Reinsurance Group of America (NYSE:RGA) Price Target Raised to $297.00

Reinsurance Group of America (NYSE:RGA) had its price target upped by JPMorgan Chase & Co. from $293.00 to $297.00 in a report released on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the insurance provider’s stock.

A number of other research analysts have also recently weighed in on RGA. Wells Fargo & Company lifted their target price on Reinsurance Group of America from $291.00 to $292.00 and gave the company an “overweight” rating in a report on Monday, October 12th. Weiss Ratings reissued a “buy (b)” rating on shares of Reinsurance Group of America in a research report on Friday, August 7th. TD Cowen upped their price target on Reinsurance Group of America from $212.00 to $235.00 and gave the stock a “hold” rating in a research note on Wednesday, July 22nd. UBS Group upgraded Reinsurance Group of America from a “hold” rating to a “strong-buy” rating in a report on Friday, July 24th. Finally, Morgan Stanley raised Reinsurance Group of America from an “equal weight” rating to an “overweight” rating and set a $295.00 price objective on the stock in a research note on Monday, September 28th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $268.33.

Reinsurance Group of America Price Performance

RGA opened at $266.15 on Thursday. The company’s 50 day simple moving average is $249.31 and its 200 day simple moving average is $227.83. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.14 and a current ratio of 0.14. Reinsurance Group of America has a 1 year low of $178.21 and a 1 year high of $267.46. The stock has a market capitalization of $17.38 billion, a PE ratio of 11.69 and a beta of 0.45.

Reinsurance Group of America (NYSE:RGA) last issued its quarterly earnings results on Thursday, August 6th. The insurance provider reported $8.89 EPS for the quarter, topping the consensus estimate of $6.50 by $2.39. Reinsurance Group of America had a net margin of 5.81% and a return on equity of 14.78%. The firm had revenue of $6.64 billion during the quarter, compared to analyst estimates of $6.67 billion. During the same quarter in the prior year, the business posted $4.72 earnings per share. Reinsurance Group of America’s revenue for the quarter was up 18.5% compared to the same quarter last year. As a group, sell-side analysts expect that Reinsurance Group of America will post 29.75 EPS for the current year.

Reinsurance Group of America Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th were given a $0.98 dividend. This represents a $3.92 annualized dividend 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 of this dividend was Tuesday, August 18th. Reinsurance Group of America’s dividend payout ratio is 17.22%.

Insider Activity at Reinsurance Group of America

In other news, EVP Jonathan Porter sold 8,589 shares of the company’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 $3,666,175.50. This represents a 36.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Reinsurance Group of America

Several hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC grew its position in Reinsurance Group of America by 26.5% in the first quarter. SG Americas Securities LLC now owns 89,847 shares of the insurance provider’s stock valued at $18,343,000 after acquiring an additional 18,826 shares in the last quarter. Engineers Gate Manager LP raised its stake in shares of Reinsurance Group of America by 26.8% during the second quarter. Engineers Gate Manager LP now owns 25,218 shares of the insurance provider’s stock valued at $5,363,000 after purchasing an additional 5,331 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Reinsurance Group of America during the second quarter valued at approximately $1,489,000. Interval Partners LP lifted its position in shares of Reinsurance Group of America by 186.5% during the fourth quarter. Interval Partners LP now owns 69,739 shares of the insurance provider’s stock worth $14,189,000 after purchasing an additional 45,399 shares in the last quarter. Finally, Sequoia Financial Advisors LLC lifted its position in shares of Reinsurance Group of America by 77.6% during the second quarter. Sequoia Financial Advisors LLC now owns 11,716 shares of the insurance provider’s stock worth $2,491,000 after purchasing an additional 5,118 shares in the last quarter. 95.11% of the stock is currently owned by hedge funds and other institutional investors.

About Reinsurance Group of America

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.