KeyCorp (NYSE: KEY), parent of KeyBank, announced that its board of directors has declared a cash dividend of 7 ½ cents per share of its common stock. The dividend is payable on Dec. 15 to holders of record as of the close of business on Dec. 1.
At its current stock price, the dividend yields about 2.3 percent on an annual basis. Key also paid the same dividend amount in each of the last two quarters.
Key, headquartered in Cleveland, Ohio, announced on Oct. 30 that it will acquire Buffalo–based First Niagara Financial Group (NASDAQ: FNFG) for $4.1 billion. The deal, if approved by regulators, will combine the number 3 and number 5 banks in the Syracuse metro area, respectively, ranked by deposit market share. The banks currently operate 40 branches combined in the Syracuse market.
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