Bank of New York Mellon Corp Reduces Position in Reinsurance Group of America, Incorporated $RGA

Key Points

• Bank of New York Mellon cut its stake in Reinsurance Group of America by 17% in the fourth quarter, selling 85,012 shares and leaving it with 415,477 shares worth about $84.5 million.
• RGA shares were down 1.9% on the day to $201.02, while the company reported strong quarterly results with EPS of $6.97, beating estimates by $0.94 and growing revenue 23.5% year over year.
• The company also paid a quarterly dividend of $0.93 per share, and analysts remain broadly positive, with an average rating of “Moderate Buy” and an average price target of $251.25.

Bank of New York Mellon Corp cut its position in Reinsurance Group of America, Incorporated (NYSE:RGA - Free Report) by 17.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 415,477 shares of the insurance provider's stock after selling 85,012 shares during the period. Bank of New York Mellon Corp owned 0.63% of Reinsurance Group of America worth $84,533,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the stock. American Century Companies Inc. grew its position in shares of Reinsurance Group of America by 15.9% in the 3rd quarter. American Century Companies Inc. now owns 2,369,057 shares of the insurance provider's stock valued at $455,167,000 after buying an additional 324,239 shares during the last quarter. State Street Corp grew its position in shares of Reinsurance Group of America by 2.8% in the 3rd quarter. State Street Corp now owns 2,346,447 shares of the insurance provider's stock valued at $450,823,000 after buying an additional 64,296 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Reinsurance Group of America by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 1,341,364 shares of the insurance provider's stock valued at $272,966,000 after buying an additional 12,682 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Reinsurance Group of America by 4.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,098,564 shares of the insurance provider's stock valued at $211,054,000 after buying an additional 49,323 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Reinsurance Group of America in the 4th quarter valued at $173,767,000. 95.11% of the stock is owned by hedge funds and other institutional investors.

Reinsurance Group of America Trading Down 1.9%

Shares of Reinsurance Group of America stock opened at $201.02 on Tuesday. Reinsurance Group of America, Incorporated has a 1 year low of $165.52 and a 1 year high of $229.21. 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 company has a market capitalization of $13.17 billion, a P/E ratio of 10.89 and a beta of 0.47. The company's fifty day moving average is $207.80 and its two-hundred day moving average is $205.19.

Reinsurance Group of America (NYSE:RGA - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The insurance provider reported $6.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.03 by $0.94. Reinsurance Group of America had a net margin of 4.92% and a return on equity of 13.16%. The company had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.47 billion. During the same period last year, the firm posted $5.66 EPS. Reinsurance Group of America's revenue for the quarter was up 23.5% on a year-over-year basis. Analysts forecast that Reinsurance Group of America, Incorporated will post 26.88 earnings per share for the current year.

Reinsurance Group of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 2nd. Stockholders of record on Tuesday, May 19th were paid a $0.93 dividend. This represents a $3.72 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Tuesday, May 19th. Reinsurance Group of America's dividend payout ratio (DPR) is 20.15%.

Insider Buying and Selling at Reinsurance Group of America

In other news, EVP Ronald Herrmann sold 7,000 shares of the firm'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 completion of the sale, the executive vice president owned 3,938 shares in the company, valued at approximately $829,264.04. This trade represents a 64.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John W. Hayden sold 414 shares of the firm's stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $214.95, for a total transaction of $88,989.30. Following the completion of the sale, the executive vice president owned 20,949 shares of the company's stock, valued at $4,502,987.55. This trade represents a 1.94% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on RGA shares. JPMorgan Chase & Co. increased their target price on shares of Reinsurance Group of America from $264.00 to $270.00 and gave the company an "overweight" rating in a research report on Thursday, May 7th. Piper Sandler lowered their price objective on shares of Reinsurance Group of America from $263.00 to $261.00 and set an "overweight" rating on the stock in a research report on Monday, May 11th. Barclays raised their price objective on shares of Reinsurance Group of America from $256.00 to $268.00 and gave the stock an "overweight" rating in a research report on Friday, May 8th. Weiss Ratings reissued a "buy (b)" rating on shares of Reinsurance Group of America in a research report on Wednesday, May 13th. Finally, Wells Fargo & Company raised their price objective on shares of Reinsurance Group of America from $238.00 to $261.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 25th. Seven equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $251.25.

About Reinsurance Group of America

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.

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