PNC Financial Services Group Inc. Reduces Stock Holdings in KKR & Co. Inc. $KKR

Key Points

• PNC Financial Services Group cut its stake in KKR & Co. by 7.2% in the first quarter, selling 15,880 shares and leaving it with 204,873 shares valued at about $18.95 million.
• KKR reported strong quarterly results with earnings of $1.24 per share and revenue of $5.74 billion, while analysts currently maintain a Moderate Buy consensus with an average price target of $128.08.
• The company also boosted shareholder returns by raising its quarterly dividend to $0.195 and authorizing a $500 million stock repurchase program, though an executive recently sold 30,000 shares.

PNC Financial Services Group Inc. reduced its position in shares of KKR & Co. Inc. (NYSE:KKR - Free Report) by 7.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 204,873 shares of the asset manager's stock after selling 15,880 shares during the period. PNC Financial Services Group Inc.'s holdings in KKR & Co. Inc. were worth $18,951,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC increased its position in shares of KKR & Co. Inc. by 109.6% during the 4th quarter. Brighton Jones LLC now owns 4,661 shares of the asset manager's stock worth $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 fourth quarter worth about $218,000. Sivia Capital Partners LLC increased its position in shares of KKR & Co. Inc. by 13.1% during the second quarter. Sivia Capital Partners LLC now owns 2,050 shares of the asset manager's stock valued at $273,000 after acquiring an additional 237 shares during the last quarter. United Bank acquired a new stake in KKR & Co. Inc. in the 2nd quarter valued at approximately $769,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in KKR & Co. Inc. during the second quarter worth $4,826,000. Hedge funds and other institutional investors own 76.26% of the company's stock.

KKR & Co. Inc. Trading Up 3.7%

NYSE KKR opened at $99.48 on Friday. The firm's fifty day moving average price is $95.30 and its 200 day moving average price is $100.44. KKR & Co. Inc. has a 12 month low of $82.67 and a 12 month high of $153.87. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.08 and a quick ratio of 0.08. The company has a market capitalization of $89.32 billion, a price-to-earnings ratio of 33.84, a price-to-earnings-growth ratio of 0.81 and a beta of 1.79.

KKR & Co. Inc. (NYSE:KKR - Get Free Report) last announced its quarterly earnings results on Friday, February 27th. The asset manager reported $1.24 earnings per share for the quarter. The firm had revenue of $5.74 billion during the quarter. KKR & Co. Inc. had a net margin of 13.94% and a return on equity of 5.42%. On average, sell-side analysts expect that KKR & Co. Inc. will post 5.54 earnings per share for the current fiscal year.

KKR & Co. Inc. announced that its Board of Directors has authorized a stock repurchase program on Tuesday, May 5th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the asset manager to buy up to 0.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

KKR & Co. Inc. Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 15th were paid a $0.195 dividend. This is an increase from KKR & Co. Inc.'s previous quarterly dividend of $0.18. This represents a $0.78 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Friday, May 15th. KKR & Co. Inc.'s dividend payout ratio (DPR) is presently 26.53%.

Insider Buying and Selling at KKR & Co. Inc.

In other news, EVP Yael Cosset sold 30,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 14th. The shares were sold at an average price of $58.80, for a total transaction of $1,764,000.00. Following the transaction, the executive vice president directly owned 127,868 shares in the company, valued at approximately $7,518,638.40. This trade represents a 19.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 23.20% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Weiss Ratings upgraded KKR & Co. Inc. from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday, June 16th. Piper Sandler cut their target price on shares of KKR & Co. Inc. from $135.00 to $117.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 7th. HSBC increased 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. TD Cowen decreased 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 note on Monday, May 18th. Finally, Oppenheimer dropped their target price on KKR & Co. Inc. from $143.00 to $139.00 and set an "outperform" rating on the stock in a report on Friday, July 17th. Eleven equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $128.08.

KKR & Co. Inc. Company 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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