Pallas Capital Advisors LLC acquired a new position in MetLife, Inc. (NYSE:MET – Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 6,525 shares of the financial services provider’s stock, valued at approximately $552,000.
Other large investors also recently modified their holdings of the company. Activest Wealth Management grew its position in MetLife by 205.8% during the fourth quarter. Activest Wealth Management now owns 315 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 212 shares during the last quarter. Garton & Associates Financial Advisors LLC bought a new stake in shares of MetLife in the 4th quarter worth approximately $30,000. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in shares of MetLife in the 4th quarter valued at $31,000. Prosperity Bancshares Inc purchased a new stake in shares of MetLife in the 4th quarter valued at $31,000. Finally, JPL Wealth Management LLC bought a new position in shares of MetLife during the 3rd quarter valued at $33,000. 94.99% of the stock is owned by hedge funds and other institutional investors.
MetLife Stock Down 1.7%
MET stock opened at $95.12 on Thursday. MetLife, Inc. has a 1-year low of $67.33 and a 1-year high of $100.93. The business has a fifty day moving average price of $92.17 and a 200-day moving average price of $81.98. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.20 and a quick ratio of 0.20. The stock has a market capitalization of $61.20 billion, a P/E ratio of 18.22, a P/E/G ratio of 0.74 and a beta of 0.78.
MetLife declared that its board has authorized a stock buyback program on Wednesday, August 5th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
MetLife Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 8th. Shareholders of record on Tuesday, August 4th will be paid a dividend of $0.5925 per share. This represents a $2.37 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Tuesday, August 4th. MetLife’s payout ratio is currently 45.40%.
Wall Street Analysts Forecast Growth
MET has been the subject of several recent research reports. Mizuho boosted their price target on shares of MetLife from $95.00 to $102.00 and gave the stock an “outperform” rating in a research note on Thursday, July 9th. Morgan Stanley lifted their price objective on MetLife from $93.00 to $103.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Piper Sandler boosted their target price on MetLife from $86.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, June 24th. Wall Street Zen lowered MetLife from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Atlantic Securities set a $103.00 target price on MetLife in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $101.64.
Get Our Latest Stock Analysis on MET
MetLife 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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