Mackenzie Financial Corp Sells 4,636 Shares of Reinsurance Group of America, Incorporated (NYSE:RGA)

Key Points

• Mackenzie Financial Corp reduced its holdings in Reinsurance Group of America by 32.4%, selling 4,636 shares during the first quarter, leaving it with 9,671 shares valued at $1,904,000.
• The company reported Q2 earnings of $4.72 EPS, which missed analyst estimates of $5.58 EPS, despite achieving a revenue of $5.60 billion, representing a 14.8% increase year-over-year.
• Reinsurance Group of America announced an increase in its quarterly dividend to $0.93 per share, up from $0.89, providing a dividend yield of 2.1%.

Mackenzie Financial Corp lessened its position in shares of Reinsurance Group of America, Incorporated (NYSE:RGA - Free Report) by 32.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,671 shares of the insurance provider's stock after selling 4,636 shares during the period. Mackenzie Financial Corp's holdings in Reinsurance Group of America were worth $1,904,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. FMR LLC raised its stake in shares of Reinsurance Group of America by 11.1% during the fourth quarter. FMR LLC now owns 5,640,788 shares of the insurance provider's stock valued at $1,205,042,000 after purchasing an additional 564,693 shares during the period. WCM Investment Management LLC raised its stake in Reinsurance Group of America by 1.3% during the first quarter. WCM Investment Management LLC now owns 2,514,042 shares of the insurance provider's stock worth $492,400,000 after acquiring an additional 33,292 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Reinsurance Group of America by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 1,113,872 shares of the insurance provider's stock worth $238,031,000 after purchasing an additional 4,106 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Reinsurance Group of America by 34.4% during the fourth quarter. Invesco Ltd. now owns 944,635 shares of the insurance provider's stock valued at $201,802,000 after acquiring an additional 241,669 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in Reinsurance Group of America by 6.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 791,378 shares of the insurance provider's stock valued at $169,058,000 after purchasing an additional 50,997 shares during the period. Institutional investors and hedge funds own 95.11% of the company's stock.

Reinsurance Group of America Trading Down 1.2%

RGA stock traded down $2.21 during midday trading on Thursday, reaching $181.49. The company's stock had a trading volume of 296,685 shares, compared to its average volume of 460,902. The stock has a market cap of $11.99 billion, a PE ratio of 15.76 and a beta of 0.61. Reinsurance Group of America, Incorporated has a 52 week low of $159.25 and a 52 week high of $233.81. The business's 50-day simple moving average is $196.36 and its 200-day simple moving average is $197.96. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.47.

Reinsurance Group of America (NYSE:RGA - Get Free Report) last announced its quarterly earnings results 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). The business had revenue of $5.60 billion for the quarter, compared to analyst estimates of $5.70 billion. Reinsurance Group of America had a net margin of 3.54% and a return on equity of 12.56%. The company's revenue for the quarter was up 14.8% compared to the same quarter last year. During the same period in the prior year, the business earned $5.48 EPS. As a group, sell-side analysts expect that Reinsurance Group of America, Incorporated will post 22.9 EPS for the current year.

Reinsurance Group of America Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 26th. Investors of record on Tuesday, August 12th will be paid 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 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Tuesday, August 12th. Reinsurance Group of America's payout ratio is 30.90%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on RGA shares. Morgan Stanley upped their price objective on shares of Reinsurance Group of America from $209.00 to $210.00 and gave the stock an "equal weight" rating in a report on Monday, July 14th. Raymond James Financial reaffirmed a "market perform" rating on shares of Reinsurance Group of America in a research note on Friday, May 23rd. Keefe, Bruyette & Woods boosted their price objective on Reinsurance Group of America from $250.00 to $255.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 7th. Wells Fargo & Company lowered their target price on Reinsurance Group of America from $249.00 to $241.00 and set an "overweight" rating on the stock in a report on Monday. Finally, JPMorgan Chase & Co. raised their price objective on shares of Reinsurance Group of America from $237.00 to $264.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $243.64.

Reinsurance Group of America 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.