California State Teachers Retirement System Sells 1,461 Shares of Reinsurance Group of America, Incorporated (NYSE:RGA)

Posted by Defense World Staff on Aug 18th, 2023

California State Teachers Retirement System lowered its position in Reinsurance Group of America, Incorporated (NYSE:RGA – Free Report) by 1.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 84,285 shares of the insurance provider’s stock after selling 1,461 shares during the period. California State Teachers Retirement System owned 0.13% of Reinsurance Group of America worth $11,190,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Raymond James & Associates raised its stake in shares of Reinsurance Group of America by 18.7% in the fourth quarter. Raymond James & Associates now owns 165,766 shares of the insurance provider’s stock worth $23,554,000 after purchasing an additional 26,133 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Reinsurance Group of America during the fourth quarter valued at approximately $35,000. Belpointe Asset Management LLC increased its position in shares of Reinsurance Group of America by 267.3% during the fourth quarter. Belpointe Asset Management LLC now owns 3,589 shares of the insurance provider’s stock valued at $510,000 after acquiring an additional 2,612 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Reinsurance Group of America by 13.2% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 30,067 shares of the insurance provider’s stock valued at $4,272,000 after acquiring an additional 3,500 shares during the last quarter. Finally, Arizona State Retirement System increased its position in shares of Reinsurance Group of America by 3.9% during the fourth quarter. Arizona State Retirement System now owns 18,907 shares of the insurance provider’s stock valued at $2,686,000 after acquiring an additional 703 shares during the last quarter. Institutional investors own 93.60% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on RGA shares. Morgan Stanley reaffirmed an “equal weight” rating and set a $160.00 price target on shares of Reinsurance Group of America in a research report on Friday, August 4th. Citigroup reduced their price objective on Reinsurance Group of America from $170.00 to $162.00 and set a “buy” rating for the company in a report on Wednesday, August 9th. 58.com reissued a “maintains” rating on shares of Reinsurance Group of America in a report on Wednesday, May 24th. Wells Fargo & Company increased their target price on Reinsurance Group of America from $168.00 to $169.00 and gave the stock an “overweight” rating in a research report on Tuesday. Finally, Barclays boosted their price objective on Reinsurance Group of America from $149.00 to $151.00 in a research note on Friday, June 16th. Four equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Reinsurance Group of America has a consensus rating of “Moderate Buy” and an average target price of $162.45.

Read Our Latest Analysis on RGA

Reinsurance Group of America Stock Performance

Shares of RGA opened at $138.51 on Friday. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.61. The stock has a 50-day moving average price of $141.47 and a 200-day moving average price of $141.42. The company has a market cap of $9.17 billion, a PE ratio of 9.91 and a beta of 0.88. Reinsurance Group of America, Incorporated has a 12-month low of $120.29 and a 12-month high of $153.35.

Reinsurance Group of America (NYSE:RGA – Get Free Report) last announced its earnings results on Friday, August 4th. The insurance provider reported $4.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.12 by $0.28. The business had revenue of $4.16 billion during the quarter, compared to analyst estimates of $4.30 billion. Reinsurance Group of America had a net margin of 5.61% and a return on equity of 20.35%. Reinsurance Group of America’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period in the previous year, the business posted $5.78 earnings per share. As a group, equities analysts forecast that Reinsurance Group of America, Incorporated will post 18.01 earnings per share for the current fiscal year.

Reinsurance Group of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 29th. Investors of record on Tuesday, August 15th will be paid a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date is Monday, August 14th. This is a boost from Reinsurance Group of America’s previous quarterly dividend of $0.80. Reinsurance Group of America’s dividend payout ratio is currently 24.32%.

About Reinsurance Group of America

(Free Report)

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.