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10 Midwest Bank Stocks Finally Paying Off

3. KeyCorp

Shares of KeyCorp (KEY) of Cleveland closed at $8.54 Friday, returning 11% year-to-date, following a 12% decline during 2011.

Following the Federal Reserve's public announcement of the stress test results, KeyCorp last Wednesday announced that the regulatory had approved its plan to increase its quarterly dividend to five cents from three cents, and announced that its board of directors would "consider the potential dividend increase at its regular May meeting."

KeyCorp also announced that it had authorized "a common stock repurchase program of up to $344 million."

Based on the new quarterly payout, the shares have a dividend yield of 2.34%.

The shares trade just below tangible book value, and for 11 times the consensus 2012 EPS estimate of 77 cents. The consensus 2013 EPS estimate is 81 cents.

While KeyCorp still trades below book, analyst opinion is mixed. Out of 32 analysts covering the lender, 11 rate the shares a buy, 16 have neutral ratings, and 5 rate the shares "Underperform," or have sell ratings. The mean price target is $8.83.

Interested in more on KeyCorp? See TheStreet Ratings' report card for this stock.
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