KeyCorp. (KEY) announced that the Federal Reserve did not object to Key's proposed capital plan submitted during the 2015 Comprehensive Capital Analysis and Review.
The capital plan, which occurs over a five-quarter time period, includes: a common share repurchase program of up to $725 million; an increase in the quarterly common share dividend from $0.065 per share up to $0.075 per share. Key's Board of Directors will consider the potential dividend increase in May; an additional potential increase in the quarterly common share dividend, up to $0.085 per share, which will be considered by the Board of Directors in 2016, for the fifth quarter of the 2015 capital plan.
Key intends to repurchase its common shares through the open market or in privately negotiated transactions over a five quarter time-period, which differs from prior year authorizations that occurred over a four quarter time-period. The company anticipates repurchasing common shares under the 2015 capital plan through June 30, 2016. The reacquired shares will be held as treasury shares and may be reissued for various corporate purposes.
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