CLEVELAND - KeyCorp (NYSE: NYSE:KEY), a major bank-based financial services company, has declared dividends for the second quarter of 2024 across its common and preferred stock categories. The corporation announced a cash dividend of $0.205 per common share, which is payable on June 14, 2024, to shareholders on record as of May 28, 2024.
In addition to the common shares, dividends were declared on various series of preferred stock. Holders of the Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, Series D, will receive $312.50 per share, payable on June 17, 2024, with a record date of June 3, 2024. This dividend covers the period from March 15, 2024, to June 15, 2024.
Similarly, the corporation's Series E preferred stock will carry a dividend of $15.3125 per share, with the same payable and record dates as Series D. The Series F and Series G preferred stocks will receive dividends of $14.1250 and $14.0625 per share respectively, and the Series H preferred stock is set at a dividend of $15.50 per share. All preferred dividends are for the period starting March 15, 2024, and ending on June 15, 2024, with payment due on June 17, 2024, to shareholders of record as of June 3, 2024.
KeyCorp, with its headquarters in Cleveland, Ohio, traces its roots back nearly two centuries and has grown to become one of the nation's largest bank-based financial services companies. As of March 31, 2024, KeyCorp reported assets of approximately $187 billion.
The company operates under the KeyBank National Association, providing various financial services including deposit, lending, cash management, and investment services through an extensive network of branches and ATMs. KeyCorp also offers corporate and investment banking products through KeyBanc Capital Markets.
The announcement of these dividends reflects KeyCorp's ongoing commitment to providing returns to its shareholders. The information is based on a press release statement from the company.
InvestingPro Insights
KeyCorp's recent dividend announcement is a testament to its consistent shareholder returns, underscored by its impressive track record of raising dividends. According to InvestingPro Tips, KeyCorp has raised its dividend for 13 consecutive years, showcasing a reliable commitment to its investors. This is especially significant in the current financial landscape, where consistent dividend growth is a sign of a company's financial health and management's confidence in future earnings.
When looking at KeyCorp's financial health through the lens of InvestingPro Data, several metrics stand out. The company's market capitalization is solid at $14.21B, reflecting its substantial presence in the financial sector. With a Price/Earnings (P/E) ratio of 19.09, KeyCorp trades at a valuation that suggests investors are expecting earnings growth, despite a slight adjustment to an 18.06 P/E ratio over the last twelve months as of Q1 2024.
Moreover, the company's dividend yield is notably high at 5.46%, which is particularly attractive to income-focused investors. This yield is supported by a substantial 41.58% price uptick over the last six months, indicating a strong market performance.
For readers interested in a deeper analysis, there are additional InvestingPro Tips available that could provide further insight into KeyCorp's financials and market performance. To enrich your investment decision-making, consider exploring these tips by visiting https://www.investing.com/pro/KEY. And remember, you can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking even more valuable insights.
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