State of New Jersey Common Pension Fund D Sells 13,187 Shares of Reinsurance Group of America, Incorporated (NYSE:RGA)

State of New Jersey Common Pension Fund D lessened its position in shares of Reinsurance Group of America, Incorporated (NYSE:RGA) by 37.6% in the second quarter, HoldingsChannel.com reports. The fund owned 21,851 shares of the insurance provider’s stock after selling 13,187 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Reinsurance Group of America were worth $4,485,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in RGA. Pineridge Advisors LLC bought a new stake in shares of Reinsurance Group of America during the 4th quarter worth approximately $26,000. New Covenant Trust Company N.A. bought a new stake in shares of Reinsurance Group of America during the 1st quarter worth approximately $28,000. International Assets Investment Management LLC bought a new stake in shares of Reinsurance Group of America during the 2nd quarter worth approximately $28,000. Rise Advisors LLC bought a new stake in shares of Reinsurance Group of America during the 1st quarter worth approximately $29,000. Finally, Family Firm Inc. bought a new stake in shares of Reinsurance Group of America during the 2nd quarter worth approximately $29,000. Institutional investors own 95.11% of the company’s stock.

Reinsurance Group of America Trading Up 2.3 %

RGA opened at $218.62 on Tuesday. Reinsurance Group of America, Incorporated has a twelve month low of $140.39 and a twelve month high of $227.87. 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 company has a fifty day moving average of $212.34 and a 200-day moving average of $202.42. The stock has a market cap of $14.40 billion, a PE ratio of 16.99 and a beta of 0.91.

Reinsurance Group of America (NYSE:RGA) last posted its quarterly earnings data on Thursday, August 1st. The insurance provider reported $5.48 earnings per share for the quarter, topping the consensus estimate of $4.94 by $0.54. Reinsurance Group of America had a net margin of 4.01% and a return on equity of 15.84%. The company had revenue of $4.88 billion during the quarter, compared to analysts’ expectations of $5.07 billion. During the same period in the prior year, the company posted $4.40 earnings per share. Reinsurance Group of America’s revenue for the quarter was up 17.4% compared to the same quarter last year. On average, sell-side analysts predict that Reinsurance Group of America, Incorporated will post 21.5 EPS for the current year.

Reinsurance Group of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Tuesday, August 13th were given a dividend of $0.89 per share. The ex-dividend date was Friday, August 9th. This is a boost from Reinsurance Group of America’s previous quarterly dividend of $0.85. This represents a $3.56 annualized dividend and a dividend yield of 1.63%. Reinsurance Group of America’s dividend payout ratio is 27.66%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on RGA shares. Jefferies Financial Group upped their price target on shares of Reinsurance Group of America from $63.00 to $64.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. UBS Group increased their price objective on shares of Reinsurance Group of America from $223.00 to $240.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. Morgan Stanley dropped their price objective on shares of Reinsurance Group of America from $238.00 to $236.00 and set an “equal weight” rating for the company in a research note on Monday, August 19th. Barclays began coverage on shares of Reinsurance Group of America in a research report on Wednesday, September 4th. They issued an “overweight” rating and a $255.00 price target for the company. Finally, Piper Sandler upped 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 research report on Friday, June 28th. Three equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Reinsurance Group of America currently has an average rating of “Moderate Buy” and a consensus price target of $223.33.

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.