Raymond James & Associates Cuts Stock Position in Reinsurance Group of America, Incorporated (NYSE:RGA)

Raymond James & Associates lessened its stake in Reinsurance Group of America, Incorporated (NYSE:RGA) by 18.1% in the 3rd quarter, Holdings Channel.com reports. The fund owned 150,086 shares of the insurance provider’s stock after selling 33,176 shares during the quarter. Raymond James & Associates’ holdings in Reinsurance Group of America were worth $32,699,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Armstrong Advisory Group Inc. purchased a new stake in shares of Reinsurance Group of America during the third quarter worth $25,000. International Assets Investment Management LLC purchased a new stake in shares of Reinsurance Group of America during the second quarter worth $28,000. Family Firm Inc. purchased a new stake in shares of Reinsurance Group of America during the second quarter worth $29,000. New Covenant Trust Company N.A. acquired a new position in shares of Reinsurance Group of America during the 1st quarter valued at about $28,000. Finally, Wolff Wiese Magana LLC acquired a new position in shares of Reinsurance Group of America during the 3rd quarter valued at about $34,000. Hedge funds and other institutional investors own 95.11% of the company’s stock.

Reinsurance Group of America Trading Down 0.3 %

Shares of RGA stock opened at $212.67 on Thursday. The stock has a 50-day simple moving average of $215.19 and a 200 day simple moving average of $207.94. Reinsurance Group of America, Incorporated has a fifty-two week low of $144.74 and a fifty-two week high of $227.87. The stock has a market capitalization of $13.99 billion, a P/E ratio of 16.52 and a beta of 0.91. The company has a quick ratio of 0.17, a current ratio of 0.17 and a debt-to-equity ratio of 0.52.

Reinsurance Group of America (NYSE:RGA) last announced its earnings results on Thursday, August 1st. The insurance provider reported $5.48 earnings per share for the quarter, beating the consensus estimate of $4.94 by $0.54. Reinsurance Group of America had a return on equity of 15.84% and a net margin of 4.01%. The business had revenue of $4.88 billion during the quarter, compared to analysts’ expectations of $5.07 billion. During the same quarter last year, the business posted $4.40 earnings per share. The company’s quarterly revenue was up 17.4% on a year-over-year basis. On average, sell-side analysts expect that Reinsurance Group of America, Incorporated will post 21.8 earnings per share for the current fiscal year.

Reinsurance Group of America Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were paid a dividend of $0.89 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $3.56 annualized dividend and a yield of 1.67%. This is a boost 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 Activity at Reinsurance Group of America

In related news, EVP William L. Hutton sold 1,209 shares of the 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 completion of the transaction, the executive vice president now owns 12,357 shares in the company, valued at $2,705,812.29. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.37% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on RGA shares. Piper Sandler upped their target price on shares of Reinsurance Group of America from $237.00 to $242.00 and gave the company an “overweight” rating in a research report on Wednesday, October 2nd. Evercore ISI raised their price objective on shares of Reinsurance Group of America from $225.00 to $241.00 and gave the company an “outperform” rating in a research note on Wednesday, June 26th. Royal Bank of Canada raised their target price on shares of Reinsurance Group of America from $225.00 to $235.00 and gave the company an “outperform” rating in a report on Monday, August 5th. Keefe, Bruyette & Woods raised shares of Reinsurance Group of America from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, October 3rd. Finally, Barclays cut their price objective on shares of Reinsurance Group of America from $255.00 to $250.00 and set an “overweight” rating on the stock in a report on Tuesday, October 8th. Three research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Reinsurance Group of America has an average rating of “Moderate Buy” and a consensus price target of $226.62.

Reinsurance Group of America Company Profile

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.