Reinsurance Group of America (NYSE:RGA) Given New $245.00 Price Target at Royal Bank of Canada

Reinsurance Group of America (NYSE:RGA) had its price target raised by Royal Bank of Canada from $235.00 to $245.00 in a research report released on Monday, Benzinga reports. They currently have an outperform rating on the insurance provider’s stock.

Several other research firms have also recently commented on RGA. Barclays lowered their target price on shares of Reinsurance Group of America from $255.00 to $250.00 and set an “overweight” rating for the company in a research note on Tuesday, October 8th. Morgan Stanley lowered 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. JPMorgan Chase & Co. boosted their price objective on shares of Reinsurance Group of America from $220.00 to $222.00 and gave the company a “neutral” rating in a research note on Thursday, October 3rd. TD Cowen initiated coverage on shares of Reinsurance Group of America in a research note on Wednesday, October 9th. They set a “hold” rating and a $235.00 price objective for the company. Finally, StockNews.com raised shares of Reinsurance Group of America from a “hold” rating to a “buy” rating in a research note on Thursday, October 17th. Three research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Reinsurance Group of America presently has an average rating of “Moderate Buy” and an average target price of $227.38.

Reinsurance Group of America Price Performance

Shares of RGA stock traded up $1.16 during midday trading on Monday, reaching $212.71. 9,366 shares of the company traded hands, compared to its average volume of 355,278. The firm’s 50 day simple moving average is $215.74 and its two-hundred day simple moving average is $209.63. Reinsurance Group of America has a 1-year low of $151.90 and a 1-year high of $227.87. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.17 and a quick ratio of 0.17. The firm has a market cap of $14.01 billion, a PE ratio of 19.43 and a beta of 0.92.

Reinsurance Group of America (NYSE:RGA) last issued its quarterly earnings data on Thursday, October 31st. The insurance provider reported $6.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.31 by $0.82. The firm had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.29 billion. Reinsurance Group of America had a return on equity of 15.01% and a net margin of 3.32%. The company’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $5.57 EPS. On average, equities research analysts expect that Reinsurance Group of America will post 21.8 EPS for the current fiscal year.

Reinsurance Group of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 26th. Stockholders of record on Tuesday, November 12th will be issued a dividend of $0.89 per share. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 1.67%. Reinsurance Group of America’s dividend payout ratio is currently 32.69%.

Insider Buying and Selling

In other news, EVP William L. Hutton sold 1,209 shares of Reinsurance Group of America stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $218.97, for a total transaction of $264,734.73. Following the sale, the executive vice president now directly owns 12,357 shares in the company, valued at approximately $2,705,812.29. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.37% of the company’s stock.

Hedge Funds Weigh In On Reinsurance Group of America

Large investors have recently modified their holdings of the stock. WCM Investment Management LLC boosted its stake in shares of Reinsurance Group of America by 1,208.5% in the 3rd quarter. WCM Investment Management LLC now owns 2,447,668 shares of the insurance provider’s stock valued at $527,742,000 after purchasing an additional 2,260,605 shares in the last quarter. Zurich Insurance Group Ltd FI raised its holdings 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 increased its stake in shares of Reinsurance Group of America by 43.8% in 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 in the last quarter. Jupiter Asset Management Ltd. acquired a new position in shares of Reinsurance Group of America during the first quarter valued at about $24,918,000. Finally, Earnest Partners LLC raised its holdings in shares of Reinsurance Group of America by 4.2% during 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. 95.11% of the stock is owned by institutional investors.

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.