State of New Jersey Common Pension Fund D Sells 13,187 Shares of Reinsurance Group of America, Incorporated (NYSE:RGA)

State of New Jersey Common Pension Fund D cut its holdings in shares of Reinsurance Group of America, Incorporated (NYSE:RGA) by 37.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,851 shares of the insurance provider’s stock after selling 13,187 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Reinsurance Group of America were worth $4,485,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Earnest Partners LLC lifted its position in Reinsurance Group of America by 4.2% during the 1st quarter. Earnest Partners LLC now owns 2,577,901 shares of the insurance provider’s stock worth $497,226,000 after buying an additional 104,256 shares in the last quarter. Sei Investments Co. lifted its position in Reinsurance Group of America by 5.7% during the 1st quarter. Sei Investments Co. now owns 780,010 shares of the insurance provider’s stock worth $150,448,000 after buying an additional 42,135 shares in the last quarter. Norges Bank bought a new stake in Reinsurance Group of America during the 4th quarter worth about $122,301,000. Jacobs Levy Equity Management Inc. lifted its position in Reinsurance Group of America by 2.8% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 584,137 shares of the insurance provider’s stock worth $112,668,000 after buying an additional 15,926 shares in the last quarter. Finally, Junto Capital Management LP bought a new stake in Reinsurance Group of America during the 4th quarter worth about $92,083,000. 95.11% of the stock is owned by institutional investors.

Reinsurance Group of America Stock Up 2.3 %

Shares of RGA opened at $218.62 on Tuesday. Reinsurance Group of America, Incorporated has a 52 week low of $140.39 and a 52 week high of $227.87. The firm has a market cap of $14.40 billion, a P/E ratio of 16.99 and a beta of 0.91. The firm’s 50-day simple moving average is $212.34 and its 200 day simple moving average is $202.42. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.17 and a current ratio of 0.17.

Reinsurance Group of America (NYSE:RGA) last announced its quarterly earnings results on Thursday, August 1st. The insurance provider reported $5.48 EPS for the quarter, beating analysts’ consensus estimates of $4.94 by $0.54. The business had revenue of $4.88 billion for the quarter, compared to analyst estimates of $5.07 billion. Reinsurance Group of America had a net margin of 4.01% and a return on equity of 15.84%. Reinsurance Group of America’s quarterly revenue was up 17.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.40 EPS. On average, analysts forecast that Reinsurance Group of America, Incorporated will post 21.5 earnings per share for the current year.

Reinsurance Group of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Tuesday, August 13th were issued a $0.89 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $3.56 dividend on an annualized basis and a yield of 1.63%. This is an increase from Reinsurance Group of America’s previous quarterly dividend of $0.85. Reinsurance Group of America’s payout ratio is currently 27.66%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on RGA. Jefferies Financial Group boosted their price target on shares of Reinsurance Group of America from $63.00 to $64.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Piper Sandler boosted their price objective on shares of Reinsurance Group of America from $228.00 to $235.00 and gave the stock an “overweight” rating in a research note on Friday, June 28th. JPMorgan Chase & Co. boosted their price objective on shares of Reinsurance Group of America from $208.00 to $220.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. StockNews.com lowered shares of Reinsurance Group of America from a “buy” rating to a “hold” rating in a research note on Thursday, September 5th. Finally, UBS Group boosted their price objective on shares of Reinsurance Group of America from $223.00 to $240.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Three analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Reinsurance Group of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $223.33.

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.