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Thursday, May 19, 2022

KeyCorp (KEY) Stock on Surge, Here’s the Reason

KeyCorp (KEY), the holding company for KeyBank National Association, has surged 13.74% in the premarket trading session. Consequently, the stock was trading at $26.41 when last checked. During Friday’s regular trading session, the stock declined by 3.89%to close the day at $23.22. The stock has surged in premarket after the announcement that the company has joined credit risk navigator.

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KEY Joined RMA Credit Risk Navigator

On the 3rd of March, KEY announced that it had joined RMA Credit Risk Navigator. The navigator is powered by Automated Financial Systems, Inc. (AFS®), a company providing software solutions to different financial institutions. John Dravenstott, Portfolio Executive at KeyBank, commented that the company is looking forward to leveraging the wide range of data that is available through the CRN database.

Partnership With Hudson River Housing Inc.

On 23rd February, KEY reported that it had entered into a partnership with Hudson River Housing Inc. The partnership is meant to support Hudson’s employment assistance and training services program. The foundation of the KeyBank has made a $100,000 community impact grant for 2 years which is meant to support the programs related to adults who experience homelessness as well as individuals belonging to low-income households.

Grant for Bobby Miller Opportunity Fund

On the 16th of February, KEY announced that it had agreed with The Lake Champlain Chamber. The agreement deals with granting $150,000 to support the Bobby Miller Opportunity Fund and LaunchVT from the KeyBank Foundation. The project is aimed at creating economic opportunities for SME founders as well as accompanying jobs. The grant would be particularly focused on female founders and underserved populations.

What’s Ahead for KEY Stock?

Looking towards what’s coming ahead, the analysts believe that KEY stock holds several negative technical indicators, and hence, is expected to decline in the next few weeks. Investors should keep that in mind while thinking of investment in KEY stock.

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