KeyCorp (NYSE:KEY) Declares $0.21 Quarterly Dividend

KeyCorp (NYSE:KEY) declared a quarterly dividend on Thursday, November 21st,RTT News reports. Stockholders of record on Tuesday, December 3rd will be given a dividend of 0.205 per share by the financial services provider on Friday, December 13th. This represents a $0.82 dividend on an annualized basis and a dividend yield of 4.21%. The ex-dividend date is Tuesday, December 3rd.

KeyCorp has raised its dividend payment by an average of 3.5% annually over the last three years and has increased its dividend every year for the last 13 years. KeyCorp has a payout ratio of 52.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect KeyCorp to earn $1.55 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 52.9%.

KeyCorp Stock Performance

KEY opened at $19.48 on Monday. KeyCorp has a 12-month low of $12.22 and a 12-month high of $20.04. The firm has a market capitalization of $19.31 billion, a P/E ratio of 1,948.00, a price-to-earnings-growth ratio of 1.07 and a beta of 1.25. The stock’s 50 day moving average price is $17.83 and its two-hundred day moving average price is $16.12. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.09.

KeyCorp (NYSE:KEY) last released its earnings results on Thursday, October 17th. The financial services provider reported $0.30 EPS for the quarter, beating the consensus estimate of $0.27 by $0.03. KeyCorp had a net margin of 0.76% and a return on equity of 8.24%. The firm had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.59 billion. On average, equities analysts forecast that KeyCorp will post 1.09 earnings per share for the current year.

Insider Activity

In other news, insider Angela G. Mago sold 15,011 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $19.59, for a total transaction of $294,065.49. Following the completion of the sale, the insider now owns 234,582 shares in the company, valued at $4,595,461.38. The trade was a 6.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Carlton L. Highsmith sold 9,000 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $17.14, for a total value of $154,260.00. Following the completion of the transaction, the director now owns 37,864 shares in the company, valued at approximately $648,988.96. This represents a 19.20 % decrease in their position. The disclosure for this sale can be found here. 0.67% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on KEY shares. Royal Bank of Canada increased their target price on shares of KeyCorp from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Robert W. Baird lowered KeyCorp from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $18.00 to $17.00 in a report on Monday, October 14th. Citigroup cut KeyCorp from a “buy” rating to a “neutral” rating and set a $19.00 price objective on the stock. in a research report on Thursday, November 7th. Baird R W cut KeyCorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 14th. Finally, UBS Group boosted their price target on shares of KeyCorp from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Wednesday, October 23rd. Nine analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $18.26.

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.