KeyCorp’s Preferred Stock Offers Solid Yield Amid Price Drop
In Tuesday’s trading session, KeyCorp’s 5.625% Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series G (Symbol: KEY.PRK) yielded over 6.5%. The stock’s quarterly dividend annualizes to $1.4063, while shares traded as low as $21.60. This yield is slightly above the average of 6.52% found in the “Financial” preferred stock sector, as reported by Preferred Stock Channel. Presently, KEY.PRK is at a 12.20% discount to its liquidation preference, surpassing the average discount of 7.72% within the same category. It’s important to note that these shares are non-cumulative; if a payment is missed, KeyCorp does not owe any backlog to preferred shareholders before paying common dividends.
The one-year performance of KEY.PRK shares compared to KeyCorp’s common shares is depicted in the chart below:
A look at KeyCorp’s dividend history for the 5.625% Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series G is provided in the chart below:
During Tuesday’s trading, KeyCorp’s 5.625% Preferred Stock lost about 1.6% in value, while its common stock (Symbol: KEY) declined by around 0.7%.
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
