Connor Clark & Lunn Investment Management Ltd. Buys New Stake in Reinsurance Group of America, Incorporated (NYSE:RGA)

Key Points

• Connor Clark & Lunn Investment Management Ltd. acquired 31,122 shares of Reinsurance Group of America (NYSE:RGA), valued at approximately $6.1 million.
• The company has increased its quarterly dividend to $0.93 per share, up from $0.89, indicating a healthy financial outlook.
• Despite reporting an EPS of $4.72 for the last quarter, which missed analysts' expectations, RGA saw a year-over-year revenue increase of 14.8%.

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Reinsurance Group of America, Incorporated (NYSE:RGA - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 31,122 shares of the insurance provider's stock, valued at approximately $6,128,000.

Several other large investors have also recently added to or reduced their stakes in the stock. Colonial Trust Co SC increased its stake in shares of Reinsurance Group of America by 72.2% during the 4th quarter. Colonial Trust Co SC now owns 136 shares of the insurance provider's stock worth $29,000 after purchasing an additional 57 shares during the last quarter. Alpine Bank Wealth Management acquired a new position in shares of Reinsurance Group of America during the 1st quarter worth $28,000. Golden State Wealth Management LLC increased its stake in shares of Reinsurance Group of America by 164.3% during the 1st quarter. Golden State Wealth Management LLC now owns 148 shares of the insurance provider's stock worth $29,000 after purchasing an additional 92 shares during the last quarter. TCTC Holdings LLC increased its stake in shares of Reinsurance Group of America by 107.2% during the 1st quarter. TCTC Holdings LLC now owns 172 shares of the insurance provider's stock worth $34,000 after purchasing an additional 89 shares during the last quarter. Finally, Cornerstone Planning Group LLC increased its stake in shares of Reinsurance Group of America by 224.1% during the 1st quarter. Cornerstone Planning Group LLC now owns 175 shares of the insurance provider's stock worth $33,000 after purchasing an additional 121 shares during the last quarter. Institutional investors and hedge funds own 95.11% of the company's stock.

Reinsurance Group of America Stock Performance

Shares of NYSE:RGA traded down $0.78 on Friday, hitting $188.44. 360,567 shares of the company were exchanged, compared to its average volume of 539,855. The company's 50 day moving average price is $193.71 and its two-hundred day moving average price is $195.99. Reinsurance Group of America, Incorporated has a one year low of $159.25 and a one year high of $233.81. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.16 and a current ratio of 0.16. The firm has a market capitalization of $12.45 billion, a price-to-earnings ratio of 16.36 and a beta of 0.61.

Reinsurance Group of America (NYSE:RGA - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The insurance provider reported $4.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.58 by ($0.86). Reinsurance Group of America had a return on equity of 12.56% and a net margin of 3.54%. The company had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.70 billion. During the same quarter in the previous year, the firm posted $5.48 EPS. The business's revenue for the quarter was up 14.8% compared to the same quarter last year. Research analysts expect that Reinsurance Group of America, Incorporated will post 22.9 earnings per share for the current year.

Reinsurance Group of America Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 26th. Stockholders of record on Tuesday, August 12th will be issued a dividend of $0.93 per share. This represents a $3.72 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Tuesday, August 12th. This is a positive change from Reinsurance Group of America's previous quarterly dividend of $0.89. Reinsurance Group of America's payout ratio is presently 32.29%.

Analysts Set New Price Targets

RGA has been the topic of several analyst reports. Morgan Stanley increased their price target on shares of Reinsurance Group of America from $209.00 to $210.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th. Raymond James Financial restated a "market perform" rating on shares of Reinsurance Group of America in a research note on Friday, May 23rd. JPMorgan Chase & Co. increased their price target on shares of Reinsurance Group of America from $237.00 to $264.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods raised their target price on shares of Reinsurance Group of America from $250.00 to $255.00 and gave the company an "outperform" rating in a research note on Wednesday, May 7th. Finally, Wells Fargo & Company dropped their target price on shares of Reinsurance Group of America from $249.00 to $241.00 and set an "overweight" rating on the stock in a report on Monday, August 4th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Reinsurance Group of America currently has an average rating of "Moderate Buy" and a consensus price target of $243.64.

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.