KeyCorp Stock Surges After a $2.8 Billion Scotiabank Investment
Shares of KeyCorp (KEY) jumped Monday morning after announcing that the Bank of Nova Scotia (BNS) acquired a 14.9% stake in the bank, valued at roughly $2.8 billion.
Scotiabank to Acquire 14.9% Stake in KeyCorp, Pursue New Opportunities
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.
Scotiabank to acquire minority stake in KeyCorp
Scotiabank (TSX:BNS) announced it will acquire a 14.9% stake in US financial services firm KeyCorp (NYSE:KEY) in a deal valued at approximately $2.8 billion. The Canadian bank will purchase 163 million of KeyCorp (NYSE:KEY)'s shares at a fixed price of $17.17 per share.
Scotiabank Buys Part of KeyCorp. Why Bank Mergers Are Continuing Year After Turmoil.
For Scotiabank, the deal adds to returns for shareholders and gives them a bigger footprint in North America.
KeyCorp.'s stock jumps 4.6% as Bank of Nova Scotia to invest $2.8 billion in regional lender
KeyCorp.'s stock KEY, +0.48% jumped 4.6% early Monday, after the regional bank said it has reached an agreement with Canadian lender The Bank of Nova Scotia BNS, +0.94% BNS, +0.87% under which the latter will invest about $2.8 billion, equal to a 14.9% stake, for $17.17 a share. The stock closed Friday at $14.61.
KeyCorp Q2: Solid Earnings, But Not A Bargain
KeyCorp reported second-quarter results beating EPS expectations, although NII dropped almost 9% Y/Y. KeyCorp's deposits are growing and credit provisions dropped year over year. The Fed's approaching pivot point may continue to pressure KeyCorp's net interest income in the future.
KeyCorp: Q2 Points To Ongoing Net Interest Income Gains
KeyCorp shares have risen nearly 58% over the past year, with solid Q2 earnings causing a modest pullback from a 52-week-high. KeyCorp's net interest income is up sequentially, with solid deposit growth and fixed maturities positioning it for further growth. KeyCorp's credit quality remains solid; it has a strong liquidity position and a clear runway to earnings growth, making shares an attractive buy with a 15+% total return opportunity.
KeyCorp (KEY) Q2 2024 Earnings Call Transcript
KeyCorp (NYSE:KEY ) Q2 2024 Earnings Conference Call July 18, 2024 9:00 AM ET Company Participants Brian Mauney – Director, IR Christopher M. Gorman – Chairman and CEO Clark H.
KeyCorp (KEY) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates
Although the revenue and EPS for KeyCorp (KEY) give a sense of how its business performed in the quarter ended June 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
KeyCorp (KEY) Q2 Earnings Top, Stock Dips on Weak Asset Quality
Higher fee income, a fall in provisions and a higher loan balance aid KeyCorp's (KEY) Q2 earnings, while deteriorating asset quality and a decline in NII act as major spoilsports.
KeyCorp (KEY) Q2 Earnings Surpass Estimates
KeyCorp (KEY) came out with quarterly earnings of $0.25 per share, beating the Zacks Consensus Estimate of $0.24 per share. This compares to earnings of $0.27 per share a year ago.
KeyCorp forecasts bigger drop in annual average loans on tepid demand
KeyCorp forecast a bigger drop in average loans in 2024 than previously anticipated on Thursday, and posted a 5% fall in second-quarter profit as costlier deposits eroded the regional lender's interest income, sending its shares down 2% in premarket trading.
