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

KeyCorp (NYSE:KEY) announced a quarterly dividend on Thursday, May 9th, RTT News reports. Investors of record on Tuesday, May 28th will be paid 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 yield of 5.46%. The ex-dividend date is Friday, May 24th.

KeyCorp has increased its dividend payment by an average of 3.5% annually over the last three years and has increased its dividend annually for the last 13 consecutive 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 Price Performance

Shares of NYSE KEY opened at $15.03 on Thursday. The stock has a market cap of $14.17 billion, a price-to-earnings ratio of 19.02, a PEG ratio of 0.74 and a beta of 1.28. KeyCorp has a 52 week low of $9.10 and a 52 week high of $15.86. The company’s 50-day moving average price is $14.97 and its 200 day moving average price is $14.15. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.72.

KeyCorp (NYSE:KEY) last issued its quarterly earnings data on Thursday, April 18th. The financial services provider reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.01). KeyCorp had a net margin of 7.53% and a return on equity of 8.89%. The business had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.51 billion. During the same period in the previous year, the company posted $0.44 earnings per share. KeyCorp’s revenue was down 10.6% on a year-over-year basis. As a group, research analysts forecast that KeyCorp will post 1.14 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Royal Bank of Canada raised their price target on shares of KeyCorp from $15.00 to $16.00 and gave the stock an “outperform” rating in a research note on Friday, April 19th. JPMorgan Chase & Co. raised their price target on shares of KeyCorp from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Thursday, April 4th. Morgan Stanley raised their price target on shares of KeyCorp from $12.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 7th. Wells Fargo & Company raised their price target on shares of KeyCorp from $16.00 to $18.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Finally, Evercore ISI raised their price target on shares of KeyCorp from $17.00 to $18.00 and gave the stock an “outperform” rating in a research note on Thursday, March 28th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $16.00.

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.