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

KeyCorp (NYSE:KEY) announced a quarterly dividend on Wednesday, July 10th, RTT News reports. Stockholders of record on Tuesday, August 27th will be given a dividend of 0.205 per share by the financial services provider on Friday, September 13th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.80%. The ex-dividend date is Tuesday, August 27th.

KeyCorp has increased its dividend by an average of 3.5% annually over the last three years and has raised its dividend every year for the last 13 years. KeyCorp has a payout ratio of 50.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect KeyCorp to earn $1.50 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 54.7%.

KeyCorp Price Performance

NYSE KEY opened at $17.07 on Monday. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.85 and a current ratio of 0.85. KeyCorp has a 52-week low of $9.50 and a 52-week high of $17.20. The business has a 50 day simple moving average of $15.07 and a 200 day simple moving average of $14.77. The stock has a market cap of $16.10 billion, a price-to-earnings ratio of 21.61, a PEG ratio of 0.91 and a beta of 1.26.

KeyCorp (NYSE:KEY) last released its earnings results on Thursday, July 18th. The financial services provider reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.01. The firm had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.52 billion. KeyCorp had a return on equity of 8.64% and a net margin of 7.35%. The company’s revenue was down 4.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.27 EPS. Analysts anticipate that KeyCorp will post 1.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Wedbush raised their price target on shares of KeyCorp from $16.00 to $17.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 13th. Royal Bank of Canada reissued an “outperform” rating and issued a $17.00 target price on shares of KeyCorp in a research note on Tuesday, August 13th. Citigroup lifted their price objective on shares of KeyCorp from $18.00 to $19.00 and gave the company a “buy” rating in a research report on Tuesday, August 13th. Morgan Stanley boosted their price target on KeyCorp from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 14th. Finally, Evercore ISI reduced their target price on KeyCorp from $17.50 to $16.50 and set an “outperform” rating for the company in a research note on Tuesday, June 25th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $16.65.

Insider Activity at KeyCorp

In other KeyCorp news, Director Carlton L. Highsmith sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $16.21, for a total transaction of $162,100.00. Following the sale, the director now directly owns 46,864 shares of the company’s stock, valued at approximately $759,665.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.61% of the stock is currently owned by insiders.

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.