Eaton Vance (EV) and Kohlberg Kravis Roberts & Co. (KKR) Shares Continue Higher After Acquisition Announcements
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Price: $42.33 --0%
Rating Summary:
0 Buy, 5 Hold, 4 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 8
Rating Summary:
0 Buy, 5 Hold, 4 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 8
Trade EV Now!
Shares of Eaton Vance (NYSE: EV) and Kohlberg Kravis Roberts & Co. (NYSE: KKR) have been volatile after both companies announced acquisitions of asset managers.
Currently, shares of EV are trading up 2.2% and gained over 2% yesterday when the company announced it had scooped up a 49% stake in International manager, Hexavest. Terms of the deal weren't disclosed, but Eaton Vance said the deal is strongly accretive, adding $0.07/0.09 of EPS annually. Hexavest has over 100 institutional clients and approx. $9.9 billion in assets under management.
Shares of KKR dipped yesterday on news it had acquired Prisma Capital Partners, a $7.8 billion fund of hedge funds. Terms were not disclosed. A Barclays analyst maintains his 'Overweight' rating on shares of KKR, saying this deal should be significant to KKR's growing FRE base. Analyst, Roger A. Freeman also notes that Prisma has seen huge growth, doubling assets under management in the past 2 1/2 years. Another positive is AEGON, which has significant capital at Prisma, has an outstanding relationship with KKR and would be willing to sell its stake in the company.
Barclays analyst, Roger A. Freeman looks for these deals to help bolster the companies portfolio's and balance sheet, however, he sees more upside in KKR, rating the stock Overweight vs. Eaton at Equalweight.
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Currently, shares of EV are trading up 2.2% and gained over 2% yesterday when the company announced it had scooped up a 49% stake in International manager, Hexavest. Terms of the deal weren't disclosed, but Eaton Vance said the deal is strongly accretive, adding $0.07/0.09 of EPS annually. Hexavest has over 100 institutional clients and approx. $9.9 billion in assets under management.
Shares of KKR dipped yesterday on news it had acquired Prisma Capital Partners, a $7.8 billion fund of hedge funds. Terms were not disclosed. A Barclays analyst maintains his 'Overweight' rating on shares of KKR, saying this deal should be significant to KKR's growing FRE base. Analyst, Roger A. Freeman also notes that Prisma has seen huge growth, doubling assets under management in the past 2 1/2 years. Another positive is AEGON, which has significant capital at Prisma, has an outstanding relationship with KKR and would be willing to sell its stake in the company.
Barclays analyst, Roger A. Freeman looks for these deals to help bolster the companies portfolio's and balance sheet, however, he sees more upside in KKR, rating the stock Overweight vs. Eaton at Equalweight.
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Analyst Comments, Mergers and AcquisitionsRelated Entities
Kohlberg Kravis Roberts, Barclays, Hedge Funds, Prisma Capital Partners
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