KeyCorp 's KEY banking subsidiary, KeyBank National Association, has successfully completed the acquisition of HelloWallet from Morningstar, Inc. MORN . Financial terms of the deal, which was announced in May, has not been disclosed yet.
Following the news, shares of KeyCorp increased nearly 1.5%.
HelloWallet, a personal financial software product, provides financial assistance and guidance to its users by looking at their financial health and giving them a score based on the same.
KeyBank has been using the HelloWallet software since 2015, which has helped hundreds of its clients improve their financial wellness score. So far, KeyBank has benefitted from its relationship with HelloWallet and has liked the high-tech software very much.
With the completion of its acquisition, KeyBank is now in a better position to support its clients.
Dennis Devine, head of KeyCorp's consumer and business banking segment and co-president of community banking for KeyBank, said, "Adding the talented HelloWallet team to KeyBank enables us to do even more to help more clients."
He further added, "We've seen the difference our financial wellness initiative makes every day for our retail bank clients, helping them understand their finances and enabling them to make more confident financial decisions. We believe financial wellness can make the same difference for our business client's employees, and we will make financial wellness the centerpiece of our already strong Key@Work program."
Shares of KeyCorp have increased 76.1% in the last one year, outperforming the Zacks categorized Banks - Major Regional industry's of 49.4%.
Given the solid capital and balance sheet position, the company remains well positioned to further grow through acquisitions. Notably, in 2016, KeyCorp completed the acquisition of First Niagara Financial Group, the benefits of which the company will continue to reap for the next few years.
Currently, KeyCorp carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .
Other top-ranked stocks in the same space include Comerica Incorporated CMA and The PNC Financial Services Group, Inc. PNC , each carrying a Zacks Rank #2.
Comerica witnessed an upward earnings estimate revision of nearly 1% for the current year in the last 60 days. Moreover, its shares have surged 92.9% in the last one year.
PNC Financial's current year earnings estimates have been marginally revised upward in the last 60 days and its share price gained 63.4% in the last one year.
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