Reinsurance Group of America, Incorporated $RGA Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. reduced its holdings in shares of Reinsurance Group of America, Incorporated (NYSE:RGA) by 30.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,862 shares of the insurance provider’s stock after selling 6,431 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Reinsurance Group of America were worth $3,034,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Burling Wealth Partners LLC lifted its holdings in shares of Reinsurance Group of America by 6.9% during the 1st quarter. Burling Wealth Partners LLC now owns 16,405 shares of the insurance provider’s stock valued at $3,349,000 after acquiring an additional 1,059 shares in the last quarter. Cassaday & Co Wealth Management LLC acquired a new stake in Reinsurance Group of America in the 1st quarter valued at $143,000. Convergence Investment Partners LLC increased its holdings in Reinsurance Group of America by 38.0% in the 1st quarter. Convergence Investment Partners LLC now owns 8,538 shares of the insurance provider’s stock valued at $1,743,000 after purchasing an additional 2,353 shares in the last quarter. Earned Wealth Advisors LLC purchased a new position in Reinsurance Group of America in the first quarter valued at about $223,000. Finally, WCM Investment Management LLC raised its position in Reinsurance Group of America by 3.0% in the first quarter. WCM Investment Management LLC now owns 2,830,620 shares of the insurance provider’s stock valued at $566,803,000 after purchasing an additional 82,681 shares during the period. Institutional investors and hedge funds own 95.11% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on RGA. Evercore restated an “outperform” rating and set a $267.00 price objective on shares of Reinsurance Group of America in a research note on Monday, May 18th. JPMorgan Chase & Co. raised their target price on Reinsurance Group of America from $270.00 to $286.00 and gave the company an “overweight” rating in a report on Tuesday, July 21st. Wells Fargo & Company boosted their price target on Reinsurance Group of America from $261.00 to $269.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. UBS Group upgraded Reinsurance Group of America from a “hold” rating to a “strong-buy” rating in a report on Friday, July 24th. Finally, Piper Sandler lowered their price objective on shares of Reinsurance Group of America from $263.00 to $261.00 and set an “overweight” rating for the company in a research report on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $255.00.

Reinsurance Group of America Trading Up 1.7%

NYSE:RGA opened at $242.97 on Wednesday. The stock has a market cap of $15.92 billion, a price-to-earnings ratio of 13.16 and a beta of 0.47. Reinsurance Group of America, Incorporated has a one year low of $165.52 and a one year high of $245.00. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.14 and a current ratio of 0.14. The business’s 50-day simple moving average is $217.92 and its 200 day simple moving average is $211.42.

Reinsurance Group of America (NYSE:RGA) last issued its quarterly earnings data on Thursday, May 7th. The insurance provider reported $6.97 earnings per share for the quarter, beating analysts’ consensus estimates of $6.03 by $0.94. Reinsurance Group of America had a return on equity of 13.16% and a net margin of 4.92%.The firm had revenue of $6.49 billion during the quarter, compared to analyst estimates of $6.47 billion. During the same quarter last year, the firm earned $5.66 EPS. Reinsurance Group of America’s quarterly revenue was up 23.5% on a year-over-year basis. As a group, sell-side analysts predict that Reinsurance Group of America, Incorporated will post 26.84 earnings per share for the current fiscal year.

Reinsurance Group of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 2nd. Stockholders of record on Tuesday, May 19th were paid a dividend of $0.93 per share. This represents a $3.72 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Tuesday, May 19th. Reinsurance Group of America’s dividend payout ratio is 20.15%.

Insider Buying and Selling

In related news, EVP Ronald Herrmann sold 7,000 shares of the company’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $210.58, for a total value of $1,474,060.00. Following the sale, the executive vice president directly owned 3,938 shares of the company’s stock, valued at $829,264.04. This represents a 64.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP John W. Hayden sold 414 shares of the stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $214.95, for a total transaction of $88,989.30. Following the transaction, the executive vice president owned 20,949 shares in the company, valued at $4,502,987.55. This trade represents a 1.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.60% of the stock is currently owned by company insiders.

Reinsurance Group of America Company Profile

Reinsurance Group of America, Incorporated (NYSE: RGA) is a leading global provider of life and health reinsurance solutions. Headquartered in St. Louis, Missouri, RGA partners with primary insurance companies to help them manage risk, improve capital efficiency and develop innovative products. The company’s offerings span traditional risk transfer, financial solutions and facultative underwriting services, enabling clients to address a wide range of mortality, longevity, morbidity and critical-illness exposures.

RGA’s product suite includes life reinsurance, living benefits reinsurance, structured reinsurance and financial solutions that support product innovation and capital management.