KeyCorp's Non-Cumulative Perpetual Convertible Preferred Stock, Series A About To Put More Money In Your Pocket

On 11/25/14, KeyCorp's 7.750% Non-Cumulative Perpetual Convertible Preferred Stock, Series A (KEY.PRG) will trade ex-dividend, for its quarterly dividend of $1.9375, payable on 12/15/14. As a percentage of KEY.PRG's recent share price of $132.93, this dividend works out to approximately 1.46%, so look for shares of KEY.PRG to trade 1.46% lower — all else being equal — when KEY.PRG shares open for trading on 11/25/14. On an annualized basis, the current yield is approximately 5.84%, which compares to an average yield of 5.72% in the "Financial" preferred stock category, according to Preferred Stock Channel.

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As of last close, KEY.PRG was trading at a 32.93% premium to its liquidation preference amount, versus the average premium of 1.00% in the "Financial" category. It should be noted that the preferred shares are convertible, with a conversion ratio of 7.0922. Investors should keep in mind that the shares are not cumulative, meaning that in the event of a missed payment, the company does not have to pay the balance of missed dividends to preferred shareholders before resuming a common dividend.The chart below shows the one year performance of KEY.PRG shares, versus KEY:

Performance Comparison Chart

Below is a dividend history chart for KEY.PRG, showing historical dividends prior to the most recent $1.9375 on KeyCorp's 7.750% Non-Cumulative Perpetual Convertible Preferred Stock, Series A :

KEY.PRG+Dividend+History+Chart

According to the ETF Finder at ETF Channel, KeyCorp ( KEY) makes up 4.07% of the Guggenheim Canadian Energy Income ETF (ENY) which is trading up by about 1.5% on the day Friday.

In Friday trading, KeyCorp's 7.750% Non-Cumulative Perpetual Convertible Preferred Stock, Series A ( KEY.PRG) is currently trading flat on the day, while the common shares ( KEY) are off about 0.1%.

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