KeyCorp (NYSE:KEY) Plans Quarterly Dividend of $0.21

KeyCorp (NYSE:KEY) announced a quarterly dividend on Wednesday, May 14th, RTT News reports. Investors of record on Tuesday, May 27th will be given a dividend of 0.205 per share by the financial services provider on Friday, June 13th. This represents a $0.82 annualized dividend and a dividend yield of 4.94%.

KeyCorp has increased its dividend payment by an average of 3.0% annually 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 Stock Down 0.2%

NYSE:KEY opened at $16.59 on Thursday. 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 has a 1-year low of $12.73 and a 1-year high of $20.04. The company has a 50-day moving average of $15.10 and a 200 day moving average of $16.91. The firm has a market cap of $18.18 billion, a PE ratio of -55.30, a price-to-earnings-growth ratio of 0.65 and a beta of 1.08.

KeyCorp (NYSE:KEY) last announced its quarterly earnings results 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. KeyCorp had a negative net margin of 2.52% and a positive return on equity of 8.73%. The firm had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the prior year, the company earned $0.20 EPS. As a group, research analysts anticipate that KeyCorp will post 1.5 EPS for the current fiscal year.

Insider Transactions at KeyCorp

In other news, insider Mohit Ramani bought 10,000 shares of the business’s stock in a transaction that occurred on Monday, April 21st. The shares were purchased at an average cost of $13.75 per share, with a total value of $137,500.00. Following the transaction, the insider now directly owns 10,000 shares in the company, valued at approximately $137,500. The trade was a ? increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Carlton L. Highsmith sold 5,000 shares of KeyCorp stock in a transaction dated 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 directly owns 37,177 shares of the company’s stock, valued at approximately $617,138.20. This represents a 11.85% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.52% of the company’s stock.

Institutional Investors Weigh In On KeyCorp

A hedge fund recently bought a new stake in KeyCorp stock. Brighton Jones LLC purchased a new position in shares of KeyCorp (NYSE:KEY) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 27,767 shares of the financial services provider’s stock, valued at approximately $476,000. 79.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on KEY shares. Keefe, Bruyette & Woods dropped their target price on KeyCorp from $20.00 to $18.00 and set an “outperform” rating on the stock in a research report on Monday, April 21st. Morgan Stanley restated an “equal weight” rating on shares of KeyCorp in a research note on Thursday, April 17th. Barclays cut their target price on KeyCorp from $21.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Monday, April 21st. Evercore ISI set a $17.00 target price on shares of KeyCorp in a report on Monday, April 28th. Finally, Wells Fargo & Company reissued an “overweight” rating on shares of KeyCorp in a research report on Thursday, April 17th. Eight investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.97.

KeyCorp declared that its Board of Directors has approved a share repurchase program on Thursday, March 13th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

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.