KKR & Co. Inc. $KKR Shares Sold by Eastern Bank

Key Points

• Eastern Bank cut its KKR position by 99.1% in the second quarter, selling 46,000 shares and retaining just 427 shares worth approximately $39,000. Institutional investors and hedge funds collectively own 76.26% of KKR.
• KKR reported quarterly EPS of $1.63, exceeding the $1.43 consensus estimate, while revenue reached $5.73 billion versus expectations of $2.55 billion. The company also authorized a $500 million share-buyback program and declared a quarterly dividend of $0.195 per share.
• Analyst sentiment remains broadly positive: KKR has a “Moderate Buy” consensus rating from 15 analysts, with an average price target of $127.75 versus a reported share price of $103.41.

Eastern Bank lowered its position in KKR & Co. Inc. (NYSE:KKR - Free Report) by 99.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 427 shares of the asset manager's stock after selling 46,000 shares during the quarter. Eastern Bank's holdings in KKR & Co. Inc. were worth $39,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of KKR. Brighton Jones LLC raised its position in KKR & Co. Inc. by 109.6% in the 4th quarter. Brighton Jones LLC now owns 4,661 shares of the asset manager's stock valued at $689,000 after purchasing an additional 2,437 shares during the last quarter. Bison Wealth LLC purchased a new position in KKR & Co. Inc. during the 4th quarter worth $218,000. Sivia Capital Partners LLC increased its stake in KKR & Co. Inc. by 13.1% in the second quarter. Sivia Capital Partners LLC now owns 2,050 shares of the asset manager's stock valued at $273,000 after purchasing an additional 237 shares during the period. United Bank acquired a new position in KKR & Co. Inc. in the second quarter valued at $769,000. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of KKR & Co. Inc. in the second quarter valued at about $4,826,000. 76.26% of the stock is owned by institutional investors and hedge funds.

KKR & Co. Inc. Stock Performance

Shares of KKR opened at $103.41 on Friday. The stock has a market capitalization of $92.85 billion, a P/E ratio of 32.93, a P/E/G ratio of 0.91 and a beta of 1.78. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.08 and a current ratio of 0.08. KKR & Co. Inc. has a 1 year low of $82.67 and a 1 year high of $152.10. The company's fifty day moving average is $96.90 and its two-hundred day moving average is $98.34.

KKR & Co. Inc. (NYSE:KKR - Get Free Report) last released its earnings results on Thursday, July 30th. The asset manager reported $1.63 EPS for the quarter, topping the consensus estimate of $1.43 by $0.20. The company had revenue of $5.73 billion during the quarter, compared to analysts' expectations of $2.55 billion. KKR & Co. Inc. had a net margin of 14.41% and a return on equity of 5.89%. During the same quarter last year, the business earned $1.18 EPS. On average, sell-side analysts predict that KKR & Co. Inc. will post 5.66 earnings per share for the current year.

KKR & Co. Inc. declared that its board has initiated a stock buyback program on Tuesday, May 5th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the asset manager to reacquire up to 0.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's management believes its stock is undervalued.

KKR & Co. Inc. Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Monday, August 10th will be given a $0.195 dividend. The ex-dividend date is Monday, August 10th. This represents a $0.78 dividend on an annualized basis and a yield of 0.8%. KKR & Co. Inc.'s dividend payout ratio (DPR) is presently 24.84%.

KKR & Co. Inc. News Roundup

Here are the key news stories impacting KKR & Co. Inc. this week:

• Positive Sentiment: KKR agreed to acquire Medicover’s India hospital business for approximately €1.2 billion. The transaction expands KKR’s healthcare portfolio in India and could provide exposure to a growing medical-services market. Medicover to sell India hospital business to KKR for €1.2 billion
• Positive Sentiment: KKR closed its Global Infrastructure Investors V fund with $19.2 billion available for investment. The fundraising reinforces the firm’s ability to attract institutional capital and supports future fee-generating asset growth. KKR closes Global Infrastructure Investors V fund
• Positive Sentiment: KKR is reportedly taking medical-equipment maker Integer Holdings private in a roughly $5.7 billion transaction and is arranging about $2 billion of debt financing. The deal could increase KKR’s assets under management and future management-fee potential. KKR to take Integer Holdings private
• Positive Sentiment: Analysts raised their KKR price targets to $118 at BMO Capital Markets and $111 at TD Cowen, while Argus forecast strong appreciation. These revisions suggest improving analyst confidence in KKR’s earnings and growth outlook. BMO raises KKR price target
• Neutral Sentiment: A separate company, FS KKR Capital Corp. NYSE: FSK, reported quarterly results and declared a $0.44 distribution. This is not an operating update for KKR & Co. Inc. and should have limited direct effect on KKR stock. FS KKR Capital quarterly results
• Negative Sentiment: Investors purchased a large volume of KKR put options, signaling increased demand for downside protection or bearish positioning. This may contribute to short-term pressure, although options activity is not a fundamental indicator. KKR put-option activity

Analyst Ratings Changes

Several equities research analysts have recently weighed in on KKR shares. Keefe, Bruyette & Woods upgraded shares of KKR & Co. Inc. to a "moderate buy" rating in a research note on Monday, July 20th. Oppenheimer dropped their price target on KKR & Co. Inc. from $143.00 to $139.00 and set an "outperform" rating on the stock in a research report on Friday, July 17th. Zacks Research raised KKR & Co. Inc. from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 28th. HSBC upped their price objective on KKR & Co. Inc. from $118.00 to $121.00 and gave the company a "buy" rating in a research note on Monday, July 20th. Finally, Morgan Stanley lowered their target price on KKR & Co. Inc. from $153.00 to $147.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 21st. Twelve equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $127.75.

KKR & Co. Inc. Profile

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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