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.

Fool contributor Eric Volkman has no position in KeyCorp. The Motley Fool owns shares of KeyCorp. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.