Reinsurance Group of America (NYSE:RGA) Given New $292.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo raised Reinsurance Group of America’s price target to $292 from $291 while maintaining an “overweight” rating, implying 12.77% upside from the prior close.
• Analyst sentiment is broadly positive: RGA has a consensus “Moderate Buy” rating and an average price target of $267.89, with recent upgrades from Morgan Stanley and UBS.
• RGA shares traded at $258.93, near their 52-week high, after the company reported quarterly EPS of $8.89—well above the $6.50 consensus estimate—and 18.5% year-over-year revenue growth.

Reinsurance Group of America (NYSE:RGA - Get Free Report) had its price target increased by stock analysts at Wells Fargo & Company from $291.00 to $292.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has an "overweight" rating on the insurance provider's stock. Wells Fargo & Company's target price would suggest a potential upside of 12.77% from the company's previous close.

Several other equities research analysts have also commented on the company. Morgan Stanley upgraded Reinsurance Group of America from an "equal weight" rating to an "overweight" rating and set a $295.00 price objective for the company in a research note on Monday, September 28th. UBS Group raised Reinsurance Group of America from a "hold" rating to a "strong-buy" rating in a report on Friday, July 24th. JPMorgan Chase & Co. lifted their target price on Reinsurance Group of America from $286.00 to $293.00 and gave the company an "overweight" rating in a research report on Tuesday, August 11th. Weiss Ratings reissued a "buy (b)" rating on shares of Reinsurance Group of America in a report on Friday, August 7th. Finally, TD Cowen boosted their price target on Reinsurance Group of America from $212.00 to $235.00 and gave the company a "hold" rating in a report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Reinsurance Group of America has an average rating of "Moderate Buy" and a consensus target price of $267.89.

Reinsurance Group of America Stock Performance

RGA stock traded up $2.95 during midday trading on Monday, reaching $258.93. 64,527 shares of the company's stock traded hands, compared to its average volume of 368,112. Reinsurance Group of America has a 52-week low of $178.21 and a 52-week high of $259.92. The stock has a market cap of $16.91 billion, a P/E ratio of 11.40 and a beta of 0.45. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.41. The stock's 50-day moving average is $246.95 and its 200 day moving average is $225.91.

Reinsurance Group of America (NYSE:RGA - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The insurance provider reported $8.89 earnings per share for the quarter, topping the consensus estimate of $6.50 by $2.39. The business had revenue of $6.64 billion for the quarter, compared to the consensus estimate of $6.67 billion. Reinsurance Group of America had a net margin of 5.81% and a return on equity of 14.78%. The company's quarterly revenue was up 18.5% on a year-over-year basis. During the same period last year, the firm earned $4.72 earnings per share. As a group, analysts anticipate that Reinsurance Group of America will post 29.71 EPS for the current year.

Insider Buying and Selling

In related news, EVP Jonathan Porter sold 8,589 shares of the business's stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $246.30, for a total value of $2,115,470.70. Following the transaction, the executive vice president directly owned 14,885 shares of the company's stock, valued at approximately $3,666,175.50. The trade was a 36.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.60% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Greenleaf Trust increased its position in Reinsurance Group of America by 2.4% in the second quarter. Greenleaf Trust now owns 1,811 shares of the insurance provider's stock worth $385,000 after purchasing an additional 42 shares during the last quarter. Elevation Wealth Partners LLC raised its stake in Reinsurance Group of America by 9.5% during the second quarter. Elevation Wealth Partners LLC now owns 702 shares of the insurance provider's stock valued at $149,000 after purchasing an additional 61 shares in the last quarter. waypoint wealth counsel lifted its position in Reinsurance Group of America by 6.6% during the first quarter. waypoint wealth counsel now owns 1,098 shares of the insurance provider's stock valued at $224,000 after purchasing an additional 68 shares during the last quarter. Investors Asset Management of Georgia Inc. GA ADV lifted its position in Reinsurance Group of America by 3.4% during the first quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 2,308 shares of the insurance provider's stock valued at $471,000 after purchasing an additional 76 shares during the last quarter. Finally, Parkside Financial Bank & Trust lifted its position in Reinsurance Group of America by 5.1% during the second quarter. Parkside Financial Bank & Trust now owns 1,555 shares of the insurance provider's stock valued at $331,000 after purchasing an additional 76 shares during the last quarter. 95.11% of the stock is currently owned by institutional investors.

About Reinsurance Group of America

Reinsurance Group of America, Incorporated NYSE: RGA is a global provider of life and health reinsurance. The company helps insurance organizations manage mortality, longevity, morbidity and other insurance risks by assuming portions of their business and providing capital, risk-management expertise and specialized underwriting support.

RGA offers traditional reinsurance and financial solutions for individual life insurance, group life and health coverage, retirement and annuity products, long-term care and disability insurance.

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