First Citizens Bank & Trust Co. Boosts Stock Holdings in Reinsurance Group of America, Incorporated $RGA

Key Points

• First Citizens Bank & Trust Co. increased its stake in Reinsurance Group of America by 276.8% during the second quarter, holding 6,146 shares valued at approximately $1.22 million.
• Analysts have set a new average price target of $241.56 for Reinsurance Group of America, with seven analysts rating the stock as a Buy.
• Reinsurance Group of America recently declared a quarterly dividend of $0.93 per share, up from the previous $0.89, reflecting a 2.0% dividend yield.

First Citizens Bank & Trust Co. grew its position in shares of Reinsurance Group of America, Incorporated (NYSE:RGA - Free Report) by 276.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,146 shares of the insurance provider's stock after acquiring an additional 4,515 shares during the quarter. First Citizens Bank & Trust Co.'s holdings in Reinsurance Group of America were worth $1,219,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Reinsurance Group of America by 13.1% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 3,901 shares of the insurance provider's stock worth $768,000 after buying an additional 452 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Reinsurance Group of America by 38.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 8,783 shares of the insurance provider's stock worth $1,729,000 after buying an additional 2,428 shares during the last quarter. Golden State Wealth Management LLC boosted its holdings in shares of Reinsurance Group of America by 164.3% in the 1st quarter. Golden State Wealth Management LLC now owns 148 shares of the insurance provider's stock worth $29,000 after buying an additional 92 shares during the last quarter. Asset Management One Co. Ltd. boosted its holdings in shares of Reinsurance Group of America by 1,265.2% in the 1st quarter. Asset Management One Co. Ltd. now owns 6,553 shares of the insurance provider's stock worth $1,290,000 after buying an additional 6,073 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of Reinsurance Group of America by 7.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 171,402 shares of the insurance provider's stock worth $33,984,000 after buying an additional 12,217 shares during the last quarter. 95.11% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RGA has been the topic of a number of research analyst reports. Barclays reissued an "overweight" rating and issued a $246.00 price target on shares of Reinsurance Group of America in a report on Wednesday, October 8th. Piper Sandler reissued an "overweight" rating on shares of Reinsurance Group of America in a report on Tuesday, October 7th. Weiss Ratings reissued a "hold (c+)" rating on shares of Reinsurance Group of America in a report on Wednesday, October 8th. Wells Fargo & Company dropped their price objective 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. Finally, Morgan Stanley cut their target price on shares of Reinsurance Group of America from $210.00 to $195.00 and set an "equal weight" rating for the company in a research report on Monday, August 18th. Seven analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Reinsurance Group of America currently has an average rating of "Moderate Buy" and an average price target of $241.56.

Reinsurance Group of America Stock Performance

Shares of RGA opened at $189.46 on Friday. Reinsurance Group of America, Incorporated has a 52-week low of $159.25 and a 52-week high of $233.81. The stock's 50-day simple moving average is $191.76 and its 200 day simple moving average is $193.44. 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 stock has a market capitalization of $12.52 billion, a price-to-earnings ratio of 16.45 and a beta of 0.60.

Reinsurance Group of America (NYSE:RGA - Get Free Report) last posted its 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 for the quarter, compared to analysts' expectations of $5.70 billion. During the same period in the previous year, the firm earned $5.48 EPS. The firm's quarterly revenue was up 14.8% compared to the same quarter last year. Research analysts forecast that Reinsurance Group of America, Incorporated will post 22.9 EPS for the current fiscal year.

Reinsurance Group of America Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 26th. Stockholders of record on Tuesday, August 12th were given a dividend of $0.93 per share. This is a boost from Reinsurance Group of America's previous quarterly dividend of $0.89. This represents a $3.72 annualized dividend and a dividend yield of 2.0%. The ex-dividend date was Tuesday, August 12th. Reinsurance Group of America's dividend payout ratio (DPR) is currently 32.29%.

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.

Want to see what other hedge funds are holding RGA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Reinsurance Group of America, Incorporated (NYSE:RGA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.