North Dakota State Investment Board lifted its holdings in shares of MetLife, Inc. (NYSE:MET – Free Report) by 70.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 28,170 shares of the financial services provider’s stock after purchasing an additional 11,625 shares during the period. North Dakota State Investment Board’s holdings in MetLife were worth $2,652,000 as of its most recent filing with the SEC.
A number of other large investors also recently added to or reduced their stakes in the business. Laurel Wealth Advisors LLC purchased a new stake in MetLife during the 3rd quarter valued at about $103,000. Victory Financial Group LLC purchased a new position in MetLife in the 3rd quarter worth approximately $334,000. Generali Asset Management SPA SGR increased its stake in MetLife by 7.7% in the 3rd quarter. Generali Asset Management SPA SGR now owns 12,559 shares of the financial services provider’s stock worth $1,183,000 after purchasing an additional 903 shares during the period. Asset Management One Co. Ltd. lifted its position in MetLife by 13.8% in the third quarter. Asset Management One Co. Ltd. now owns 426,894 shares of the financial services provider’s stock valued at $40,196,000 after purchasing an additional 51,694 shares during the last quarter. Finally, Balance Wealth Partners LLC bought a new stake in MetLife in the third quarter valued at approximately $36,000. Hedge funds and other institutional investors own 94.99% of the company’s stock.
MetLife Trading Up 1.3%
NYSE MET opened at $100.92 on Friday. The firm has a market capitalization of $64.94 billion, a PE ratio of 10.20, a P/E/G ratio of 0.94 and a beta of 0.78. The stock’s 50 day moving average is $97.56 and its 200 day moving average is $85.57. MetLife, Inc. has a twelve month low of $67.33 and a twelve month high of $103.65. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 0.52.
MetLife (NYSE:MET – Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $2.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.30 by $0.13. MetLife had a net margin of 4.57% and a return on equity of 23.39%. The company had revenue of $13.52 billion during the quarter, compared to analysts’ expectations of $19.67 billion. During the same period last year, the company posted $2.02 EPS. MetLife’s revenue was up 10.5% on a year-over-year basis. Research analysts forecast that MetLife, Inc. will post 9.94 earnings per share for the current fiscal year.
MetLife announced that its Board of Directors has approved a share repurchase program on Wednesday, August 5th that authorizes the company to repurchase $3 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its shares are undervalued.
MetLife Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 8th. Shareholders of record on Tuesday, November 3rd will be paid a dividend of $0.5925 per share. This represents a $2.37 annualized dividend and a yield of 2.3%. The ex-dividend date is Tuesday, November 3rd. MetLife’s dividend payout ratio (DPR) is currently 45.40%.
Analyst Upgrades and Downgrades
Several research analysts have recently issued reports on MET shares. Piper Sandler upgraded shares of MetLife from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $99.00 to $110.00 in a report on Tuesday, September 22nd. JPMorgan Chase & Co. lifted their target price on shares of MetLife from $108.00 to $110.00 and gave the stock an “overweight” rating in a research note on Thursday, October 15th. Atlantic Securities set a $103.00 price target on shares of MetLife in a report on Wednesday, July 15th. TD Cowen increased their price target on shares of MetLife from $110.00 to $114.00 and gave the company a “buy” rating in a research report on Wednesday, October 21st. Finally, Bank of America cut their price target on shares of MetLife from $106.00 to $103.00 and set a “buy” rating on the stock in a report on Wednesday, July 15th. Thirteen investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $105.44.
View Our Latest Stock Analysis on MET
About MetLife
MetLife, Inc (NYSE: MET) is a global financial services company that provides insurance, retirement, and employee benefits solutions to individuals, employers, and institutions. Its offerings include life insurance, dental and vision coverage, accident and disability insurance, annuities, retirement savings products, and related financial services.
Through its institutional and workplace businesses, MetLife helps employers provide benefits and retirement programs to their employees. The company also serves individual customers with protection and income products.
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