KeyCorp (NYSE:KEY) is unlocking a little more money to return to its shareholders. The company has declared a quarterly dividend of $0.055 per share of its common stock. This is to be handed out on June 14 to shareholders of record as of May 28. That amount is 10% higher than the banking group's previous four distributions of $0.05 per share apiece, the most recent of which was paid in March.

KeyCorp also declared a dividend of $1.9375 per share on its 7.75% series A convertible preferred stock. This will be dispensed on June 17 to holders of record as of May 31.

The new common stock distribution annualizes to $0.22 per share. That yields 2.1% at KeyCorp's current stock price of $10.57.