Morgan Stanley Downgrades Reinsurance Group of America to Underweight (RGA)
Reinsurance Group of America (NYSE:RGA) was downgraded by analysts at Morgan Stanley from an “equal weight” rating to an “underweight” rating in a research report issued to clients and investors on Monday.
Several other analysts have also recently commented on the stock. Analysts at Keefe, Bruyette & Woods raised their price target on shares of Reinsurance Group of America from $86.00 to $88.00 in a research note on Thursday, July 31st. Separately, analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Reinsurance Group of America in a research note on Monday, July 28th. They now have a $82.00 price target on the stock, up previously from $80.00. Finally, analysts at Barclays raised their price target on shares of Reinsurance Group of America from $81.00 to $84.00 in a research note on Friday, July 25th. They now have an “equal weight” rating on the stock. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $87.50.
Reinsurance Group of America (NYSE:RGA) opened at 79.96 on Monday. Reinsurance Group of America has a 1-year low of $63.95 and a 1-year high of $82.73. The stock has a 50-day moving average of $79.77 and a 200-day moving average of $77.63. The company has a market cap of $5.482 billion and a P/E ratio of 9.20.
Reinsurance Group of America (NYSE:RGA) last posted its quarterly earnings results on Thursday, July 24th. The company reported $2.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.97 by $0.26. During the same quarter in the previous year, the company posted ($0.99) earnings per share. Analysts expect that Reinsurance Group of America will post $8.07 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, August 29th. Stockholders of record on Friday, August 8th will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.65%. The ex-dividend date is Wednesday, August 6th. This is a boost from Reinsurance Group of America’s previous quarterly dividend of $0.30.
Reinsurance Group of America, Incorporated (NYSE:RGA) is an insurance holding company.
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