Several updates reflecting a mixed picture for KeyCorp (KEY) are highlighted. Notably, the firm announced strong projected Net Interest Income (NII) outlook for 2025 and was advanced by few leading owners. Most considerable of these include Scotiabank, which secured a 14.9% stake in a major banking deal, a strategic minority investment to support KEY's NII expansion in 2025 subsequently receiving federal and regulatory endorsement. The investment was reflected as a 'Nice Reset Opportunity' by Jim Cramer. It also revealed Mohit Ramani as its new Chief Risk Officer and Robert Weiss leading the Family Wealth business.
Contrarily, KeyCorp reported its Q4 net loss of $(279) million, yet managed to exceed Wall Street's Earnings and Revenue estimates. It came under fire for weak asset quality, with low yield investments leading to a $700M loss on its balance sheet's repositioning. The banking giant proceeded to cut its prime lending rate to 7.75%, suggesting a significant shift in interest rates. Amid the turbulence, it still appears as an attractive option under<$30 for dividend shareholders.
Keycorp KEY News Analytics from Wed, 10 Jul 2024 07:00:00 GMT to Sat, 01 Feb 2025 19:05:22 GMT - Rating 2 - Innovation 4 - Information 7 - Rumor -3
