Why Investment Firm KKR's Stock Is Surging Today

KKR & Co Inc KKR reported Q3 FY23 asset management segment revenues of $1.46 billion, beating the consensus of $1.418 billion.

The private equity company reported after-tax adjusted distributable EPS of $0.88, down 7% Y/Y, which beat the consensus of $0.82.

In the insurance segment, net investment income rose to $1.36 billion from $1.05 billion in the prior year, reflecting higher yields and more normalized liquidity balances.

Fee Related Earnings rose 3% Y/Y to $558 million in the quarter.  

Assets under management rose 6% Y/Y to $528 billion, with organic new capital of $14 billion raised in Q3 2023.

Book value per adjusted shares rose 10% Y/Y to $29.68 in the quarter. As of Q3-end, cash and investments stood at $28 billion.

"Our results demonstrate the durability, diversity and growth in our business. We are raising and deploying capital across all our businesses and regions. We have a mature global portfolio that is performing and providing monetization opportunities. And we have multiple ways to grow, leading to real momentum and optimism as we look to 2024 and beyond," said Joseph Y. Bae and Scott C. Nuttall, Co-Chief Executive Officers.

Also Read: KKR Sells $560M In Industrial Assets, Keeps Focus On Logistics In Growth Markets

Dividend: KKR declared a dividend per share of $0.165, payable on December 1, 2023, to shareholders of record as of November 17, 2023.

Also Read: KKR & Flerie Form New Platform To Drive Specialized Pharma Services, Invest In Munich-Based Coriolis Pharma

Price Action: KKR shares are trading higher by 5.81% at $62.83 on the last check Tuesday.