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

KeyCorp (NYSE:KEY) announced a quarterly dividend on Thursday, May 9th, RTT News reports. Investors of record on Tuesday, May 28th will be given a dividend of 0.205 per share by the financial services provider on Friday, June 14th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 5.44%.

KeyCorp has increased its dividend by an average of 3.5% per year over the last three years. KeyCorp has a dividend payout ratio of 50.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect KeyCorp to earn $1.64 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 50.0%.

KeyCorp Stock Performance

NYSE:KEY traded up $0.06 during trading hours on Thursday, reaching $15.08. The stock had a trading volume of 5,786,386 shares, compared to its average volume of 15,866,292. KeyCorp has a 12-month low of $8.73 and a 12-month high of $15.86. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a 50 day simple moving average of $14.86 and a 200 day simple moving average of $13.79. The stock has a market cap of $14.22 billion, a P/E ratio of 19.05 and a beta of 1.28.

KeyCorp (NYSE:KEY) last announced its quarterly earnings data on Thursday, April 18th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.01). The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.51 billion. KeyCorp had a net margin of 7.53% and a return on equity of 8.89%. The company’s revenue was down 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.44 earnings per share. On average, research analysts forecast that KeyCorp will post 1.15 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Piper Sandler lifted their price objective on shares of KeyCorp from $16.00 to $17.00 and gave the company an “overweight” rating in a research note on Friday, January 26th. Wells Fargo & Company lifted their price target on KeyCorp from $16.00 to $18.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Keefe, Bruyette & Woods increased their price objective on KeyCorp from $16.00 to $18.00 and gave the stock an “outperform” rating in a report on Friday, April 5th. Argus lifted their target price on KeyCorp from $15.00 to $16.00 and gave the company a “buy” rating in a report on Friday, April 19th. Finally, Wedbush decreased their price target on KeyCorp from $16.00 to $14.00 and set a “neutral” rating on the stock in a research report on Friday, January 19th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, KeyCorp presently has a consensus rating of “Moderate Buy” and an average target price of $15.71.

Insider Activity

In other news, insider Kenneth C. Gavrity sold 2,376 shares of the business’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $14.03, for a total value of $33,335.28. Following the completion of the sale, the insider now owns 98,120 shares of the company’s stock, valued at approximately $1,376,623.60. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Kenneth C. Gavrity sold 2,376 shares of the company’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $14.03, for a total transaction of $33,335.28. Following the completion of the sale, the insider now directly owns 98,120 shares in the company, valued at approximately $1,376,623.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Trina M. Evans sold 12,335 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $14.23, for a total transaction of $175,527.05. Following the completion of the transaction, the director now owns 81,622 shares in the company, valued at approximately $1,161,481.06. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,442 shares of company stock valued at $303,914. Corporate insiders own 0.67% of the company’s stock.

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.