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RZB - Reinsurance Of America Inc News Story

$28.29 0.3  1.1%

Large Cap
Market Cap £6.18bn
Enterprise Value £6.74bn
Revenue £11.00bn
Position in Universe th / 6846

BUZZ-Reinsurance Group of America falls on $500 mln stock offering

Wed 3rd June, 2020 12:22pm
** Reinsurance Group of America  RGA.N  shares down ~12%
premarket after co prices follow-on
    ** Life reinsurance provider sells ~6.2 mln shares at $81,
~14% discount to stock's Tues close, raises $500 mln for general
corp purposes*:nBw6JklPTa
    ** Barclays and JP Morgan acting as jt lead bookrunners for
    ** RGA has ~61.7 mln shares outstanding, per Refinitiv data,
for market value of $5.8 bln
    ** Offering represents about 8 days of trading volumes based
on stock's 90-DMA
    ** YTD, RGA off 42%. Shares have rebounded 70% from 7-yr low
of $55.39 hit in Mar
    ** Avg rating among 11 analysts is "hold"; median PT is $110
(Refinitiv data)

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
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