Allstate Corp Grows Stock Holdings in KKR & Co. Inc. $KKR

Key Points

• Allstate Corp more than doubled its stake in KKR & Co. Inc. during the fourth quarter, increasing holdings by 104% to 47,469 shares valued at about $6.05 million.
• KKR has continued to attract institutional and insider buying, with insiders owning 23.2% of the stock and director Timothy R. Barakett recently purchasing 50,000 shares.
• Analysts remain generally constructive despite some target cuts: KKR carries a Moderate Buy consensus with an average price target of $134.53, while the company also raised its quarterly dividend and approved a $500 million share repurchase program.

Allstate Corp raised its position in shares of KKR & Co. Inc. (NYSE:KKR - Free Report) by 104.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 47,469 shares of the asset manager's stock after buying an additional 24,203 shares during the quarter. Allstate Corp's holdings in KKR & Co. Inc. were worth $6,051,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. ESL Trust Services LLC acquired a new stake in shares of KKR & Co. Inc. during the third quarter worth $26,000. Asset Dedication LLC acquired a new stake in shares of KKR & Co. Inc. during the third quarter worth $26,000. GGM Financials LLC acquired a new stake in shares of KKR & Co. Inc. during the third quarter worth $27,000. Washington Trust Advisors Inc. acquired a new stake in shares of KKR & Co. Inc. during the fourth quarter worth $27,000. Finally, Elyxium Wealth LLC acquired a new stake in shares of KKR & Co. Inc. during the fourth quarter worth $27,000. 76.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Royal Bank Of Canada lowered their price objective on shares of KKR & Co. Inc. from $132.00 to $128.00 and set an "outperform" rating for the company in a research note on Wednesday, May 6th. Oppenheimer reduced their price target on shares of KKR & Co. Inc. from $187.00 to $140.00 and set an "outperform" rating for the company in a research report on Monday, April 13th. BMO Capital Markets reduced their price target on shares of KKR & Co. Inc. from $125.00 to $106.00 and set an "outperform" rating for the company in a research report on Tuesday, March 24th. TD Cowen reduced their price target on shares of KKR & Co. Inc. from $106.00 to $104.00 and set a "hold" rating for the company in a research report on Monday, May 18th. Finally, The Goldman Sachs Group reduced their price target on shares of KKR & Co. Inc. from $145.00 to $110.00 and set a "buy" rating for the company in a research report on Tuesday, April 7th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, KKR & Co. Inc. presently has an average rating of "Moderate Buy" and a consensus price target of $134.53.

Insider Activity at KKR & Co. Inc.

In other news, Director Timothy R. Barakett acquired 50,000 shares of the company's stock in a transaction dated Wednesday, March 4th. The shares were acquired at an average price of $94.47 per share, with a total value of $4,723,500.00. Following the purchase, the director directly owned 285,000 shares of the company's stock, valued at $26,923,950. This trade represents a 21.28% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 23.20% of the stock is owned by insiders.

KKR & Co. Inc. Price Performance

Shares of NYSE KKR opened at $95.00 on Wednesday. The stock has a market capitalization of $85.30 billion, a price-to-earnings ratio of 32.31, a PEG ratio of 0.82 and a beta of 1.85. KKR & Co. Inc. has a 12 month low of $82.67 and a 12 month high of $153.87. The firm's 50 day simple moving average is $96.08 and its 200-day simple moving average is $109.58. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.08 and a quick ratio of 0.08.

KKR & Co. Inc. (NYSE:KKR - Get Free Report) last issued its quarterly earnings data on Friday, February 27th. The asset manager reported $1.24 EPS for the quarter. The business had revenue of $5.74 billion for the quarter. KKR & Co. Inc. had a net margin of 13.94% and a return on equity of 5.42%. Analysts expect that KKR & Co. Inc. will post 5.46 EPS for the current year.

KKR & Co. Inc. Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 15th will be paid a dividend of $0.195 per share. This represents a $0.78 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Friday, May 15th. This is a positive change from KKR & Co. Inc.'s previous quarterly dividend of $0.19. KKR & Co. Inc.'s dividend payout ratio is 26.53%.

KKR & Co. Inc. announced that its Board of Directors has approved a share repurchase program on Tuesday, May 5th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the asset manager to reacquire up to 0.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

About KKR & Co. Inc.

KKR & Co Inc is a global investment firm headquartered in New York City that specializes in private markets and alternative asset management. Founded in 1976 by Jerome Kohlberg Jr., Henry Kravis and George R. Roberts, the firm built its reputation in leveraged buyouts and has since expanded into a multi-strategy asset manager. KKR operates across private equity, credit, real assets (including real estate and infrastructure), growth equity and hedge fund strategies, offering a range of investment products and strategies for institutional and private investors.

KKR manages capital through traditional closed-end funds as well as customized vehicles such as separate accounts, co-investments, and listed investment vehicles.

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