HighTower Advisors LLC lowered its holdings in MetLife, Inc. (NYSE:MET – Free Report) by 4.9% during the fourth quarter, HoldingsChannel.com reports. The fund owned 139,735 shares of the financial services provider’s stock after selling 7,228 shares during the period. HighTower Advisors LLC’s holdings in MetLife were worth $11,031,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Envestnet Portfolio Solutions Inc. increased its stake in MetLife by 3.9% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 25,371 shares of the financial services provider’s stock valued at $2,003,000 after acquiring an additional 950 shares during the period. Stronghold Wealth Management L.L.C. bought a new stake in MetLife in the fourth quarter valued at about $237,000. North Dakota State Investment Board bought a new stake in MetLife in the fourth quarter valued at about $1,523,000. Elyxium Wealth LLC bought a new stake in MetLife in the fourth quarter valued at about $158,000. Finally, Abacus Wealth Partners LLC bought a new stake in MetLife in the fourth quarter valued at about $444,000. Institutional investors own 94.99% of the company’s stock.
Wall Street Analyst Weigh In
A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of MetLife from $95.00 to $96.00 and gave the company an “overweight” rating in a research note on Tuesday, May 12th. Morgan Stanley boosted their price target on shares of MetLife from $89.00 to $93.00 and gave the company an “overweight” rating in a research report on Thursday. Wells Fargo & Company boosted their price target on shares of MetLife from $90.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, May 12th. Evercore set a $96.00 price target on shares of MetLife in a research report on Thursday, April 9th. Finally, Mizuho set a $95.00 price target on shares of MetLife in a research report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $95.15.
MetLife Price Performance
NYSE:MET opened at $83.97 on Tuesday. The firm has a market cap of $54.03 billion, a PE ratio of 16.27, a price-to-earnings-growth ratio of 0.63 and a beta of 0.78. MetLife, Inc. has a 12 month low of $67.33 and a 12 month high of $85.29. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 0.53. The company’s 50-day moving average price is $75.36 and its two-hundred day moving average price is $76.69.
MetLife (NYSE:MET – Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.42 EPS for the quarter, beating analysts’ consensus estimates of $2.27 by $0.15. The firm had revenue of $14.18 billion for the quarter, compared to analyst estimates of $19.49 billion. MetLife had a net margin of 4.66% and a return on equity of 22.60%. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.96 earnings per share. On average, equities analysts anticipate that MetLife, Inc. will post 9.94 EPS for the current fiscal year.
MetLife Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 9th. Stockholders of record on Tuesday, May 12th will be given a dividend of $0.5925 per share. The ex-dividend date is Tuesday, May 12th. This is a positive change from MetLife’s previous quarterly dividend of $0.57. This represents a $2.37 dividend on an annualized basis and a dividend yield of 2.8%. MetLife’s dividend payout ratio (DPR) is currently 45.93%.
About MetLife
MetLife, Inc is a global provider of insurance, annuities and employee benefit programs. Headquartered in New York City, the company offers a range of risk protection and retirement solutions to individuals, employers and institutional clients. Its core businesses include life insurance, group benefits, retirement products such as annuities, and supplemental health products including dental and disability coverage.
In addition to traditional life and group insurance, MetLife provides workplace benefits and voluntary products distributed through employer-sponsored programs.
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