Synovus Financial Corp Purchases New Stake in Reinsurance Group of America, Incorporated $RGA

Key Points

• Synovus Financial Corp acquired a new stake in Reinsurance Group of America during the 1st quarter, purchasing 1,600 shares valued at approximately $315,000.
• Reinsurance Group of America recently increased its quarterly dividend to $0.93 per share, up from $0.89, reflecting a 1.9% yield.
• The stock has been rated as a "Moderate Buy" by analysts, with an average target price of $242.27, as seven analysts recommend buying and four suggest holding.

Synovus Financial Corp purchased a new stake in shares of Reinsurance Group of America, Incorporated (NYSE:RGA - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 1,600 shares of the insurance provider's stock, valued at approximately $315,000.

Other institutional investors have also made changes to their positions in the company. Alpine Bank Wealth Management acquired a new stake in shares of Reinsurance Group of America during the first quarter valued at about $28,000. Colonial Trust Co SC increased its position in shares of Reinsurance Group of America by 72.2% during the fourth quarter. Colonial Trust Co SC now owns 136 shares of the insurance provider's stock valued at $29,000 after acquiring an additional 57 shares during the last quarter. Golden State Wealth Management LLC boosted its stake in shares of Reinsurance Group of America by 164.3% in the first quarter. Golden State Wealth Management LLC now owns 148 shares of the insurance provider's stock valued at $29,000 after purchasing an additional 92 shares during the period. Cornerstone Planning Group LLC boosted its stake in shares of Reinsurance Group of America by 224.1% in the first quarter. Cornerstone Planning Group LLC now owns 175 shares of the insurance provider's stock valued at $33,000 after purchasing an additional 121 shares during the period. Finally, TCTC Holdings LLC boosted its stake in shares of Reinsurance Group of America by 107.2% in the first quarter. TCTC Holdings LLC now owns 172 shares of the insurance provider's stock valued at $34,000 after purchasing an additional 89 shares during the period. 95.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

RGA has been the subject of several recent research reports. 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 note on Tuesday, July 8th. Raymond James Financial reissued a "market perform" rating on shares of Reinsurance Group of America in a research note on Friday, May 23rd. Keefe, Bruyette & Woods raised their price objective on shares of Reinsurance Group of America from $250.00 to $255.00 and gave the company an "outperform" rating in a research note on Wednesday, May 7th. Wells Fargo & Company lowered their price objective on shares of Reinsurance Group of America from $249.00 to $241.00 and set an "overweight" rating for the company in a research note on Monday, August 4th. Finally, Morgan Stanley lowered their price objective 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 note on Monday, August 18th. Seven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $242.27.

Reinsurance Group of America Stock Performance

RGA traded up $1.00 during trading on Wednesday, hitting $195.71. The stock had a trading volume of 106,942 shares, compared to its average volume of 447,961. 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 firm has a market capitalization of $12.93 billion, a P/E ratio of 16.99 and a beta of 0.59. The company's 50-day moving average price is $192.37 and its 200 day moving average price is $193.85. Reinsurance Group of America, Incorporated has a twelve month low of $159.25 and a twelve month high of $233.81.

Reinsurance Group of America (NYSE:RGA - Get Free Report) last issued its earnings results on Thursday, July 31st. The insurance provider reported $4.72 EPS for the quarter, missing the consensus estimate of $5.58 by ($0.86). The company had revenue of $5.60 billion for the quarter, compared to analysts' expectations of $5.70 billion. Reinsurance Group of America had a return on equity of 12.56% and a net margin of 3.54%.Reinsurance Group of America's revenue for the quarter was up 14.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.48 earnings per share. On average, equities 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 firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Investors of record on Tuesday, August 12th were paid a $0.93 dividend. This represents a $3.72 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Tuesday, August 12th. This is a positive change from Reinsurance Group of America's previous quarterly dividend of $0.89. Reinsurance Group of America's dividend payout ratio is currently 32.29%.

Reinsurance Group of America Company 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.