Reinsurance Group of America, Incorporated (NYSE:RGA) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System lessened its holdings in Reinsurance Group of America, Incorporated (NYSE:RGA) by 0.9% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 88,331 shares of the insurance provider’s stock after selling 800 shares during the quarter. New York State Teachers Retirement System’s holdings in Reinsurance Group of America were worth $18,132,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of RGA. Lindbrook Capital LLC boosted its holdings in Reinsurance Group of America by 129.9% in the fourth quarter. Lindbrook Capital LLC now owns 154 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 87 shares during the period. Pineridge Advisors LLC acquired a new stake in Reinsurance Group of America in the fourth quarter valued at approximately $26,000. New Covenant Trust Company N.A. purchased a new position in Reinsurance Group of America in the first quarter worth approximately $28,000. Rise Advisors LLC acquired a new position in Reinsurance Group of America during the 1st quarter worth approximately $29,000. Finally, LRI Investments LLC purchased a new stake in shares of Reinsurance Group of America in the 1st quarter valued at approximately $33,000. Institutional investors and hedge funds own 95.11% of the company’s stock.

Reinsurance Group of America Stock Performance

RGA stock traded up $1.85 during trading on Friday, hitting $211.72. The company had a trading volume of 71,141 shares, compared to its average volume of 370,935. The firm has a 50-day moving average price of $209.16 and a 200-day moving average price of $196.72. 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 firm has a market cap of $13.94 billion, a PE ratio of 16.42 and a beta of 0.92. Reinsurance Group of America, Incorporated has a 1-year low of $135.57 and a 1-year high of $227.87.

Reinsurance Group of America (NYSE:RGA) last released its earnings results on Thursday, August 1st. The insurance provider reported $5.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $5.07 billion. During the same quarter in the previous year, the company posted $4.40 earnings per share. The company’s revenue for the quarter was up 17.4% compared to the same quarter last year. On average, analysts expect that Reinsurance Group of America, Incorporated will post 21.5 earnings per share for the current year.

Reinsurance Group of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 27th. Stockholders of record on Tuesday, August 13th will be issued a $0.89 dividend. This is an increase from Reinsurance Group of America’s previous quarterly dividend of $0.85. The ex-dividend date of this dividend is Friday, August 9th. This represents a $3.56 annualized dividend and a dividend yield of 1.68%. Reinsurance Group of America’s payout ratio is presently 27.66%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Piper Sandler raised their price target on Reinsurance Group of America from $228.00 to $235.00 and gave the company an “overweight” rating in a research note on Friday, June 28th. JPMorgan Chase & Co. upped their price target on Reinsurance Group of America from $208.00 to $220.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Wells Fargo & Company raised their price objective on shares of Reinsurance Group of America from $236.00 to $239.00 and gave the stock an “overweight” rating in a report on Friday, August 9th. Keefe, Bruyette & Woods upped their target price on shares of Reinsurance Group of America from $220.00 to $235.00 and gave the company an “outperform” rating in a report on Tuesday, May 7th. Finally, Evercore ISI lifted their price target on shares of Reinsurance Group of America from $225.00 to $241.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 26th. Two research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $220.45.

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.