Ieq Capital LLC purchased a new stake in shares of MetLife, Inc. (NYSE:MET – Free Report) during the second quarter, HoldingsChannel reports. The fund purchased 46,142 shares of the financial services provider’s stock, valued at approximately $3,904,000.
A number of other hedge funds have also recently made changes to their positions in the business. Commonwealth Retirement Investments LLC lifted its holdings in MetLife by 0.5% in the 4th quarter. Commonwealth Retirement Investments LLC now owns 26,953 shares of the financial services provider’s stock worth $2,128,000 after purchasing an additional 131 shares in the last quarter. CreativeOne Wealth LLC grew its holdings in MetLife by 1.3% during the 4th quarter. CreativeOne Wealth LLC now owns 10,156 shares of the financial services provider’s stock valued at $802,000 after buying an additional 135 shares in the last quarter. Kathmere Capital Management LLC raised its position in shares of MetLife by 2.4% during the first quarter. Kathmere Capital Management LLC now owns 5,813 shares of the financial services provider’s stock valued at $411,000 after buying an additional 136 shares during the last quarter. Worth Asset Management LLC lifted its holdings in shares of MetLife by 3.1% in the second quarter. Worth Asset Management LLC now owns 4,551 shares of the financial services provider’s stock worth $385,000 after buying an additional 138 shares in the last quarter. Finally, Bleakley Financial Group LLC boosted its position in shares of MetLife by 0.5% during the fourth quarter. Bleakley Financial Group LLC now owns 29,687 shares of the financial services provider’s stock worth $2,343,000 after acquiring an additional 141 shares during the last quarter. Institutional investors own 94.99% of the company’s stock.
MetLife Stock Up 2.0%
Shares of NYSE MET opened at $96.20 on Tuesday. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 0.52. MetLife, Inc. has a 12-month low of $67.33 and a 12-month high of $100.93. The firm’s 50-day moving average price is $92.58 and its 200-day moving average price is $82.32. The stock has a market capitalization of $61.90 billion, a price-to-earnings ratio of 18.43, a P/E/G ratio of 0.73 and a beta of 0.78.
MetLife Dividend Announcement
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 annualized dividend and a dividend yield of 2.5%. MetLife’s payout ratio is currently 45.40%.
MetLife announced that its Board of Directors has initiated a share repurchase program on Wednesday, August 5th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
Analysts Set New Price Targets
MET has been the topic of a number of research reports. Mizuho lifted their price target on shares of MetLife from $95.00 to $102.00 and gave the company an “outperform” rating in a report on Thursday, July 9th. Keefe, Bruyette & Woods raised their price objective on MetLife from $105.00 to $108.00 and gave the company an “outperform” rating in a research report on Tuesday, August 11th. Morgan Stanley increased their price target on MetLife from $103.00 to $111.00 and gave the company an “overweight” rating in a research note on Monday. Piper Sandler lifted their price objective on MetLife from $86.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 24th. Finally, Wells Fargo & Company upped their price objective on MetLife from $101.00 to $109.00 and gave the stock an “overweight” rating in a report on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $102.21.
Read 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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