KeyCorp (NYSE:KEY) Plans $0.21 Quarterly Dividend

KeyCorp (NYSE:KEY) announced a quarterly dividend on Wednesday, May 14th, RTT News reports. Stockholders of record on Tuesday, May 27th will be paid a dividend of 0.205 per share by the financial services provider on Friday, June 13th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.98%. The ex-dividend date of this dividend is Tuesday, May 27th.

KeyCorp has raised its dividend payment by an average of 3.0% per year over the last three years. KeyCorp has a dividend payout ratio of 48.0% meaning its dividend is sufficiently covered by earnings. Analysts expect KeyCorp to earn $1.73 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 47.4%.

KeyCorp Stock Performance

KeyCorp stock opened at $16.48 on Friday. The business has a 50 day moving average of $15.12 and a 200-day moving average of $16.90. The company has a market capitalization of $18.06 billion, a P/E ratio of -54.93, a P/E/G ratio of 0.65 and a beta of 1.08. KeyCorp has a 1 year low of $12.73 and a 1 year high of $20.04. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.85 and a quick ratio of 0.84.

KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.01. The company had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.77 billion. KeyCorp had a negative net margin of 2.52% and a positive return on equity of 8.73%. During the same quarter in the previous year, the firm posted $0.20 earnings per share. On average, equities research analysts predict that KeyCorp will post 1.5 earnings per share for the current year.

KeyCorp announced that its Board of Directors has authorized a stock repurchase plan on Thursday, March 13th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Transactions at KeyCorp

In related news, insider Mohit Ramani acquired 10,000 shares of the firm’s stock in a transaction on Monday, April 21st. The stock was purchased at an average cost of $13.75 per share, with a total value of $137,500.00. Following the acquisition, the insider now owns 10,000 shares of the company’s stock, valued at approximately $137,500. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Carlton L. Highsmith sold 5,000 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $16.60, for a total value of $83,000.00. Following the completion of the sale, the director now directly owns 37,177 shares of the company’s stock, valued at approximately $617,138.20. This trade represents a 11.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.52% of the stock is owned by insiders.

Hedge Funds Weigh In On KeyCorp

A hedge fund recently bought a new stake in KeyCorp stock. Brighton Jones LLC acquired a new stake in KeyCorp (NYSE:KEY) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 27,767 shares of the financial services provider’s stock, valued at approximately $476,000. Institutional investors own 79.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on KEY. Morgan Stanley reaffirmed an “equal weight” rating on shares of KeyCorp in a research note on Thursday, April 17th. DA Davidson decreased their price objective on shares of KeyCorp from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. lowered their target price on shares of KeyCorp from $18.50 to $16.50 and set a “neutral” rating for the company in a research note on Thursday, April 3rd. Stephens reaffirmed an “overweight” rating and set a $20.00 price target on shares of KeyCorp in a research report on Wednesday, January 22nd. Finally, Wells Fargo & Company reiterated an “overweight” rating on shares of KeyCorp in a report on Thursday, April 17th. Nine analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $18.92.

KeyCorp Company Profile

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; commercial leasing, investment management, consumer finance; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses.