Reinsurance Group of America (NYSE:RGA) Reaches New 1-Year High After Analyst Upgrade

Shares of Reinsurance Group of America, Incorporated (NYSE:RGA) reached a new 52-week high on Tuesday after Piper Sandler raised their price target on the stock from $274.00 to $300.00. Piper Sandler currently has an overweight rating on the stock. Reinsurance Group of America traded as high as $272.54 and last traded at $272.4950, with a volume of 80,468 shares changing hands. The stock had previously closed at $266.75.

Other research analysts have also issued reports about the stock. TD Cowen raised their price target on shares of Reinsurance Group of America from $235.00 to $250.00 and gave the company a “hold” rating in a research report on Wednesday, October 21st. UBS Group raised shares of Reinsurance Group of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 24th. Weiss Ratings reiterated a “buy (b)” rating on shares of Reinsurance Group of America in a research note on Wednesday, November 4th. JPMorgan Chase & Co. increased their price objective on shares of Reinsurance Group of America from $293.00 to $297.00 and gave the company an “overweight” rating in a research note on Thursday, October 15th. Finally, Wells Fargo & Company lifted their target price on shares of Reinsurance Group of America from $291.00 to $292.00 and gave the stock an “overweight” rating in a research report on Monday, October 12th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $278.62.

Insider Buying and Selling

In other news, EVP Jonathan Porter sold 8,589 shares of Reinsurance Group of America stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $246.30, for a total value of $2,115,470.70. Following the completion of the transaction, the executive vice president owned 14,885 shares in the company, valued at $3,666,175.50. This trade represents a 36.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Reinsurance Group of America

A number of large investors have recently modified their holdings of the company. Balance Wealth Partners LLC purchased a new position in shares of Reinsurance Group of America during the 3rd quarter valued at $30,000. Reyes Financial Architecture Inc. purchased a new stake in shares of Reinsurance Group of America in the third quarter worth $38,000. Kelly Lawrence W & Associates Inc. CA purchased a new stake in shares of Reinsurance Group of America in the second quarter worth $53,000. Fortitude Family Office LLC raised its position in shares of Reinsurance Group of America by 62.7% in the third quarter. Fortitude Family Office LLC now owns 249 shares of the insurance provider’s stock worth $61,000 after buying an additional 96 shares in the last quarter. Finally, Pension & Wealth Management Advisors Inc. bought a new stake in Reinsurance Group of America during the third quarter valued at $66,000. 95.11% of the stock is currently owned by institutional investors.

Reinsurance Group of America Stock Up 2.2%

The company has a market cap of $17.79 billion, a P/E ratio of 10.54 and a beta of 0.43. The company has a 50 day moving average of $255.58 and a 200-day moving average of $226.69. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.14 and a quick ratio of 0.14.

Reinsurance Group of America (NYSE:RGA) last issued its quarterly earnings results on Thursday, November 5th. The insurance provider reported $8.49 EPS for the quarter, topping analysts’ consensus estimates of $6.97 by $1.52. Reinsurance Group of America had a net margin of 5.81% and a return on equity of 14.78%. The firm had revenue of $7.55 billion for the quarter, compared to analyst estimates of $6.69 billion. During the same quarter in the prior year, the firm earned $6.37 EPS. On average, equities analysts predict that Reinsurance Group of America, Incorporated will post 29.78 earnings per share for the current year.

Reinsurance Group of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Tuesday, November 17th will be paid a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Tuesday, November 17th. Reinsurance Group of America’s payout ratio is 15.15%.

About Reinsurance Group of America

Reinsurance Group of America, Incorporated (RGA) is a global life and health reinsurer. It works with insurance companies to help them manage risks and support the development and distribution of insurance products.

Its services include life and health reinsurance, as well as solutions involving longevity risk and asset-intensive reinsurance. RGA also provides underwriting expertise, data and analytics, and product and risk-management support to its clients.

Founded in 1973, RGA serves clients across North America, Latin America, Europe, the Middle East and Africa, and Asia Pacific.