KeyCorp to Issue Quarterly Dividend of $0.11 (KEY)
KeyCorp (NYSE:KEY) declared a quarterly dividend on Thursday, January 11th, RTT News reports. Stockholders of record on Tuesday, February 27th will be given a dividend of 0.105 per share by the financial services provider on Thursday, March 15th. This represents a $0.42 annualized dividend and a dividend yield of 1.98%.
KeyCorp has raised its dividend payment by an average of 15.0% per year over the last three years and has increased its dividend every year for the last 7 years. KeyCorp has a dividend payout ratio of 30.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect KeyCorp to earn $1.54 per share next year, which means the company should continue to be able to cover its $0.42 annual dividend with an expected future payout ratio of 27.3%.
KeyCorp (NYSE:KEY) traded up $0.18 during trading hours on Thursday, hitting $21.19. The stock had a trading volume of 6,490,000 shares, compared to its average volume of 9,930,000. KeyCorp has a 12 month low of $16.28 and a 12 month high of $21.28. The company has a market capitalization of $22,790.00, a PE ratio of 18.43, a price-to-earnings-growth ratio of 1.65 and a beta of 1.09. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.89 and a current ratio of 0.90.
Several research firms have recently issued reports on KEY. Zacks Investment Research cut KeyCorp from a “buy” rating to a “hold” rating and set a $23.00 price target for the company. in a research note on Wednesday, January 3rd. Barclays increased their price target on KeyCorp from $19.00 to $23.00 and gave the stock an “underweight” rating in a research note on Tuesday, January 2nd. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $21.50 target price on shares of KeyCorp in a research note on Thursday, December 14th. Morgan Stanley reaffirmed an “overweight” rating and set a $23.00 target price on shares of KeyCorp in a research note on Thursday, December 14th. Finally, Stephens raised KeyCorp from an “equal weight” rating to an “overweight” rating and set a $23.00 target price for the company in a research note on Thursday, December 14th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and sixteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $21.56.
In related news, Director Elizabeth R. Gile bought 1,374 shares of KeyCorp stock in a transaction dated Wednesday, November 22nd. The stock was acquired at an average cost of $18.23 per share, with a total value of $25,048.02. Following the completion of the acquisition, the director now directly owns 24,989 shares in the company, valued at approximately $455,549.47. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Carlton L. Highsmith sold 7,600 shares of the company’s stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $18.39, for a total value of $139,764.00. Following the sale, the director now directly owns 68,725 shares of the company’s stock, valued at $1,263,852.75. The disclosure for this sale can be found here. Insiders have sold 57,212 shares of company stock valued at $1,060,508 in the last ninety days. Company insiders own 0.65% of the company’s stock.
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KeyCorp is a bank holding company. The Company is a bank-based financial services company. The Company operates through its subsidiary, KeyBank National Association (KeyBank), which is engaged in providing banking services. Through KeyBank and other subsidiaries, it provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, and investment banking products and services to individual, corporate and institutional clients.
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