Renaissance Technologies LLC Purchases New Stake in KKR & Co. Inc. $KKR

Key Points

• Renaissance Technologies acquired 257,350 KKR shares in the first quarter, valued at approximately $23.8 million. Institutional investors and hedge funds collectively own 76.26% of the company.
• Analyst sentiment remains favorable, with 11 Buy ratings and three Holds; KKR has a “Moderate Buy” consensus rating and an average price target of $128.08.
• KKR exceeded quarterly earnings and revenue estimates, while revenue rose 38.8% year over year. The company also increased its quarterly dividend to $0.195 per share and authorized a $500 million stock-repurchase plan.

Renaissance Technologies LLC acquired a new position in shares of KKR & Co. Inc. (NYSE:KKR - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 257,350 shares of the asset manager's stock, valued at approximately $23,805,000.

Other large investors also recently added to or reduced their stakes in the company. Washington Trust Advisors Inc. bought a new stake in shares of KKR & Co. Inc. during the fourth quarter worth approximately $27,000. Elyxium Wealth LLC bought a new position in KKR & Co. Inc. in the fourth quarter valued at approximately $27,000. SouthState Bank Corp boosted its stake in KKR & Co. Inc. by 185.0% in the fourth quarter. SouthState Bank Corp now owns 228 shares of the asset manager's stock valued at $29,000 after acquiring an additional 148 shares during the last quarter. Garton & Associates Financial Advisors LLC acquired a new stake in KKR & Co. Inc. during the 4th quarter worth $29,000. Finally, MV Capital Management Inc. acquired a new stake in KKR & Co. Inc. during the 4th quarter worth $31,000. 76.26% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

KKR has been the topic of a number of analyst reports. Keefe, Bruyette & Woods raised KKR & Co. Inc. to a "moderate buy" rating in a research note on Monday, July 20th. HSBC lifted their price objective on KKR & Co. Inc. from $118.00 to $121.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. Zacks Research upgraded KKR & Co. Inc. from a "strong sell" rating to a "hold" rating in a report on Thursday, May 28th. UBS Group increased their target price on KKR & Co. Inc. from $113.00 to $126.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. Finally, TD Cowen reduced their target price on KKR & Co. Inc. from $106.00 to $104.00 and set a "hold" rating on the stock in a report on Monday, May 18th. Eleven research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $128.08.

KKR & Co. Inc. Stock Down 3.3%

NYSE:KKR opened at $99.31 on Thursday. KKR & Co. Inc. has a 1 year low of $82.67 and a 1 year high of $153.50. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 0.70. The stock has a market cap of $89.17 billion, a price-to-earnings ratio of 33.78, a PEG ratio of 0.87 and a beta of 1.79. The stock has a 50-day moving average price of $95.71 and a two-hundred day moving average price of $99.52.

KKR & Co. Inc. (NYSE:KKR - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The asset manager reported $1.39 EPS for the quarter, topping analysts' consensus estimates of $1.26 by $0.13. KKR & Co. Inc. had a return on equity of 5.42% and a net margin of 13.94%.The company had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.18 billion. During the same quarter last year, the firm posted $1.15 earnings per share. KKR & Co. Inc.'s revenue was up 38.8% compared to the same quarter last year. As a group, equities analysts expect that KKR & Co. Inc. will post 5.54 earnings per share for the current year.

KKR & Co. Inc. Increases Dividend

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

KKR & Co. Inc. declared that its board has authorized a stock buyback plan on Tuesday, May 5th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the asset manager to buy up to 0.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

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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