KeyCorp (KEY) to Issue Quarterly Dividend of $0.20 on June 15th

KeyCorp (NYSE:KEYGet Rating) declared a quarterly dividend on Thursday, May 12th, RTT News reports. Shareholders of record on Tuesday, May 31st will be given a dividend of 0.195 per share by the financial services provider on Wednesday, June 15th. This represents a $0.78 dividend on an annualized basis and a yield of 4.19%.

KeyCorp has increased its dividend by an average of 9.9% per year over the last three years and has increased its dividend annually for the last 11 consecutive years. KeyCorp has a payout ratio of 31.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect KeyCorp to earn $2.45 per share next year, which means the company should continue to be able to cover its $0.78 annual dividend with an expected future payout ratio of 31.8%.

Shares of KEY opened at $18.62 on Friday. The company has a 50-day simple moving average of $21.51 and a 200-day simple moving average of $23.35. The firm has a market capitalization of $17.36 billion, a P/E ratio of 7.54, a P/E/G ratio of 0.46 and a beta of 1.33. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.78 and a current ratio of 0.78. KeyCorp has a 52 week low of $17.90 and a 52 week high of $27.17.

KeyCorp (NYSE:KEYGet Rating) last announced its quarterly earnings data on Thursday, April 21st. The financial services provider reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.04). The company had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.74 billion. KeyCorp had a net margin of 31.30% and a return on equity of 15.42%. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.61 EPS. As a group, equities analysts forecast that KeyCorp will post 2.21 earnings per share for the current year.

A number of research analysts have recently commented on the stock. Wells Fargo & Company raised shares of KeyCorp from an “underweight” rating to an “overweight” rating and upped their price objective for the company from $23.00 to $27.00 in a research report on Monday, April 11th. StockNews.com initiated coverage on shares of KeyCorp in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Morgan Stanley dropped their price target on shares of KeyCorp from $30.00 to $27.00 and set an “equal weight” rating for the company in a research report on Monday, March 28th. Piper Sandler lowered shares of KeyCorp from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $23.00 to $20.50 in a research report on Monday, May 2nd. Finally, Citigroup reissued a “neutral” rating on shares of KeyCorp in a research report on Thursday, March 24th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $26.31.

In other news, Director Carlton L. Highsmith sold 5,362 shares of the stock in a transaction that occurred on Monday, March 7th. The shares were sold at an average price of $22.86, for a total transaction of $122,575.32. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.54% of the stock is owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in KEY. Canada Pension Plan Investment Board bought a new position in KeyCorp in the first quarter valued at approximately $38,000. Zullo Investment Group Inc. bought a new position in KeyCorp in the fourth quarter valued at approximately $38,000. Bank Julius Baer & Co. Ltd Zurich bought a new position in KeyCorp in the fourth quarter valued at approximately $70,000. NEXT Financial Group Inc boosted its stake in KeyCorp by 60.8% in the fourth quarter. NEXT Financial Group Inc now owns 3,313 shares of the financial services provider’s stock valued at $77,000 after acquiring an additional 1,253 shares during the last quarter. Finally, Covestor Ltd boosted its stake in KeyCorp by 35.0% in the first quarter. Covestor Ltd now owns 3,875 shares of the financial services provider’s stock valued at $87,000 after acquiring an additional 1,004 shares during the last quarter. 83.24% of the stock is currently owned by hedge funds and other institutional investors.

About KeyCorp (Get Rating)

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, investment, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.

Further Reading

Dividend History for KeyCorp (NYSE:KEY)

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