Company: KEY-PI
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000091576-25-000058
Chunk: 34

Company: KEYCORP /NEW/
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 2
Chunk 34
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 traded on the NYSE under the symbol KEY with 26,802 holders of record at March 31, 2025. Our book value per Common Share was $14.89 based on 1.1 billion shares outstanding at March 31, 2025, compared to $14.21 per Common Share based on 1.1 billion shares outstanding at December 31, 2024. At March 31, 2025, our tangible book value per Common Share was $12.40, compared to $11.70 per Common Share at December 31, 2024.

Figure 18 shows activities that caused the change in outstanding Common Shares over the past five quarters.

Figure 18. Changes in Common Shares Outstanding 

 20252024In thousandsFirstFourthThirdSecondFirstShares outstanding at beginning of period1,106,786 991,251 943,200 942,776 936,564 Shares issued under employee compensation plans (net of cancellations and returns)5,200 493 222 424 6,212 Shares issued under Scotiabank investment agreement— 115,042 47,829 — — Shares outstanding at end of period1,111,986 1,106,786 991,251 943,200 942,776 

As shown above, Common Shares outstanding increased by 5.2 million shares during the first quarter of 2025, primarily attributable to shares issued under employee compensation plans. We did not complete any open market share repurchases in the first quarter of 2025.

At March 31, 2025, we had 144.7 million treasury shares, compared to 149.9 million treasury shares at December 31, 2024. The decrease in treasury shares is primarily attributable to shares issued under employee compensation plans. Going forward we expect to reissue treasury shares as needed in connection with stock-based compensation awards and for other corporate purposes.

In the first quarter of 2025, the Board of Directors authorized a share repurchase program pursuant to which we may purchase up to $1.0 billion of common shares. Information on repurchases of Common Shares by KeyCorp is included in Part II, Item 2. “Unregistered Sales of Equity Securities and Use of Proceeds” of this report.

Capital adequacy

Capital adequacy is an important indicator of financial stability and performance. All of our capital ratios remained in excess of regulatory requirements at March 31,