Reinsurance Group of America (NYSE:RGA – Free Report) had its price objective raised by Wells Fargo & Company from $291.00 to $292.00 in a research note released on Monday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the insurance provider’s stock.
Several other analysts have also commented on RGA. Morgan Stanley raised shares of Reinsurance Group of America from an “equal weight” rating to an “overweight” rating and set a $295.00 price target for the company in a research report on Monday, September 28th. TD Cowen lifted their price objective on shares of Reinsurance Group of America from $212.00 to $235.00 and gave the stock a “hold” rating in a research report on Wednesday, July 22nd. UBS Group upgraded shares of Reinsurance Group of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 24th. JPMorgan Chase & Co. increased their target price on shares of Reinsurance Group of America from $286.00 to $293.00 and gave the company an “overweight” rating in a research report on Tuesday, August 11th. Finally, Barclays set a $292.00 target price on shares of Reinsurance Group of America in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $267.89.
Get Our Latest Stock Analysis on Reinsurance Group of America
Reinsurance Group of America Trading Up 1.6%
Reinsurance Group of America (NYSE:RGA – Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The insurance provider reported $8.89 earnings per share for the quarter, beating analysts’ consensus estimates of $6.50 by $2.39. Reinsurance Group of America had a return on equity of 14.78% and a net margin of 5.81%. The company had revenue of $6.64 billion for the quarter, compared to the consensus estimate of $6.67 billion. During the same quarter last year, the company earned $4.72 earnings per share. The firm’s revenue for the quarter was up 18.5% compared to the same quarter last year. Equities research analysts expect that Reinsurance Group of America will post 29.71 EPS for the current fiscal year.
Reinsurance Group of America Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th were paid a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a yield of 1.5%. This is a boost from Reinsurance Group of America’s previous quarterly dividend of $0.93. The ex-dividend date was Tuesday, August 18th. Reinsurance Group of America’s dividend payout ratio (DPR) is 17.22%.
Insiders Place Their Bets
In other Reinsurance Group of America news, EVP Jonathan Porter sold 8,589 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $246.30, for a total value of $2,115,470.70. Following the completion of the sale, the executive vice president owned 14,885 shares of the company’s stock, valued at approximately $3,666,175.50. This trade represents a 36.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.60% of the company’s stock.
Hedge Funds Weigh In On Reinsurance Group of America
Several hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC lifted its stake in shares of Reinsurance Group of America by 26.5% during the first quarter. SG Americas Securities LLC now owns 89,847 shares of the insurance provider’s stock worth $18,343,000 after buying an additional 18,826 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Reinsurance Group of America in the 2nd quarter valued at $1,489,000. Interval Partners LP increased its position in shares of Reinsurance Group of America by 186.5% in the 4th quarter. Interval Partners LP now owns 69,739 shares of the insurance provider’s stock valued at $14,189,000 after acquiring an additional 45,399 shares during the period. Engineers Gate Manager LP increased its position in shares of Reinsurance Group of America by 26.8% in the 2nd quarter. Engineers Gate Manager LP now owns 25,218 shares of the insurance provider’s stock valued at $5,363,000 after acquiring an additional 5,331 shares during the period. Finally, WCM Investment Management LLC raised its stake in Reinsurance Group of America by 3.0% in the 1st quarter. WCM Investment Management LLC now owns 2,830,620 shares of the insurance provider’s stock worth $566,803,000 after acquiring an additional 82,681 shares during the last quarter. Institutional investors and hedge funds own 95.11% of the company’s stock.
Reinsurance Group of America Company Profile
Reinsurance Group of America, Incorporated (NYSE:RGA) is a global provider of life and health reinsurance. The company helps insurance organizations manage mortality, longevity, morbidity and other insurance risks by assuming portions of their business and providing capital, risk-management expertise and specialized underwriting support.
RGA offers traditional reinsurance and financial solutions for individual life insurance, group life and health coverage, retirement and annuity products, long-term care and disability insurance.
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