Shares of global investment firm KKR & Co. (KKR) closed nearly 2% higher on Tuesday after the company reported excellent financial results for the second quarter of 2021. The New York-based company offers alternative asset management and capital markets and insurance solutions.
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Adjusted earnings per share (EPS) increased 153% year-over-year to $1.05, beating the Street’s estimate of $0.83. (See KKR stock chart on TipRanks)
Total revenues amounted to $3.14 billion, significantly higher than $1.33 billion reported in the second quarter of 2020 and analysts’ expectations of $1.35 billion.
The Co-Chairmen and Co-CEOs of KKR, Henry R. Kravis and George R. Roberts, said, “This was an exceptional quarter for KKR. We continue to deliver differentiated investment performance on behalf of our fund investors leading to a record $59 billion of organic inflows this quarter. Alongside record quarterly Fee-Related EPS and After-tax Distributable EPS, momentum across the firm remains high.”
Last month, Evercore ISI analyst Glenn Schorr reiterated a Buy rating on the stock with a price target of $66 (1.9% upside potential). The analyst expects the company to report EPS of $0 in the third quarter.
Overall, the stock has a Moderate Buy consensus based on 6 Buys and 3 Holds. The average KKR price target of $69 implies 6.5% upside potential. The company’s shares have gained nearly 79% over the past year.
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