Reinsurance Group of America (NYSE:RGA) Price Target Raised to $235.00 at Royal Bank of Canada

Reinsurance Group of America (NYSE:RGA) had its price target raised by Royal Bank of Canada from $225.00 to $235.00 in a research report report published on Monday, Benzinga reports. The firm currently has an outperform rating on the insurance provider’s stock.

A number of other research firms have also recently weighed in on RGA. Piper Sandler raised their price target on shares of Reinsurance Group of America from $228.00 to $235.00 and gave the company an overweight rating in a report on Friday, June 28th. JPMorgan Chase & Co. increased their price objective on shares of Reinsurance Group of America from $208.00 to $220.00 and gave the company a neutral rating in a research report on Friday. Raymond James increased their price objective on shares of Reinsurance Group of America from $212.00 to $228.00 and gave the company a strong-buy rating in a research report on Friday, June 14th. Wells Fargo & Company increased their price objective on shares of Reinsurance Group of America from $210.00 to $227.00 and gave the company an overweight rating in a research report on Friday, May 10th. Finally, Jefferies Financial Group increased their price objective on shares of Reinsurance Group of America from $63.00 to $64.00 and gave the company a buy rating in a research report on Wednesday, July 10th. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Reinsurance Group of America presently has an average rating of Moderate Buy and a consensus price target of $217.64.

Reinsurance Group of America Stock Up 2.5 %

Shares of NYSE:RGA traded up $4.86 during trading on Monday, reaching $197.48. The stock had a trading volume of 857,499 shares, compared to its average volume of 378,467. Reinsurance Group of America has a one year low of $135.07 and a one year high of $227.87. The company has a market capitalization of $12.99 billion, a P/E ratio of 15.35 and a beta of 0.92. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 0.46. The firm’s 50-day simple moving average is $209.45 and its 200 day simple moving average is $193.95.

Reinsurance Group of America (NYSE:RGA) last released its quarterly earnings results on Thursday, August 1st. The insurance provider reported $5.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.94 by $0.54. Reinsurance Group of America had a net margin of 4.01% and a return on equity of 16.23%. The business had revenue of $4.88 billion for the quarter, compared to analysts’ expectations of $5.07 billion. During the same period last year, the business earned $4.40 EPS. The company’s revenue was up 17.4% compared to the same quarter last year. As a group, research analysts expect that Reinsurance Group of America will post 21.24 EPS for the current fiscal year.

Reinsurance Group of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 27th. Shareholders of record on Tuesday, August 13th will be given a dividend of $0.89 per share. The ex-dividend date of this dividend is Friday, August 9th. This is a positive change from Reinsurance Group of America’s previous quarterly dividend of $0.85. This represents a $3.56 dividend on an annualized basis and a yield of 1.80%. Reinsurance Group of America’s dividend payout ratio (DPR) is currently 26.42%.

Insiders Place Their Bets

In other Reinsurance Group of America news, EVP John W. Hayden sold 1,767 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $206.85, for a total transaction of $365,503.95. Following the completion of the transaction, the executive vice president now directly owns 16,490 shares of the company’s stock, valued at approximately $3,410,956.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 1.37% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Reinsurance Group of America

Several institutional investors have recently made changes to their positions in the company. Acadian Asset Management LLC increased its holdings in shares of Reinsurance Group of America by 52.4% during the 2nd quarter. Acadian Asset Management LLC now owns 100,689 shares of the insurance provider’s stock valued at $20,659,000 after purchasing an additional 34,606 shares in the last quarter. Great Lakes Advisors LLC increased its holdings in shares of Reinsurance Group of America by 2.3% during the 2nd quarter. Great Lakes Advisors LLC now owns 88,018 shares of the insurance provider’s stock valued at $18,067,000 after purchasing an additional 2,008 shares in the last quarter. Savant Capital LLC increased its holdings in shares of Reinsurance Group of America by 5.1% during the 2nd quarter. Savant Capital LLC now owns 6,494 shares of the insurance provider’s stock valued at $1,333,000 after purchasing an additional 318 shares in the last quarter. Candriam S.C.A. increased its holdings in shares of Reinsurance Group of America by 6.8% during the 2nd quarter. Candriam S.C.A. now owns 23,855 shares of the insurance provider’s stock valued at $4,896,000 after purchasing an additional 1,527 shares in the last quarter. Finally, Arizona State Retirement System grew its stake in Reinsurance Group of America by 1.6% in the 2nd quarter. Arizona State Retirement System now owns 18,409 shares of the insurance provider’s stock valued at $3,779,000 after acquiring an additional 297 shares during the period. 95.11% of the stock is owned by hedge funds and other institutional investors.

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.