Wells Fargo & Company Boosts Reinsurance Group of America (NYSE:RGA) Price Target to $239.00

Reinsurance Group of America (NYSE:RGA) had its target price lifted by Wells Fargo & Company from $236.00 to $239.00 in a research note released on Friday morning, Benzinga reports. The firm currently has an overweight rating on the insurance provider’s stock.

Several other analysts have also issued reports on the company. JPMorgan Chase & Co. upped their target price on Reinsurance Group of America from $208.00 to $220.00 and gave the stock a neutral rating in a research note on Friday, August 2nd. Evercore ISI upped their target price on 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. Keefe, Bruyette & Woods upped their target price on Reinsurance Group of America from $220.00 to $235.00 and gave the stock an outperform rating in a research note on Tuesday, May 7th. Citigroup increased their price objective on Reinsurance Group of America from $194.00 to $252.00 and gave the company a buy rating in a research note on Tuesday, July 23rd. Finally, Jefferies Financial Group increased their price objective on Reinsurance Group of America from $63.00 to $64.00 and gave the company a buy rating in a research note on Wednesday, July 10th. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $218.73.

Reinsurance Group of America Price Performance

Shares of RGA traded up $2.10 during midday trading on Friday, hitting $203.31. 456,519 shares of the company traded hands, compared to its average volume of 559,928. The stock has a 50-day moving average of $208.73 and a 200-day moving average of $194.65. Reinsurance Group of America has a one year low of $135.07 and a one year high of $227.87. The firm has a market cap of $13.38 billion, a P/E ratio of 15.80 and a beta of 0.92. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.17 and a quick ratio of 0.19.

Reinsurance Group of America (NYSE:RGA) last issued its quarterly earnings data on Thursday, August 1st. The insurance provider reported $5.48 EPS for the quarter, topping 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 company had revenue of $4.88 billion during the quarter, compared to analyst estimates of $5.07 billion. During the same quarter in the previous year, the firm earned $4.40 earnings per share. Reinsurance Group of America’s revenue was up 17.4% on a year-over-year basis. As a group, sell-side analysts predict that Reinsurance Group of America will post 21.24 EPS for the current fiscal year.

Reinsurance Group of America Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 27th. Shareholders 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 is Friday, August 9th. This represents a $3.56 dividend on an annualized basis and a yield of 1.75%. Reinsurance Group of America’s dividend payout ratio is 27.66%.

Insiders Place Their Bets

In other Reinsurance Group of America news, EVP John W. Hayden sold 1,767 shares of the stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $206.85, for a total value of $365,503.95. Following the completion of the transaction, the executive vice president now owns 16,490 shares in the company, valued at $3,410,956.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.37% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Reinsurance Group of America

Institutional investors and hedge funds have recently modified their holdings of the stock. Lindbrook Capital LLC increased its holdings in shares of Reinsurance Group of America by 129.9% during the fourth quarter. Lindbrook Capital LLC now owns 154 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 87 shares in the last quarter. Pineridge Advisors LLC purchased a new stake in shares of Reinsurance Group of America during the fourth quarter valued at $26,000. New Covenant Trust Company N.A. purchased a new stake in shares of Reinsurance Group of America during the first quarter valued at $28,000. International Assets Investment Management LLC purchased a new stake in shares of Reinsurance Group of America during the second quarter valued at $28,000. Finally, Rise Advisors LLC purchased a new position in Reinsurance Group of America in the first quarter worth about $29,000. 95.11% of the stock is currently owned by institutional investors.

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.