Bank of Nova Scotia Sells 18,327 Shares of KKR & Co. Inc. (NYSE:KKR)

Key Points

• The Bank of Nova Scotia reduced its stake in KKR & Co. Inc. by 12.6%, selling 18,327 shares during the first quarter, resulting in a remaining holding valued at approximately $14.75 million.
• Analysts have raised target prices and ratings for KKR, with Morgan Stanley and Evercore ISI increasing their price targets to $150, reflecting a positive outlook on the stock.
• KKR & Co. Inc. recently announced an increase in its quarterly dividend to $0.185 per share, demonstrating a 0.5% yield and a payout ratio of 34.42%.

Bank of Nova Scotia reduced its holdings in KKR & Co. Inc. (NYSE:KKR - Free Report) by 12.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 127,551 shares of the asset manager's stock after selling 18,327 shares during the quarter. Bank of Nova Scotia's holdings in KKR & Co. Inc. were worth $14,746,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of KKR. Banco Santander S.A. lifted its holdings in KKR & Co. Inc. by 17.6% during the 1st quarter. Banco Santander S.A. now owns 2,633 shares of the asset manager's stock worth $304,000 after buying an additional 395 shares in the last quarter. Privium Fund Management UK Ltd acquired a new position in KKR & Co. Inc. during the 1st quarter worth $3,264,000. Cumberland Partners Ltd acquired a new position in KKR & Co. Inc. during the 1st quarter worth $332,000. PNC Financial Services Group Inc. lifted its holdings in KKR & Co. Inc. by 1.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 203,330 shares of the asset manager's stock worth $23,507,000 after buying an additional 2,922 shares in the last quarter. Finally, TIAA Trust National Association lifted its holdings in KKR & Co. Inc. by 7.3% during the 1st quarter. TIAA Trust National Association now owns 164,147 shares of the asset manager's stock worth $18,977,000 after buying an additional 11,126 shares in the last quarter. 76.26% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have issued reports on KKR shares. Citizens Jmp downgraded KKR & Co. Inc. from an "outperform" rating to a "market perform" rating in a report on Monday, July 14th. Hsbc Global Res downgraded KKR & Co. Inc. from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 9th. Morgan Stanley raised KKR & Co. Inc. from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $120.00 to $150.00 in a research note on Wednesday, May 14th. TD Cowen cut their price target on KKR & Co. Inc. from $183.00 to $126.00 and set a "buy" rating on the stock in a research note on Wednesday, April 9th. Finally, Oppenheimer upped their price objective on shares of KKR & Co. Inc. from $149.00 to $162.00 and gave the company an "outperform" rating in a research report on Monday, July 14th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $157.73.

Insider Activity at KKR & Co. Inc.

In related news, Director Timothy R. Barakett acquired 35,000 shares of the business's stock in a transaction on Thursday, May 22nd. The stock was purchased at an average cost of $117.92 per share, for a total transaction of $4,127,200.00. Following the completion of the transaction, the director directly owned 185,000 shares of the company's stock, valued at approximately $21,815,200. The trade was a 23.33% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman George R. Roberts sold 1,190,094 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $119.80, for a total transaction of $142,573,261.20. Following the sale, the chairman owned 82,171,884 shares of the company's stock, valued at $9,844,191,703.20. This trade represents a 1.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 8,471,488 shares of company stock valued at $501,529,092. 39.34% of the stock is currently owned by insiders.

KKR & Co. Inc. Stock Performance

NYSE:KKR traded up $1.99 during mid-day trading on Wednesday, hitting $144.65. The stock had a trading volume of 2,864,124 shares, compared to its average volume of 3,593,794. KKR & Co. Inc. has a twelve month low of $86.15 and a twelve month high of $170.40. The stock has a market cap of $128.83 billion, a price-to-earnings ratio of 67.28, a PEG ratio of 1.54 and a beta of 1.87. The company's 50 day simple moving average is $134.14 and its 200 day simple moving average is $128.12. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.08 and a current ratio of 0.08.

KKR & Co. Inc. (NYSE:KKR - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The asset manager reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.04. The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.81 billion. KKR & Co. Inc. had a net margin of 12.95% and a return on equity of 6.42%. During the same period last year, the business posted $1.09 earnings per share. On average, equities research analysts forecast that KKR & Co. Inc. will post 5.19 earnings per share for the current year.

KKR & Co. Inc. Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 26th. Shareholders of record on Monday, August 11th will be given a dividend of $0.185 per share. This is an increase from KKR & Co. Inc.'s previous quarterly dividend of $0.18. This represents a $0.74 annualized dividend and a yield of 0.5%. KKR & Co. Inc.'s dividend payout ratio (DPR) is 34.42%.

KKR & Co. Inc. Profile

KKR & Co, Inc operates as an investment firm. It offers alternative asset management as well as capital markets and insurance solutions. The firm's business segments include Asset Management and Insurance Business. The Asset Management segment engages in providing private equity, real assets, credit and liquid strategies, capital markets, and principal activities.