PNC Financial Services Group Inc. Increases Holdings in Reinsurance Group of America, Incorporated $RGA

Key Points

• PNC Financial Services Group increased its stake in Reinsurance Group of America by 34.8% in the fourth quarter, buying 5,500 additional shares and bringing its total holding to 21,293 shares worth about $4.33 million.
• Wall Street sentiment on RGA is generally positive, with seven Buy ratings, three Holds and one Sell; the stock carries a consensus Moderate Buy rating and a target price of $251.25.
• Reinsurance Group of America reported strong quarterly results, with EPS of $6.97 beating estimates and revenue rising 23.5% year over year, while also declaring a quarterly dividend of $0.93 per share.

PNC Financial Services Group Inc. boosted its holdings in shares of Reinsurance Group of America, Incorporated (NYSE:RGA - Free Report) by 34.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,293 shares of the insurance provider's stock after purchasing an additional 5,500 shares during the period. PNC Financial Services Group Inc.'s holdings in Reinsurance Group of America were worth $4,332,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Nordea Investment Management AB increased its holdings in Reinsurance Group of America by 3.8% during the 4th quarter. Nordea Investment Management AB now owns 570,631 shares of the insurance provider's stock valued at $116,597,000 after purchasing an additional 20,722 shares during the period. ProShare Advisors LLC increased its holdings in Reinsurance Group of America by 3.2% during the 3rd quarter. ProShare Advisors LLC now owns 182,162 shares of the insurance provider's stock valued at $34,999,000 after purchasing an additional 5,586 shares during the period. Y Intercept Hong Kong Ltd boosted its position in Reinsurance Group of America by 94.1% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 18,504 shares of the insurance provider's stock valued at $3,555,000 after acquiring an additional 8,971 shares in the last quarter. Nuance Investments LLC boosted its position in Reinsurance Group of America by 30.6% during the 3rd quarter. Nuance Investments LLC now owns 47,334 shares of the insurance provider's stock valued at $9,094,000 after acquiring an additional 11,095 shares in the last quarter. Finally, Algebris UK Ltd. bought a new stake in Reinsurance Group of America during the 3rd quarter valued at approximately $10,750,000. Hedge funds and other institutional investors own 95.11% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on RGA shares. Morgan Stanley lifted their price objective on Reinsurance Group of America from $208.00 to $223.00 and gave the company an "equal weight" rating in a research report on Tuesday, March 3rd. Wall Street Zen raised Reinsurance Group of America from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Reinsurance Group of America in a research report on Wednesday, May 13th. Wells Fargo & Company lifted their price objective on Reinsurance Group of America from $238.00 to $261.00 and gave the company an "overweight" rating in a research report on Wednesday, February 25th. Finally, Piper Sandler cut their price objective on 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. Seven investment 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $251.25.

Insider Activity at Reinsurance Group of America

In related news, EVP John W. Hayden sold 414 shares of the company's stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $214.95, for a total value of $88,989.30. Following the transaction, the executive vice president directly owned 20,949 shares of the company's stock, valued at approximately $4,502,987.55. This represents a 1.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Ronald Herrmann sold 7,000 shares of the company's stock in a transaction that occurred 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 transaction, the executive vice president directly owned 3,938 shares in the company, valued at $829,264.04. This trade represents a 64.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.60% of the company's stock.

Reinsurance Group of America Stock Performance

Shares of RGA opened at $213.71 on Tuesday. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.46. The business's 50 day moving average price is $207.86 and its 200-day moving average price is $204.21. Reinsurance Group of America, Incorporated has a 52 week low of $165.52 and a 52 week high of $229.21. The stock has a market cap of $14.00 billion, a P/E ratio of 11.58 and a beta of 0.50.

Reinsurance Group of America (NYSE:RGA - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The insurance provider reported $6.97 EPS for the quarter, topping analysts' consensus estimates of $6.03 by $0.94. Reinsurance Group of America had a return on equity of 13.16% and a net margin of 4.92%.The firm had revenue of $6.49 billion for the quarter, compared to analysts' expectations of $6.47 billion. During the same period in the previous year, the firm posted $5.66 EPS. The business's revenue for the quarter was up 23.5% compared to the same quarter last year. Equities research analysts anticipate that Reinsurance Group of America, Incorporated will post 26.79 earnings per share for the current fiscal year.

Reinsurance Group of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 2nd. Investors of record on Tuesday, May 19th will be given a $0.93 dividend. The ex-dividend date of this dividend is Tuesday, May 19th. This represents a $3.72 annualized dividend and a yield of 1.7%. Reinsurance Group of America's dividend payout ratio is 20.15%.

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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