KKR & Co. Inc [NYSE: KKR] jumped around 2.11 points on Thursday, while shares priced at $95.77 at the close of the session, up 2.25%. The company report on February 22, 2024 at 8:15 AM that Global Atlantic Closes $10 Billion Block Reinsurance Transaction with Manulife across both US and Japan Business.
Global Atlantic Financial Group (“Global Atlantic”), a leading insurance company meeting the retirement and life insurance needs of individuals and institutions, today announced the closing of its $10 billion reinsurance transaction with Manulife Financial Corporation (NYSE: MFC). The transaction, signed and previously announced between subsidiaries of the two companies last December, reinsures a seasoned and diversified block of Manulife’s life, annuity, and long-term care (“LTC”) insurance business originated in the US and Japan. It represents the third block transaction Global Atlantic has executed with Manulife and includes Global Atlantic’s first block reinsurance transaction in Japan. General account assets under management supporting the transaction at closing are approximately $10 billion.
Simultaneous to the closing of the reinsurance transaction with Manulife, Global Atlantic also closed on the retrocession of 100% of the long-term care insurance risks to a highly rated third-party global reinsurance partner. Global Atlantic only retains the underlying spread-based risks on the subset of the block that involves the LTC business.
Compared to the average trading volume of 3.79M shares, KKR reached a trading volume of 3886037 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say about KKR & Co. Inc [KKR]?
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for KKR shares is $105.94 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on KKR stock is a recommendation set at 1.22. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
TD Cowen have made an estimate for KKR & Co. Inc shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on January 04, 2024. While these analysts kept the previous recommendation, Oppenheimer raised their target price from $91 to $94. The new note on the price target was released on November 30, 2023, representing the official price target for KKR & Co. Inc stock. Previously, the target price had yet another raise to $75, while Wolfe Research analysts kept a Outperform rating on KKR stock.
The Average True Range (ATR) for KKR & Co. Inc is set at 2.17, with the Price to Sales ratio for KKR stock in the period of the last 12 months amounting to 6.55. The Price to Book ratio for the last quarter was 4.15, with the Price to Cash per share for the same quarter was set at 13.23. Price to Free Cash Flow for KKR in the course of the last twelve months was 14.88.
How has KKR stock performed recently?
KKR & Co. Inc [KKR] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -0.19. With this latest performance, KKR shares gained by 14.03% in over the last four-week period, additionally plugging by 62.21% over the last 6 months – not to mention a rise of 71.94% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for KKR stock in for the last two-week period is set at 66.62, with the RSI for the last a single of trading hit 64.27, and the three-weeks RSI is set at 67.79 for KKR & Co. Inc [KKR]. The present Moving Average for the last 50 days of trading for this stock 86.11, while it was recorded at 94.89 for the last single week of trading, and 66.29 for the last 200 days.
Earnings analysis for KKR & Co. Inc [KKR]
With the latest financial reports released by the company, KKR & Co. Inc posted 0.81/share EPS, while the average EPS was predicted by analysts to be reported at 0.74/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 9.50%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for KKR. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for KKR & Co. Inc go to 25.02%.
Insider trade positions for KKR & Co. Inc [KKR]
The top three institutional holders of KKR stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in KKR stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in KKR stock with ownership which is approximately 5.8325%.
