California State Teachers Retirement System Acquires 16,119,041 Shares of Reinsurance Group of America, Incorporated $RGA

Key Points

• California State Teachers Retirement System increased its RGA stake by 21,340.7%, acquiring 16.1 million additional shares and ending the quarter with a 24.8% ownership stake valued at approximately $3.44 billion.
• Analysts remain broadly positive, with RGA receiving a consensus “Moderate Buy” rating and an average price target of $262.56; recent targets range from $235 to $291.
• RGA reported quarterly EPS of $8.89, beating estimates of $6.50, while revenue rose 18.5% year over year to $6.64 billion. The company also raised its quarterly dividend to $0.98 per share, equivalent to a 1.6% annual yield.

California State Teachers Retirement System raised its stake in Reinsurance Group of America, Incorporated (NYSE:RGA - Free Report) by 21,340.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,194,573 shares of the insurance provider's stock after acquiring an additional 16,119,041 shares during the quarter. California State Teachers Retirement System owned approximately 24.80% of Reinsurance Group of America worth $3,443,776,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in RGA. Tobam boosted its holdings in Reinsurance Group of America by 244.7% in the 4th quarter. Tobam now owns 162 shares of the insurance provider's stock worth $33,000 after buying an additional 115 shares during the period. International Assets Investment Management LLC purchased a new position in Reinsurance Group of America during the fourth quarter worth about $35,000. Advisory Services Network LLC purchased a new position in shares of Reinsurance Group of America during the third quarter worth about $38,000. Entrust Financial LLC bought a new position in shares of Reinsurance Group of America in the 4th quarter worth $40,000. Finally, Measured Wealth Private Client Group LLC bought a new position in Reinsurance Group of America in the third quarter valued at $44,000. Hedge funds and other institutional investors own 95.11% of the company's stock.

Analysts Set New Price Targets

RGA has been the topic of several research reports. TD Cowen lifted their price target on shares of Reinsurance Group of America from $212.00 to $235.00 and gave the stock a "hold" rating in a research note on Wednesday, July 22nd. Barclays boosted their price target on shares of Reinsurance Group of America from $278.00 to $290.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Evercore restated an "outperform" rating and set a $267.00 target price on shares of Reinsurance Group of America in a report on Monday, May 18th. Wells Fargo & Company increased their price objective on Reinsurance Group of America from $269.00 to $291.00 and gave the company an "overweight" rating in a research note on Wednesday, August 19th. Finally, Morgan Stanley boosted their price objective on shares of Reinsurance Group of America from $223.00 to $250.00 and gave the company an "equal weight" rating in a research report on Monday, August 24th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $262.56.

Insider Buying and Selling at Reinsurance Group of America

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 transaction of $2,115,470.70. Following the completion of the transaction, the executive vice president directly owned 14,885 shares in the company, valued at approximately $3,666,175.50. The trade was a 36.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.60% of the stock is currently owned by insiders.

Reinsurance Group of America Stock Up 0.9%

Shares of Reinsurance Group of America stock opened at $247.30 on Friday. The stock has a market capitalization of $16.15 billion, a PE ratio of 10.86 and a beta of 0.47. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.14 and a current ratio of 0.14. Reinsurance Group of America, Incorporated has a 52-week low of $178.21 and a 52-week high of $257.81. The company has a 50-day simple moving average of $241.08 and a two-hundred day simple moving average of $219.97.

Reinsurance Group of America (NYSE:RGA - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The insurance provider reported $8.89 EPS for the quarter, beating the consensus estimate of $6.50 by $2.39. Reinsurance Group of America had a return on equity of 14.78% and a net margin of 5.81%.The company had revenue of $6.64 billion for the quarter, compared to analysts' expectations of $6.67 billion. During the same period last year, the firm posted $4.72 earnings per share. Reinsurance Group of America's revenue was up 18.5% compared to the same quarter last year. On average, analysts anticipate that Reinsurance Group of America, Incorporated will post 29.22 EPS for the current fiscal year.

Reinsurance Group of America Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th were paid a dividend of $0.98 per share. The ex-dividend date was Tuesday, August 18th. This represents a $3.92 annualized dividend and a dividend yield of 1.6%. This is a boost from Reinsurance Group of America's previous quarterly dividend of $0.93. Reinsurance Group of America's dividend payout ratio is 17.22%.

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 and financial services companies manage mortality, longevity, morbidity and other risks by assuming portions of their insurance obligations and providing capital and risk-management support.

RGA's business includes traditional life reinsurance, health reinsurance, longevity solutions and financial solutions. Its offerings support products such as life insurance, annuities, critical illness coverage, disability insurance and other health-related protection products.

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