Bank of Nova Scotia Sells 14,029 Shares of Reinsurance Group of America, Incorporated (NYSE:RGA)

Key Points

• Bank of Nova Scotia has significantly reduced its stake in Reinsurance Group of America by 90%, now holding only 1,557 shares after selling 14,029 shares in the first quarter.
• Reinsurance Group of America announced an increase in its quarterly dividend to $0.93 per share, up from $0.89, reflecting a positive change in its dividend policy.
• Analysts have varied price targets for the stock, with consensus rating categorizing it as a "Moderate Buy" and an average target price of $243.64.

Bank of Nova Scotia cut its stake in Reinsurance Group of America, Incorporated (NYSE:RGA - Free Report) by 90.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,557 shares of the insurance provider's stock after selling 14,029 shares during the quarter. Bank of Nova Scotia's holdings in Reinsurance Group of America were worth $307,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of RGA. Alpine Bank Wealth Management bought a new position in shares of Reinsurance Group of America in the first quarter valued at about $28,000. Colonial Trust Co SC raised its position in shares of Reinsurance Group of America by 72.2% in the fourth quarter. Colonial Trust Co SC now owns 136 shares of the insurance provider's stock valued at $29,000 after purchasing an additional 57 shares during the period. Golden State Wealth Management LLC raised its position in shares of Reinsurance Group of America by 164.3% in the first quarter. Golden State Wealth Management LLC now owns 148 shares of the insurance provider's stock valued at $29,000 after purchasing an additional 92 shares during the period. Cornerstone Planning Group LLC increased its position in Reinsurance Group of America by 224.1% during the first quarter. Cornerstone Planning Group LLC now owns 175 shares of the insurance provider's stock worth $33,000 after acquiring an additional 121 shares during the period. Finally, TCTC Holdings LLC raised its stake in Reinsurance Group of America by 107.2% in 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 in the last quarter. 95.11% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Raymond James Financial restated a "market perform" rating on shares of Reinsurance Group of America in a research report on Friday, May 23rd. Morgan Stanley increased their target price on shares of Reinsurance Group of America from $209.00 to $210.00 and gave the stock an "equal weight" rating in a research report on Monday, July 14th. Keefe, Bruyette & Woods increased their target price on shares of Reinsurance Group of America from $250.00 to $255.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. Wells Fargo & Company decreased 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 research report on Monday, August 4th. Finally, JPMorgan Chase & Co. increased their price objective 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. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, Reinsurance Group of America has a consensus rating of "Moderate Buy" and a consensus target price of $243.64.

Reinsurance Group of America Trading Up 2.5%

RGA opened at $186.51 on Friday. The company's 50 day moving average is $195.23 and its 200-day moving average is $197.32. Reinsurance Group of America, Incorporated has a 1-year low of $159.25 and a 1-year high of $233.81. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.47. The company has a market cap of $12.33 billion, a P/E ratio of 16.19 and a beta of 0.61.

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

Reinsurance Group of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 26th. Shareholders of record on Tuesday, August 12th will be issued a dividend of $0.93 per share. This represents a $3.72 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend 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 30.90%.

Reinsurance Group of America Company Profile

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.

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