Reinsurance Group of America (NYSE:RGA) Price Target Raised to $244.00 at Wells Fargo & Company

Reinsurance Group of America (NYSE:RGA) had its target price boosted by Wells Fargo & Company from $239.00 to $244.00 in a report released on Thursday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the insurance provider’s stock.

A number of other research analysts have also recently weighed in on RGA. TD Cowen initiated coverage on shares of Reinsurance Group of America in a report on Wednesday. They issued a hold rating and a $235.00 price objective for the company. StockNews.com downgraded shares of Reinsurance Group of America from a buy rating to a hold rating in a research note on Wednesday. Royal Bank of Canada increased their price objective on Reinsurance Group of America from $225.00 to $235.00 and gave the company an outperform rating in a research note on Monday, August 5th. Jefferies Financial Group boosted their target price on Reinsurance Group of America from $63.00 to $64.00 and gave the stock a buy rating in a research note on Wednesday, July 10th. Finally, Barclays reduced their price target on Reinsurance Group of America from $255.00 to $250.00 and set an overweight rating on the stock in a research report on Tuesday, October 8th. Four analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $226.62.

Reinsurance Group of America Stock Up 1.1 %

Shares of NYSE RGA opened at $216.49 on Thursday. Reinsurance Group of America has a 52-week low of $143.96 and a 52-week high of $227.87. The business’s 50 day moving average is $212.62 and its two-hundred day moving average is $206.66. The firm has a market cap of $14.24 billion, a price-to-earnings ratio of 16.82 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 posted its earnings results on Thursday, August 1st. The insurance provider reported $5.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.94 by $0.54. The firm had revenue of $4.88 billion for the quarter, compared to analyst estimates of $5.07 billion. Reinsurance Group of America had a return on equity of 15.84% and a net margin of 4.01%. Reinsurance Group of America’s revenue was up 17.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.40 EPS. Research analysts predict that Reinsurance Group of America will post 21.72 EPS for the current year.

Reinsurance Group of America Increases Dividend

The business also recently declared 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. This is a positive change from Reinsurance Group of America’s previous quarterly dividend of $0.85. This represents a $3.56 annualized dividend and a yield of 1.64%. The ex-dividend date was Friday, August 9th. Reinsurance Group of America’s dividend payout ratio (DPR) is currently 27.66%.

Insider Buying and Selling at Reinsurance Group of America

In other news, EVP William L. Hutton sold 1,209 shares of the business’s stock in a transaction dated 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 sale, the executive vice president now directly owns 12,357 shares of the company’s stock, valued at approximately $2,705,812.29. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed 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

Institutional investors have recently modified their holdings of the business. Zurich Insurance Group Ltd FI grew its position in Reinsurance Group of America by 681.8% during the 2nd quarter. Zurich Insurance Group Ltd FI now owns 507,840 shares of the insurance provider’s stock worth $104,244,000 after purchasing an additional 442,883 shares during the last quarter. Millennium Management LLC raised its stake in Reinsurance Group of America by 43.8% during the 2nd quarter. Millennium Management LLC now owns 437,266 shares of the insurance provider’s stock valued at $89,758,000 after acquiring an additional 133,212 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new stake in Reinsurance Group of America during the 1st quarter worth approximately $24,918,000. Earnest Partners LLC increased its holdings in shares of Reinsurance Group of America by 4.2% in the first quarter. Earnest Partners LLC now owns 2,577,901 shares of the insurance provider’s stock valued at $497,226,000 after purchasing an additional 104,256 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Reinsurance Group of America by 57.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 232,773 shares of the insurance provider’s stock worth $44,897,000 after purchasing an additional 84,647 shares during the last quarter. 95.11% of the stock is owned by institutional investors and hedge funds.

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.