AQR Capital Management LLC Cuts Stock Holdings in Reinsurance Group of America, Incorporated (NYSE:RGA)

AQR Capital Management LLC cut its position in shares of Reinsurance Group of America, Incorporated (NYSE:RGA) by 15.1% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 551,249 shares of the insurance provider’s stock after selling 98,132 shares during the quarter. AQR Capital Management LLC’s holdings in Reinsurance Group of America were worth $113,155,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Junto Capital Management LP purchased a new stake in shares of Reinsurance Group of America during the 4th quarter worth about $92,083,000. Zurich Insurance Group Ltd FI boosted its position in Reinsurance Group of America by 681.8% during the second quarter. Zurich Insurance Group Ltd FI now owns 507,840 shares of the insurance provider’s stock worth $104,244,000 after purchasing an additional 442,883 shares in the last quarter. Balyasny Asset Management L.P. acquired a new stake in Reinsurance Group of America in the fourth quarter valued at approximately $67,177,000. Public Employees Retirement Association of Colorado increased its position in shares of Reinsurance Group of America by 713.2% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 291,125 shares of the insurance provider’s stock valued at $47,098,000 after buying an additional 255,326 shares in the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new position in shares of Reinsurance Group of America during the 1st quarter worth approximately $24,918,000. Institutional investors and hedge funds own 95.11% of the company’s stock.

Reinsurance Group of America Trading Down 0.1 %

Shares of Reinsurance Group of America stock opened at $218.43 on Friday. Reinsurance Group of America, Incorporated has a 1-year low of $140.39 and a 1-year high of $227.87. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.17 and a quick ratio of 0.17. The stock has a market cap of $14.37 billion, a P/E ratio of 16.97 and a beta of 0.91. The stock’s 50 day simple moving average is $213.26 and its 200-day simple moving average is $204.16.

Reinsurance Group of America (NYSE:RGA) last issued its earnings results on Thursday, August 1st. The insurance provider reported $5.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.94 by $0.54. Reinsurance Group of America had a return on equity of 15.84% and a net margin of 4.01%. The company had revenue of $4.88 billion during the quarter, compared to analysts’ expectations of $5.07 billion. During the same period in the prior year, the business earned $4.40 EPS. The firm’s quarterly revenue was up 17.4% on a year-over-year basis. Analysts predict that Reinsurance Group of America, Incorporated will post 21.7 EPS for the current fiscal year.

Reinsurance Group of America Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were given a dividend of $0.89 per share. This is a boost from Reinsurance Group of America’s previous quarterly dividend of $0.85. This represents a $3.56 annualized dividend and a yield of 1.63%. The ex-dividend date of this dividend was Friday, August 9th. Reinsurance Group of America’s dividend payout ratio (DPR) is presently 27.66%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Piper Sandler lifted their price target on shares of Reinsurance Group of America from $228.00 to $235.00 and gave the company an “overweight” rating in a research note on Friday, June 28th. UBS Group boosted their target price 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. Morgan Stanley reduced their price target on shares of Reinsurance Group of America from $238.00 to $236.00 and set an “equal weight” rating for the company in a research report on Monday, August 19th. Barclays initiated coverage on Reinsurance Group of America in a report on Wednesday, September 4th. They issued an “overweight” rating and a $255.00 price objective on the stock. Finally, Citigroup increased their target price on Reinsurance Group of America from $194.00 to $252.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Three equities research 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 $225.17.

Insiders Place Their Bets

In other news, EVP William L. Hutton sold 1,209 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $218.97, for a total transaction of $264,734.73. Following the completion of the sale, the executive vice president now owns 12,357 shares in the company, valued at approximately $2,705,812.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.37% of the stock is owned by insiders.

About Reinsurance Group of America

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.