KeyCorp (KEY) to Issue Quarterly Dividend of $0.21 on June 13th

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 is Tuesday, May 27th.

KeyCorp has increased its dividend payment by an average of 3.0% per year over the last three years. KeyCorp has a payout ratio of 48.0% indicating that its dividend is sufficiently covered by earnings. Research 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 Price Performance

NYSE:KEY opened at $16.48 on Friday. The stock has a market capitalization of $18.06 billion, a PE 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 firm has a fifty day simple moving average of $15.12 and a 200 day simple moving average of $16.90. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.77.

KeyCorp (NYSE:KEY) last released 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 analyst estimates 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 period in the previous year, the business earned $0.20 EPS. On average, research analysts expect that KeyCorp will post 1.5 EPS for the current fiscal year.

KeyCorp announced that its board has initiated a stock repurchase plan on Thursday, March 13th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on KEY. Truist Financial cut their price objective on KeyCorp from $18.00 to $16.00 and set a “hold” rating for the company in a research report on Tuesday, April 22nd. Stephens reaffirmed an “overweight” rating and set a $20.00 price target on shares of KeyCorp in a report on Wednesday, January 22nd. Citigroup reaffirmed a “buy” rating on shares of KeyCorp in a research report on Thursday, April 17th. JPMorgan Chase & Co. dropped their price objective on shares of KeyCorp from $18.50 to $16.50 and set a “neutral” rating on the stock in a research report on Thursday, April 3rd. Finally, Keefe, Bruyette & Woods cut their target price on shares of KeyCorp from $20.00 to $18.00 and set an “outperform” rating for the company in a research note on Monday, April 21st. Nine equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.92.

Insider Activity at KeyCorp

In other KeyCorp news, Director Carlton L. Highsmith sold 5,000 shares of the firm’s stock in a transaction 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 sale, the director now owns 37,177 shares of the company’s stock, valued at approximately $617,138.20. This trade represents a 11.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Mohit Ramani purchased 10,000 shares of the firm’s stock in a transaction dated Monday, April 21st. The stock was acquired at an average price of $13.75 per share, for a total transaction of $137,500.00. Following the purchase, the insider now owns 10,000 shares in the company, valued at approximately $137,500. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. 0.52% of the stock is owned by insiders.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in KeyCorp stock. Brighton Jones LLC purchased a new stake in shares of KeyCorp (NYSE:KEY) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 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.

About KeyCorp

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.