CLEVELAND, June 28, 2018 /PRNewswire/ -- KeyCorp (NYSE:
KEY) announced its 2018 Capital Plan, which was submitted as part
of the Federal Reserve's Comprehensive Capital Analysis and
Review. The Federal Reserve indicated it had no objection to
the Company's plan, which includes:
- A common share repurchase program of up to $1.225 billion
- A 42% increase in the quarterly common share dividend from
$0.12 per share up to $0.17 per share
KeyCorp's Board of Directors will consider the potential
dividend increase for the third quarter of 2018. Share repurchases
under the capital plan have been authorized by KeyCorp's Board of
Directors and include repurchases to offset issuances of common
shares under Key's employee compensation plans. KeyCorp intends to
repurchase its common shares in the open market or through
privately negotiated transactions over a four-quarter time period.
The Company anticipates repurchasing common shares under the 2018
capital plan through June 30, 2019.
The reacquired shares will be held as treasury shares and may be
reissued for various corporate purposes.
"KeyCorp's capital plan for the year ahead demonstrates our
discipline and commitment to return capital to our shareholders
with a meaningful increase in payout as we move toward our
long-term targets," said Beth
Mooney, Chairman and CEO, KeyCorp. "Included within
the plan is a significant 42% increase in the quarterly common
share dividend, to $0.17 per share,
and a 53% increase in our common share repurchase authorization.
With improved profitability and broad-based business growth, we are
well positioned and look forward to continue building value for our
shareholders."
About Key
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 $137.0
billion at March 31,
2018. Key provides deposit, lending, cash management, and
investment services to individuals and businesses under the name of
KeyBank National Association through a network of approximately
1,200 branches and more than 1,500 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. For
more information, visit https://www.key.com/. KeyBank is Member
FDIC.
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements about Key's capital actions.
Forward-looking statements can be identified by words such as
"plan," "potential," "expect," "anticipate," "intend," or
"estimate." Forward-looking statements represent management's
current expectations regarding future events. If underlying
assumptions prove to be inaccurate or unknown risks arise, actual
results could vary materially from these expectations. Factors that
could cause Key's actual results to differ from those described in
the forward-looking statements can be found in KeyCorp's Form 10-K
for the year ended December 31, 2017,
as well as in KeyCorp's subsequent SEC filings, all of which have
been filed with the Securities and Exchange Commission and are
available on Key's website (www.key.com/ir) and on the Securities
and Exchange Commission's website (www.sec.gov).
Forward-looking statements speak only as of the date they are made
and Key does not undertake any obligation to update the
forward-looking statements to reflect new information or future
events.
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SOURCE KeyCorp