Key Takeaways The S&P 500 was flat on Monday, Aug. 12, 2024, ahead of key data points this week that could offer insight into the uncertain economic environment. KeyCorp shares took off after the regional bank announced a $2.8 billion investment from Bank of Nova Scotia. Shares of Albemarle tumbled amid an ongoing slump in lithium prices. Major U.S. equities indexes were little changed on Monday. Fresh off a week of volatile trading driven by economic concerns, key data on inflation, retail sales, and the h ...

KeyBank (NYSE:KEY) is among today's biggest movers, with KEY stock surging by as much as 14% this morning. This is in response to news that Canadian lender Bank of Nova Scotia (NYSE:BNS), also known as Scotiabank, has acquired 14.9% of the regional U.S. lender for $2.8 billion. At this valuation, Scotiabank has paid a premium for KEY stock, pricing the company at a valuation of around $18.8 billion. Accordingly, the market has been quick to reprice shares of KEY stock, with the stock still reflecting a disc ...

Canadian bank Scotiabank plans to acquire a 14.9% stake in Cleveland-based KeyCorp, which operates about 1,000 KeyBank branches in 15 U.S. states and provides corporate and investment banking products. Pending regulatory approval, Scotiabank expects to close the initial investment of 4.9% in the fourth quarter of fiscal 2024 and an additional investment of 10% in fiscal 2025, the bank said in a Monday (Aug. 12) press release. The total cash consideration amounts to $2.8 billion. "We believe that this transa ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, The ...

Opportunistic capital raise on attractive terms Accelerates capital and earnings improvement; capital raise estimated to result in pro forma CET1 of 12.4% Further strengthens Key's capacity for growth CLEVELAND, Aug. 12, 2024 /PRNewswire/ -- KeyCorp (NYSE: KEY) today announced it has reached an agreement under which The Bank of Nova Scotia ("Scotiabank") (TSX: BNS) (NYSE: BNS) will make a strategic minority investment in KeyCorp of approximately $2.8 billion, representing approximately 14.9% pro forma commo ...

TORONTO, Aug. 12, 2024 /PRNewswire/ - Scotiabank announced today that it has entered into an agreement to acquire an approximate 14.9% pro-forma ownership stake in KeyCorp through an issuance of common shares at a price of $17.17 per share, representing an 11% premium to the volume weighted average price for the last 20 trading days. The total cash consideration is approximately US$2.8 billion (the "Investment"). KeyCorp is a premier U.S. based financial services company operating across 15 states, with US$ ...

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Table of contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-11302 KeyCorp Exact name of registrant as specified in its charter: Ohio 34-6542451 127 Public Square, Cleveland, Ohio 4411 ...

JHVEPhoto 1D Seeking Alpha Still, net interest income is the most critical driver of the bank's results. Net interest income of $899 million was up 1.5% sequentially and down 8.8% from last year. As I wrote in March, I believed Key was at a turning point in NII with momentum set to gather later this year and through 2025. With this sequential rise, I feel increasingly confident that is the case. Overall, Key's net interest margin (NIM') was 2.04%, up 2bps sequentially, thanks to a 8bps benefit from rolling ...

Quarterly total revenues (tax equivalent or TE) declined 4.3% year over year to $1.53 billion. However, the top line beat the Zacks Consensus Estimate of $1.52 billion. Non-interest expenses increased marginally to $1.08 billion. This included the additional FDIC special assessment charge of $5 million. We projected the metric to be $1.1 billion. KeyCorp's (KEY) second-quarter 2024 adjusted earnings from continuing operations of 25 cents per share beat the Zacks Consensus Estimate by a penny. The bottom lin ...