehicle to the Zoo-On-Wheels fleet in January, expanding the zoo's mobile programming capabilities. Youseff Tannous, KeyBank Eastern Pennsylvania Market President, emphasized the bank's commitment to community investment. The partnership was announced at a special event on October 1, 2024, attended by zoo leaders, board members, and approximately 150 KeyBank Eastern PA staff and their families.

Elmwood Park Zoo, celebrating its 100th anniversary this year, is also recognized as the world's first Autism-certified zoo.

KeyBank's Key4Women program, in partnership with Micro Enterprise Services of Oregon (MESO) and the Portland Thorns FC, announced the winner of their 2024 Women-Owned Business Pitch Contest. DTOCS , owned by Pallavi Pande, won the grand prize of $20,000 for their eco-friendly sustainable single-use dinnerware solution. The contest, held on October 10th at Providence Park in Portland, featured 10 finalists selected from 89 applicants competing for $50,000 in total awards.

Other winners included Callie's Custom Hat Wigs and For Bitter For Worse, each receiving $8,000. Six additional businesses received $2,000 prizes. The competition was open to businesses 51% or more owned by women in specific Oregon and Washington counties. Judges evaluated pitches based on presentation quality, business vision clarity, economic impact, and value proposition soundness.

KeyBank's Key4Women Capital Region Chapter held its annual forum on October 18th in Albany, NY. The event featured ABC's Chief Meteorologist Ginger Zee as a speaker, who shared her inspiring journey overcoming mental health challenges. Deshanna Wiggins, CEO of the Albany Black Chamber of Commerce and Social Club, was honored with the 2024 Key4Women Achieve Award for her professional success and community leadership.

KeyBank also recognized the Capital District Women's Employment and Resource Center (WERC) as its charitable partner, donating $2,500 to support women's success in the workplace. The Key4Women program aims to provide growth opportunities and advice for women business owners and leaders, offering access to capital and tailored financial solutions.