JPMorgan Chase & Co. Boosts Reinsurance Group of America (NYSE:RGA) Price Target to $222.00

Reinsurance Group of America (NYSE:RGA) had its target price upped by JPMorgan Chase & Co. from $220.00 to $222.00 in a research note published on Thursday morning, Benzinga reports. The firm currently has a neutral rating on the insurance provider’s stock.

A number of other equities analysts have also weighed in on the company. Morgan Stanley lowered their target price on Reinsurance Group of America from $238.00 to $236.00 and set an equal weight rating on the stock in a research note on Monday, August 19th. Royal Bank of Canada increased their target price on Reinsurance Group of America from $225.00 to $235.00 and gave the stock an outperform rating in a research note on Monday, August 5th. Piper Sandler increased their target price on Reinsurance Group of America from $237.00 to $242.00 and gave the stock an overweight rating in a research note on Wednesday, October 2nd. Wells Fargo & Company increased their target price on Reinsurance Group of America from $236.00 to $239.00 and gave the stock an overweight rating in a research note on Friday, August 9th. Finally, Barclays initiated coverage on Reinsurance Group of America in a research report on Wednesday, September 4th. They set an overweight rating and a $255.00 price target on the stock. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Reinsurance Group of America presently has an average rating of Moderate Buy and an average target price of $225.92.

Reinsurance Group of America Price Performance

NYSE:RGA opened at $219.94 on Thursday. The company has a quick ratio of 0.17, a current ratio of 0.17 and a debt-to-equity ratio of 0.52. The stock’s 50 day moving average price is $213.21 and its two-hundred day moving average price is $205.91. The firm has a market capitalization of $14.49 billion, a price-to-earnings ratio of 17.09 and a beta of 0.91. Reinsurance Group of America has a 12-month low of $140.75 and a 12-month high of $227.87.

Reinsurance Group of America (NYSE:RGA) last released its quarterly earnings data on Thursday, August 1st. The insurance provider reported $5.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.94 by $0.54. The firm had revenue of $4.88 billion for the quarter, compared to analyst estimates of $5.07 billion. Reinsurance Group of America had a return on equity of 15.84% and a net margin of 4.01%. The business’s revenue for the quarter was up 17.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.40 earnings per share. On average, analysts anticipate that Reinsurance Group of America will post 21.7 earnings per share for the current year.

Reinsurance Group of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Tuesday, August 13th were issued a $0.89 dividend. This represents a $3.56 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date was Friday, August 9th. This is an increase from Reinsurance Group of America’s previous quarterly dividend of $0.85. Reinsurance Group of America’s dividend payout ratio (DPR) is currently 27.66%.

Insider Buying and Selling at Reinsurance Group of America

In other Reinsurance Group of America news, EVP William L. Hutton sold 1,209 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $218.97, for a total value of $264,734.73. Following the sale, the executive vice president now owns 12,357 shares of the company’s stock, valued at approximately $2,705,812.29. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 1.37% of the company’s stock.

Institutional Investors Weigh In On Reinsurance Group of America

Several hedge funds have recently modified their holdings of RGA. Junto Capital Management LP acquired a new stake in shares of Reinsurance Group of America during the 4th quarter valued at $92,083,000. Zurich Insurance Group Ltd FI raised its position in Reinsurance Group of America by 681.8% during the 2nd quarter. Zurich Insurance Group Ltd FI now owns 507,840 shares of the insurance provider’s stock worth $104,244,000 after purchasing an additional 442,883 shares during the last quarter. Balyasny Asset Management L.P. bought a new position in Reinsurance Group of America during the 4th quarter worth $67,177,000. Millennium Management LLC raised its position in Reinsurance Group of America by 43.8% during the 2nd quarter. Millennium Management LLC now owns 437,266 shares of the insurance provider’s stock worth $89,758,000 after purchasing an additional 133,212 shares during the last quarter. Finally, Jupiter Asset Management Ltd. bought a new position in Reinsurance Group of America during the 1st quarter worth $24,918,000. Institutional investors and hedge funds own 95.11% of the company’s stock.

About Reinsurance Group of America

Reinsurance Group of America, Incorporated engages in reinsurance business. The company offers individual and group life and health insurance products, such as term life, credit life, universal life, whole life, group life and health, joint and last survivor insurance, critical illness, disability, and longevity products; asset-intensive and financial reinsurance products; and other capital motivated solutions.