Livforsakringsbolaget Skandia Omsesidigt bought a new stake in shares of MetLife, Inc. (NYSE:MET – Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 5,751 shares of the financial services provider’s stock, valued at approximately $487,000.
Other large investors have also bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of MetLife in the second quarter worth about $4,381,692,000. Pzena Investment Management LLC lifted its holdings in MetLife by 22.9% in the 4th quarter. Pzena Investment Management LLC now owns 11,883,338 shares of the financial services provider’s stock worth $938,071,000 after buying an additional 2,211,315 shares during the period. Norges Bank bought a new stake in shares of MetLife in the 4th quarter worth approximately $639,986,000. Invesco Ltd. raised its holdings in shares of MetLife by 2.6% during the fourth quarter. Invesco Ltd. now owns 7,012,198 shares of the financial services provider’s stock valued at $553,543,000 after acquiring an additional 176,811 shares in the last quarter. Finally, Bank of America Corp DE bought a new stake in MetLife in the second quarter valued at $455,424,000. 94.99% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
MET has been the topic of several research analyst reports. Piper Sandler boosted their price target on shares of MetLife from $86.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, June 24th. Wells Fargo & Company lifted their price objective on MetLife from $101.00 to $109.00 and gave the company an “overweight” rating in a research report on Wednesday, August 19th. UBS Group increased their target price on MetLife from $102.00 to $105.00 and gave the stock a “buy” rating in a research report on Wednesday, July 8th. Evercore reiterated a “mixed” rating on shares of MetLife in a report on Monday, August 24th. Finally, Jefferies Financial Group boosted their target price on shares of MetLife from $97.00 to $103.00 and gave the company a “buy” rating in a report on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $102.21.
MetLife Stock Performance
NYSE:MET opened at $96.57 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.20 and a quick ratio of 0.20. MetLife, Inc. has a 1 year low of $67.33 and a 1 year high of $100.93. The stock’s 50 day simple moving average is $93.39 and its two-hundred day simple moving average is $82.83. The company has a market cap of $62.14 billion, a price-to-earnings ratio of 18.50, a PEG ratio of 0.74 and a beta of 0.78.
MetLife (NYSE:MET – Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.43 earnings per share for the quarter, topping the consensus estimate of $2.30 by $0.13. MetLife had a return on equity of 23.39% and a net margin of 4.57%.The company had revenue of $13.52 billion for the quarter, compared to analysts’ expectations of $19.67 billion. During the same period in the previous year, the firm posted $2.02 earnings per share. The firm’s revenue for the quarter was up 10.5% on a year-over-year basis. As a group, equities analysts anticipate that MetLife, Inc. will post 9.74 earnings per share for the current fiscal year.
MetLife announced that its board has approved a stock repurchase plan on Wednesday, August 5th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
MetLife Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Tuesday, August 4th will be given a dividend of $0.5925 per share. The ex-dividend date of this dividend is Tuesday, August 4th. This represents a $2.37 dividend on an annualized basis and a dividend yield of 2.5%. MetLife’s dividend payout ratio (DPR) is 45.40%.
MetLife Company Profile
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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