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

Key Points

• PNC Financial Services cut its RGA stake by 30.2% in the first quarter, selling 6,431 shares and retaining 14,862 shares valued at approximately $3.03 million. Institutional investors collectively own 95.11% of RGA.
• RGA reported strong quarterly results, with earnings of $6.97 per share versus the $6.03 analyst consensus and revenue of $6.49 billion, up 23.5% year over year.
• Analyst sentiment remains favorable: RGA has a “Moderate Buy” consensus rating and a $255 average price target, while the company pays a quarterly dividend of $0.93 per share, yielding about 1.5%.

PNC Financial Services Group Inc. reduced its stake in Reinsurance Group of America, Incorporated (NYSE:RGA - Free Report) by 30.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,862 shares of the insurance provider's stock after selling 6,431 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Reinsurance Group of America were worth $3,034,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Activest Wealth Management purchased a new position in Reinsurance Group of America in the 4th quarter valued at about $30,000. Tobam raised its position in shares of Reinsurance Group of America by 244.7% in the fourth quarter. Tobam now owns 162 shares of the insurance provider's stock valued at $33,000 after buying an additional 115 shares during the last quarter. International Assets Investment Management LLC purchased a new position in shares of Reinsurance Group of America during the fourth quarter valued at approximately $35,000. Advisory Services Network LLC acquired a new stake in Reinsurance Group of America during the third quarter worth approximately $38,000. Finally, Entrust Financial LLC acquired a new stake in Reinsurance Group of America during the fourth quarter worth approximately $40,000. Hedge funds and other institutional investors own 95.11% of the company's stock.

Reinsurance Group of America Price Performance

Reinsurance Group of America stock opened at $242.97 on Wednesday. Reinsurance Group of America, Incorporated has a 1 year low of $165.52 and a 1 year high of $245.00. The firm has a 50 day moving average price of $217.92 and a 200 day moving average price of $211.42. The company has a market cap of $15.92 billion, a price-to-earnings ratio of 13.16 and a beta of 0.47. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.14 and a current ratio of 0.14.

Reinsurance Group of America (NYSE:RGA - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The insurance provider reported $6.97 earnings per share for the quarter, topping analysts' consensus estimates of $6.03 by $0.94. The company had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.47 billion. Reinsurance Group of America had a net margin of 4.92% and a return on equity of 13.16%. Reinsurance Group of America's revenue was up 23.5% on a year-over-year basis. During the same quarter last year, the firm posted $5.66 earnings per share. Sell-side analysts predict that Reinsurance Group of America, Incorporated will post 26.84 earnings per share for the current year.

Reinsurance Group of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Stockholders of record on Tuesday, May 19th were issued a dividend of $0.93 per share. This represents a $3.72 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date was Tuesday, May 19th. Reinsurance Group of America's dividend payout ratio is presently 20.15%.

Insider Buying and Selling at Reinsurance Group of America

In related news, EVP John W. Hayden sold 414 shares of the stock in a transaction 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 trade represents a 1.94% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Ronald Herrmann sold 7,000 shares of Reinsurance Group of America stock in a transaction 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 owned 3,938 shares in the company, valued at $829,264.04. The trade was a 64.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.60% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. TD Cowen lifted their target price 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. UBS Group upgraded Reinsurance Group of America from a "hold" rating to a "strong-buy" rating in a report on Friday, July 24th. Weiss Ratings restated a "buy (b)" rating on shares of Reinsurance Group of America in a report on Wednesday, May 13th. Wells Fargo & Company lifted their price objective on Reinsurance Group of America from $261.00 to $269.00 and gave the company an "overweight" rating in a research report on Thursday, July 9th. Finally, Barclays upped their target price on Reinsurance Group of America from $268.00 to $278.00 and gave the company an "overweight" rating in a research note on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $255.00.

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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