Financial services company KeyCorp (KEY) will raise its quarterly dividend by 5.4 percent to 19.5 cents per share in 2021. This is the first hike announced since 2019 by KEY. Back then the company hiked its dividend by 8.8 percent to $0.185 per share.

The next KEY dividend is payable on December 15, 2021 to holders of record of such common shares as of the close of business on November 30, 2021. A new annualized dividend rate of 78 cents per share yields 3.4% at a stock price of $22.72.

Headquartered in Cleveland, Ohio, Keycorp is a bank-based financial services company. KeyCorp 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 branches ATMs. The company also provides 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.