KKR & Co. Inc. (KKR) is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. As of December 31, 2020, the company had completed more than 375 private equity investments in portfolio companies with a total transaction value in excess of $650 billion.
The company generated nearly 41% of its revenue from carried interest, 23% from management fees, 22.5% from transaction fees and the remainder from GP capital interest, expense reimbursements, monitoring fees and other fees in 2020.
Strong First Quarter Growth
KKR & Co. reported first quarter revenue of $4.56 billion, fee-related earnings that rose 41.1% to $363.8 million and non-GAAP earnings of 75 cents, beating consensus estimates by 11 cents. Assets under management also ballooned from $186 billion at the end of last year to $288 billion by the end of the first quarter of the new year.
Analysts are moderately bullish on the private equity firm’s stock over the coming quarters. For instance, Credit Suisse recently raised its price target on the stock, citing the strong first quarter financial results. Similarly, Deutsche Bank raised its estimates following the “good” Q1 results.
The company raised its quarterly dividend by 7.4% to $0.145 per share, which represents a 1.01% forward yield. The dividend is payable on June 1, 2021, to shareholders on record as of May 17, 2021.
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