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KeyCorp — Intrinsic Value & Fair Price

KEY
NYSEFinancial ServicesBanks - RegionalCIK 0000091576key.comAbout KEY
Last close · Oct 16, 202619.99+0.05 (+0.25%)
Market cap$21.6B
Model value · P/TBV · justified
21.25
KeyCorp closed at $19.99 — undervalued by 6% vs model.
18.60the model's range24.80

P/TBV · justified leads for a bank. From the justified price to tangible book.

Other models
15.75 – 40.73
Wall St. target
25.00 20% below
Below model, 1y
20 of 20 days

Price and model value

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What the marks mean
Daily close

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
4.10%
Past 2 years
low 3.42%high 6.20%
Dividends per share, a year at a time
$0.74Aug ’21$0.78Aug ’22$0.82Aug ’23$0.82Aug ’24$0.82Sep ’25$0.82TTM
Dividends / earnings, FY2025
57.6%
Raised
—
Growth, 5 yrs
2.1% a year
Last change
+5.1% · Nov 2022
Every payment, with ex-dates · latest $0.205, paid Sep 15, 2026

Research on KEY

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How it is valued

Valued asBank
Moderate growth (~10% recent)High profitability (105% net margin)Strong dividend yieldHighly cyclical earningsStrong FCF yield (9.7%)
What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for banks
Price / tangible book
1.2×
Price / book
1.1×
Return on equity
9.0%
P/E
13.2×
Dividend yield, TTM
4.10%
Payout ratio
57.6%
On the lists: #46 Lowest P/E
Full financials

Analyst actions

third-party, quoted
10-05UBS · target25.00
10-01Evercore ISI · target24.00
07-22D.A. Davidson · target28.00
02-24Baird · “Neutral” from “Underperform”upgrade
Ratings, targets and estimates

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just KEY. No account.

About KeyCorp

KeyCorp functions as the parent entity for KeyBank National Association, delivering a wide array of banking services to retail and business clients across the United States. Its operations are distinctly segmented into a Consumer Bank and a Commercial Bank. Targeting both individual consumers and small to medium-sized businesses, the corporation extends a comprehensive suite of services. These offerings include various deposit accounts, investment solutions, personal financial planning and wellness programs, student loan refinancing, mortgage and home equity products, general lending, credit card services, treasury management, business advisory, wealth and asset management, and trust-related services. Moreover, the company furnishes middle-market clients with a robust selection of sophisticated banking and capital market products. These encompass syndicated lending, debt and equity capital market offerings, commercial payment solutions, equipment financing, commercial real estate mortgage banking, derivatives, foreign exchange services, financial advisory, and public finance. Its commercial mortgage portfolio encompasses loans across diverse sectors, including consumer, energy, healthcare, industrial, public sector, real estate, and technology. Additionally, KeyCorp engages in community development financing, securities underwriting, brokerage, and investment banking services. As of December 31, 2021, its operational reach extended across 15 states, supported by an extensive network of approximately 999 physical branches and 1,317 automated teller machines (ATMs). Beyond its physical footprint, the company offers online and mobile banking capabilities, alongside a dedicated telephone banking call center and other offices. Established in 1849, KeyCorp maintains its corporate headquarters in Cleveland, Ohio.

CEO
Christopher Marrott Gorman
Headquarters
Cleveland, OH
Employees
17,883
IPO
1987-11-05
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.