KEYCORP NEW
For the period ended Mar 31, 2024. Filed May 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
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Unregistered Sales of Equity Securities and Use of Proceeds
From time to time, KeyCorp or its principal subsidiary, KeyBank, may seek to retire, repurchase, or exchange outstanding debt of KeyCorp or KeyBank, and capital securities or preferred stock of KeyCorp, through cash purchase, privately negotiated transactions, or otherwise. Such transactions, if any, depend on prevailing market conditions, our liquidity and capital requirements, contractual restrictions, and other factors. The amounts involved may be material.
In July 2021, the Board of Directors authorized the repurchase of up to $1.5 billion of our Common Shares, effective the third quarter of 2021 through the third quarter of 2022. In September 2022, the Board of Directors approved the extension of the previous authorization through the third quarter of 2023. The authorization expired in the third quarter of 2023 and the Board has yet to approve a subsequent authorization. We did not complete any open market share repurchases in the first quarter of 2024.
During the first quarter of 2024, Key repurchased $26 million of shares related to equity compensation programs.
The following table summarizes our repurchases of our Common Shares for the three months ended March 31, 2024. Refer to Note 19 (“Shareholders' Equity”) for more information regarding share repurchases made during the three months ended March 31, 2024.
| Calendar month | Total number of sharespurchased (a) | Average price paidper share | Total number of shares purchased as part of publicly announced plans or programs | Dollar value of shares that may yet be purchased as part of publiclyannounced plans or programs |
|---|---|---|---|---|
| January 1 - 31 | 100 | 12.28 | — | — |
| February 1 - 29 | 1,858,231 | 14.08 | — | — |
| March 1 -31 | 617 | 14.34 | — | — |
| Total | 1,858,948 | $14.08 | — |
(a)Includes Common Shares deemed surrendered by employees in connection with our stock compensation and benefit plans to satisfy tax obligations. We did not complete any open market share repurchases in the first quarter of 2024.
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