KeyCorp (KEY) shares gained 3.1% on Sept. 9 in response to its balance sheet repositioning announcement. The regional lender sold its low-yielding available-for-sale (AFS) investment securities portfolio worth almost $7 billion. KeyCorp is expected to incur an after-tax loss of $700 million in the third quarter because of the sale. The securities sold had a weighted average book yield of roughly 2.3% and an average duration of nearly six years. Last month, KeyCorp stated its plan to reposition its balance s ...

Historically, September has been a sluggish month for the stock market, a trend that continued this year, with the S&P 500 Index declining 4.4% in the first week. With the Federal Reserve's first interest rate cut since March 2020 in focus, investors are on the edge. This was further compounded by a significant cooling down of the job market, sparking recession fears. Hence, the market participants are now expecting a sizable rate cut at the two-day FOMC meeting on Sept.17-18. As the broader market witnesse ...

KeyCorp (KEY) , one of the leading regional banks in the United States, has seen its stock soar 18.5% in a month. This jump is higher than the 11.7% and 6.4% growth of the industry it belongs to and the S&P 500, respectively. One-Month Price Performance Image Source: Zacks Investment Research Let's figure out the reasons behind KeyCorp's shares solid performance. Minority Equity Stake by Scotiabank in KeyCorp If you observe the above price chart, we will see that KeyCorp shares started rising after the surp ...

The Bank of Nova Scotia (also known as Scotiabank) (BNS) has completed the first tranche of strategic minority investment in KeyCorp (KEY) . With an investment of 0.8 billion, BNS now holds approximately 4.9% stake in KeyCorp. This is part of the agreement announced on Aug. 12. Under it, Scotiabank will acquire roughly a 14.9% stake (in two tranches) in KeyCorp for a fixed price of $17.17 per share. The second part of the deal involves BNS making an additional $2 billion of investment, expected to close in ...

CLEVELAND, Aug. 30, 2024 /PRNewswire/ -- KeyCorp (NYSE: KEY) today announced that The Bank of Nova Scotia ("Scotiabank") has completed the initial purchase of KeyCorp's common stock with an investment of approximately $0.8 billion as expected. With this investment, Scotiabank now owns approximately 4.9% of KeyCorp's common stock. This initial purchase is part of the agreement announced on August 12, 2024, under which Scotiabank (TSX: BNS) (NYSE: BNS) will make a strategic minority investment in KeyCorp of a ...

KeyCorp (KEY) remains well-positioned for top-line growth on the back of strategic acquisitions, restructuring initiatives, solid loans and deposit balances as well as higher rates, while funding costs weigh on it to some extent. Elevated expenses and weakening asset quality remain concerns. KEY's Growth Catalysts KEY's solid loan growth has contributed to top-line expansion in the past several years. Though tax-equivalent revenues dipped in 2023 and in the first half of 2024, the metric reflected a compoun ...

CLEVELAND, Aug. 22, 2024 /PRNewswire/ -- KeyCorp (NYSE: KEY) announced today that Clark Khayat, Chief Financial Officer, will present at The Barclays Global Financial Services Conference on Monday, September 9, 2024, at 2:45 p.m. ET in New York City. KeyCorp plans to review its performance, strategy, and outlook. The live audio webcast of the conference call will be available at www.key.com/ir. If you are unable to join the live conference call, or wish to hear a rebroadcast, access www.key.com/ir and selec ...

ab 13 August 2024 Global Research and Evidence Lab KeyCorp BNS stake supports KEY shares, but greater visibility needed to determine upside Capital injection solves for near term capital, earnings headwinds KEY shares handily outperformed today (+9.1% vs. -0.5% for the BKX) after announcing a $2.8bn strategic investment in the bank by Scotiabank (14.9% pro forma ownership) at a premium to recent its valuation, though retreated from early trading levels that neared the $17.17 price implied by the deal. We th ...

Shares of KeyCorp (KEY) touched a 52-week high of $17.09 yesterday before closing the session at $15.94 (marking a jump of 9.1%). The surge was driven by the news of an investment of $2.8 billion by The Bank of Nova Scotia (BNS) in KeyCorp. Canada's BNS will acquire approximately a 14.9% stake in KeyCorp for a fixed price of $17.17 per share, representing a premium of 7.7% at the previous day's closing price. For BNS, the step marks a massive advancement as it tries to expand operations in North America. De ...

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 ...