Keycorp (KEY) Declares $0.20 Dividend

Keycorp said on May 11, 2023 that its board of directors declared a regular quarterly dividend of $0.20 per share ($0.82 annualized). Previously, the company paid $0.20 per share.

Shares must be purchased before the ex-div date of May 26, 2023 to qualify for the dividend. Shareholders of record as of May 30, 2023 will receive the payment on June 15, 2023.

At the current share price of $8.99 / share, the stock's dividend yield is 9.12%.

Looking back five years and taking a sample every week, the average dividend yield has been 4.29%, the lowest has been 2.33%, and the highest has been 8.64%. The standard deviation of yields is 1.17 (n=237).

The current dividend yield is 4.13 standard deviations above the historical average.

Additionally, the company's dividend payout ratio is 0.43. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company's 3-Year dividend growth rate is 0.11%, demonstrating that it has increased its dividend over time.

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What is the Fund Sentiment?

There are 1507 funds or institutions reporting positions in Keycorp. This is a decrease of 32 owner(s) or 2.08% in the last quarter. Average portfolio weight of all funds dedicated to KEY is 0.20%, an increase of 11.00%. Total shares owned by institutions decreased in the last three months by 4.28% to 881,761K shares. The put/call ratio of KEY is 1.09, indicating a bearish outlook.

Analyst Price Forecast Suggests 81.28% Upside

As of May 11, 2023, the average one-year price target for Keycorp is 16.30. The forecasts range from a low of 11.11 to a high of $39.90. The average price target represents an increase of 81.28% from its latest reported closing price of 8.99.

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The projected annual revenue for Keycorp is 7,951MM, an increase of 18.60%. The projected annual non-GAAP EPS is 2.32.

What are Other Shareholders Doing?

Capital International Investors holds 51,176K shares representing 5.47% ownership of the company. In it's prior filing, the firm reported owning 51,191K shares, representing a decrease of 0.03%. The firm increased its portfolio allocation in KEY by 0.04% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 28,383K shares representing 3.03% ownership of the company. In it's prior filing, the firm reported owning 27,821K shares, representing an increase of 1.98%. The firm increased its portfolio allocation in KEY by 2.45% over the last quarter.

VIMSX - Vanguard Mid-Cap Index Fund Investor Shares holds 21,694K shares representing 2.32% ownership of the company. In it's prior filing, the firm reported owning 21,504K shares, representing an increase of 0.88%. The firm increased its portfolio allocation in KEY by 0.76% over the last quarter.

VFINX - Vanguard 500 Index Fund Investor Shares holds 21,568K shares representing 2.31% ownership of the company. In it's prior filing, the firm reported owning 21,144K shares, representing an increase of 1.97%. The firm increased its portfolio allocation in KEY by 2.19% over the last quarter.

Federated Hermes holds 20,410K shares representing 2.18% ownership of the company. In it's prior filing, the firm reported owning 16,865K shares, representing an increase of 17.37%. The firm decreased its portfolio allocation in KEY by 56.54% over the last quarter.

Keycorp Background Information
(This description is provided by the company.)

KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $170.3 billion at December 31, 2020. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of more than 1,000 branches and approximately 1,400 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name.

This story originally appeared on Fintel.