---
title: KeyCorp (KEY) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/key
ticker: KEY
as_of: 2026-10-17
sector: Financial Services
industry: Banks - Regional
---
# KeyCorp (KEY)

KeyCorp (KEY) closed at $19.99 on Oct 16, 2026, undervalued by 6% vs its model value of $21.25 (from the justified price to tangible book).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $19.99 (Oct 16, 2026) |
| Model value (from the justified price to tangible book) | $21.25 |
| Price vs model | undervalued by 6% vs model |
| Range of that model | $18.60 – $24.80 |
| Market value | $21.6B |
| P/E (fiscal 2025) | 13.2 |
| Net margin (fiscal 2025) | 16.3% |
| Free cash flow (fiscal 2025) | $2.1B |
| Dividend yield (trailing twelve months) | 4.10% |
| Beta | 1.09 |
| Cost of capital (WACC) | 10.24% |
| Business classification | Dividend Payer (Moderate growth (~10% recent), High profitability (105% net margin), Strong dividend yield, Highly cyclical earnings, Strong FCF yield (9.7%)) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Lowest P/E | #46 | 13.2× | https://sweetvaluelab.com/lists/lowest-pe |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 4.10% |
| Dividends per share, last 12 months | $0.82 |
| Dividends / earnings (fiscal 2025) | 57.6% |
| Raised | — |
| Growth over 5 years | 2.1% a year |
| Latest payment | $0.205, ex-date Sep 1, 2026, paid Sep 15, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Aug 30, 2021 | $0.74 |
| To Aug 29, 2022 | $0.78 |
| To Aug 28, 2023 | $0.82 |
| To Aug 27, 2024 | $0.82 |
| To Sep 2, 2025 | $0.82 |
| Trailing twelve months (to Sep 1, 2026) | $0.82 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| P/TBV · justified | primary | $21.25 | $18.60 | $24.80 |
| P/E · peers | cross check | $20.85 | $20.44 | $22.05 |
| P/E · own history | cross check | $20.99 | $11.25 | $27.21 |
| PEG | sanity check | $40.73 | $40.73 | $40.73 |
| Dividend discount | cross check | $15.75 | $11.20 | $24.24 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 1 open-market sale ($568,500); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Oct 1, 2026 | Snyder Barbara R | Director | Option/RSU exercise | 1,417 | $0 |
| Oct 1, 2026 | Snyder Barbara R | Director | Option/RSU exercise | 1,417 | — |
| Oct 1, 2026 | Snyder Barbara R | Director | Option/RSU exercise | 1,526 | — |
| Oct 1, 2026 | Snyder Barbara R | Director | Option/RSU exercise | 1,526 | — |
| Sep 30, 2026 | VASOS TODD J | Director | Grant / award | 1,930 | $0 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Sep 25, 2026 | 8-K | 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/91576/000162828026063618/key-20260925.htm |
| Sep 14, 2026 | 8-K | 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/91576/000162828026061680/key-20260914.htm |
| Aug 14, 2026 | 8-K | 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/91576/000162828026057141/key-20260814.htm |
| Aug 4, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/91576/000162828026052671/key-20260630.htm |
| Jul 21, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/91576/000009157626000017/key-20260721.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Richard Pzena | 2026-06-30 | 1,597,019 | $36.8M |
| Bridgewater | 2026-06-30 | 1,574,882 | $36.3M |

2 tracked managers in all.

## About

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 capit…

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Source: https://sweetvaluelab.com/stocks/key (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.