KeyCorp to Issue Quarterly Dividend of $0.21 (NYSE:KEY)

KeyCorp (NYSE:KEY) declared a quarterly dividend on Wednesday, May 13th. Shareholders of record on Tuesday, June 2nd will be given a dividend of 0.205 per share by the financial services provider on Monday, June 15th. This represents a c) annualized dividend and a yield of 4.0%. The ex-dividend date is Tuesday, June 2nd.

KeyCorp has raised its dividend payment by an average of 0.0%annually over the last three years. KeyCorp has a payout ratio of 47.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect KeyCorp to earn $2.15 per share next year, which means the company should continue to be able to cover its $0.82 annual dividend with an expected future payout ratio of 38.1%.

KeyCorp Stock Down 2.6%

KeyCorp stock opened at $20.74 on Thursday. The firm has a market cap of $22.48 billion, a PE ratio of 12.72, a P/E/G ratio of 0.68 and a beta of 1.06. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83. The firm’s 50 day moving average price is $20.72 and its two-hundred day moving average price is $20.37. KeyCorp has a twelve month low of $15.28 and a twelve month high of $23.34.

KeyCorp (NYSE:KEY) last released its quarterly earnings data on Thursday, April 16th. The financial services provider reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.03. The firm had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.93 billion. KeyCorp had a net margin of 17.03% and a return on equity of 10.80%. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.38 EPS. On average, research analysts predict that KeyCorp will post 1.82 EPS for the current fiscal year.

KeyCorp declared that its board has authorized a stock buyback plan on Wednesday, May 13th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 13% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

About KeyCorp

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank’s offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company’s product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.