Insider Selling: Reinsurance Group of America (NYSE:RGA) EVP Sells 8,589 Shares of Stock

Key Points

• RGA EVP Jonathan Porter sold 8,589 shares at an average price of $246.30, totaling approximately $2.12 million. The transaction reduced his ownership by 36.59%, leaving him with 14,885 shares.
• Reinsurance Group of America reported quarterly EPS of $8.89, exceeding analysts’ $6.50 estimate, while revenue rose 18.5% year over year to $6.64 billion.
• The company increased its quarterly dividend from $0.93 to $0.98 per share, equivalent to an annualized $3.92 dividend and a 1.6% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $257.11.

Reinsurance Group of America, Incorporated (NYSE:RGA - Get Free Report) EVP Jonathan Porter sold 8,589 shares of the company's stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $246.30, for a total transaction of $2,115,470.70. Following the completion of the transaction, the executive vice president owned 14,885 shares of the company's stock, valued at $3,666,175.50. This trade represents a 36.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Reinsurance Group of America Price Performance

NYSE RGA traded down $2.34 during trading hours on Monday, reaching $247.11. 598,425 shares of the stock traded hands, compared to its average volume of 358,476. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.14 and a quick ratio of 0.14. The stock has a 50 day simple moving average of $228.03 and a two-hundred day simple moving average of $215.80. Reinsurance Group of America, Incorporated has a 1 year low of $178.21 and a 1 year high of $251.00. The company has a market cap of $16.14 billion, a price-to-earnings ratio of 10.85 and a beta of 0.47.

Reinsurance Group of America (NYSE:RGA - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The insurance provider reported $8.89 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $6.50 by $2.39. The firm had revenue of $6.64 billion during the quarter, compared to analysts' expectations of $6.67 billion. Reinsurance Group of America had a return on equity of 14.78% and a net margin of 5.81%.The company's revenue for the quarter was up 18.5% compared to the same quarter last year. During the same period in the prior year, the business earned $4.72 EPS. On average, analysts predict that Reinsurance Group of America, Incorporated will post 28.26 EPS for the current fiscal year.

Reinsurance Group of America Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be given a dividend of $0.98 per share. The ex-dividend date is Tuesday, August 18th. This is an increase from Reinsurance Group of America's previous quarterly dividend of $0.93. This represents a $3.92 dividend on an annualized basis and a yield of 1.6%. Reinsurance Group of America's dividend payout ratio (DPR) is 16.34%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Wells Fargo & Company boosted their price objective on shares of Reinsurance Group of America from $261.00 to $269.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. Barclays boosted their price target on shares of Reinsurance Group of America from $278.00 to $290.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Piper Sandler cut their price target on shares of Reinsurance Group of America from $263.00 to $261.00 and set an "overweight" rating for the company in a research report on Monday, May 11th. Evercore reaffirmed an "outperform" rating and set a $267.00 price objective on shares of Reinsurance Group of America in a research note on Monday, May 18th. Finally, Wall Street Zen upgraded Reinsurance Group of America from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Reinsurance Group of America presently has an average rating of "Moderate Buy" and an average target price of $257.11.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in RGA. Activest Wealth Management purchased a new stake in Reinsurance Group of America during the 4th quarter valued at $30,000. Tobam raised its stake in shares of Reinsurance Group of America by 244.7% during the fourth quarter. Tobam now owns 162 shares of the insurance provider's stock valued at $33,000 after acquiring an additional 115 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Reinsurance Group of America during the fourth quarter worth about $35,000. Entrust Financial LLC purchased a new stake in shares of Reinsurance Group of America during the fourth quarter worth about $40,000. Finally, Advisory Services Network LLC bought a new stake in shares of Reinsurance Group of America in the third quarter worth about $38,000. 95.11% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source