KeyCorp, the Cleveland-based lender, announced a $344 million share buyback program and said it may raise its quarterly dividend to 5 cents from 3 cents after getting results of its U.S. stress test.

“The Federal Reserve has notified Key that it has no objections to the capital actions described in the plan,” the company said today in a statement. The company may also buy back certain trust preferred capital securities, it said.

The dividend increase will be considered in May, KeyCorp said.