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Keycorp KEY - News Analyzed: 3,779 - Last Week: 97 - Last Month: 485

↝ KeyCorp Aces Financial Performance and Receives Strategic Investment from Scotiabank

KeyCorp Aces Financial Performance and Receives Strategic Investment from Scotiabank
KeyCorp has been active in the investment realm in significant ways recently. In its balance sheet repositioning, the company sold nearly $7 billion of low-yield investments causing a $700 million loss. They additionally received a strategic minority investment from Scotiabank, with the Canadian bank buying a 14.9% stake for $2.8 billion. There are ongoing restructuring initiatives aimed at talking costs associated with significant quarterly losses. The bank's Q2 earnings for 2024 surpassed estimates, with net income reported at $237 million. A significant growth in fee income helped offset lower NII. Following Scotiabank's investment, KeyCorp's stock saw an 18.5% increase. Furthermore, Scotiabank completed an initial tranche of the strategic investment. A dividend of $0.205 was announced, with the company's stock reportedly still cheap after a 14% increase in a month. They also recorded a net income of $183 million in Q1 2024 indicating an improved financial performance. This activity resulted in Moore's changing KeyCorp rating outlook to stable from negative.

Keycorp KEY News Analytics from Wed, 10 Jan 2024 08:00:00 GMT to Sun, 15 Sep 2024 08:59:07 GMT - Rating -1 - Innovation 1 - Information 5 - Rumor 3

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