Reinsurance Group of America (NYSE:RGA) Hits New 52-Week High – Here’s Why

Reinsurance Group of America, Incorporated (NYSE:RGA)’s share price reached a new 52-week high on Wednesday . The company traded as high as $251.27 and last traded at $252.1080, with a volume of 18530 shares trading hands. The stock had previously closed at $247.72.

Analyst Upgrades and Downgrades

RGA has been the subject of several research analyst reports. JPMorgan Chase & Co. raised their price target on shares of Reinsurance Group of America from $286.00 to $293.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 11th. Piper Sandler lowered their target price on Reinsurance Group of America from $263.00 to $261.00 and set an “overweight” rating on the stock in a research note on Monday, May 11th. TD Cowen upped their price target on Reinsurance Group of America from $212.00 to $235.00 and gave the company a “hold” rating in a research report on Wednesday, July 22nd. Morgan Stanley boosted their price objective on Reinsurance Group of America from $223.00 to $250.00 and gave the company an “equal weight” rating in a research note on Monday, August 24th. Finally, Evercore reiterated an “outperform” rating and issued a $267.00 target price on shares of Reinsurance Group of America in a research note on Monday, May 18th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $262.56.

Reinsurance Group of America Trading Up 1.8%

The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.14 and a current ratio of 0.14. The stock has a market cap of $16.46 billion, a P/E ratio of 11.07 and a beta of 0.47. The stock has a 50-day moving average price of $235.89 and a 200-day moving average price of $218.57.

Reinsurance Group of America (NYSE:RGA) last announced its earnings results on Thursday, August 6th. The insurance provider reported $8.89 earnings per share (EPS) for the quarter, beating 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 business had revenue of $6.64 billion during the quarter, compared to analyst estimates of $6.67 billion. During the same period in the previous year, the business posted $4.72 earnings per share. Reinsurance Group of America’s revenue for the quarter was up 18.5% on a year-over-year basis. On average, equities research analysts expect that Reinsurance Group of America, Incorporated will post 29.22 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. Stockholders of record on Tuesday, August 18th were issued a dividend of $0.98 per share. The ex-dividend date of this dividend was Tuesday, August 18th. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.6%. This is an increase from Reinsurance Group of America’s previous quarterly dividend of $0.93. Reinsurance Group of America’s payout ratio is presently 17.22%.

Insider Transactions at Reinsurance Group of America

In related news, EVP Jonathan Porter sold 8,589 shares of the stock in a transaction on 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 transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Reinsurance Group of America

A number of hedge funds and other institutional investors have recently modified their holdings of RGA. California State Teachers Retirement System raised its holdings in shares of Reinsurance Group of America by 21,340.7% during the 2nd quarter. California State Teachers Retirement System now owns 16,194,573 shares of the insurance provider’s stock valued at $3,443,776,000 after buying an additional 16,119,041 shares in the last quarter. WCM Investment Management LLC grew its position in Reinsurance Group of America by 3.0% during the first quarter. WCM Investment Management LLC now owns 2,830,620 shares of the insurance provider’s stock valued at $566,803,000 after acquiring an additional 82,681 shares during the last quarter. State Street Corp grew its position in Reinsurance Group of America by 2.8% during the third quarter. State Street Corp now owns 2,346,447 shares of the insurance provider’s stock valued at $450,823,000 after acquiring an additional 64,296 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Reinsurance Group of America by 148.4% during the fourth quarter. AQR Capital Management LLC now owns 1,652,102 shares of the insurance provider’s stock worth $336,137,000 after acquiring an additional 987,014 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Reinsurance Group of America by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 1,341,364 shares of the insurance provider’s stock worth $272,966,000 after acquiring an additional 12,682 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 leading global provider of life and health reinsurance solutions. Headquartered in St. Louis, Missouri, RGA partners with primary insurance companies to help them manage risk, improve capital efficiency and develop innovative products. The company’s offerings span traditional risk transfer, financial solutions and facultative underwriting services, enabling clients to address a wide range of mortality, longevity, morbidity and critical-illness exposures.

RGA’s product suite includes life reinsurance, living benefits reinsurance, structured reinsurance and financial solutions that support product innovation and capital management.