New York Life Investment Management LLC Sells 33,792 Shares of MetLife, Inc. (NYSE:MET)

New York Life Investment Management LLC lowered its stake in shares of MetLife, Inc. (NYSE:MET) by 25.4% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 99,151 shares of the financial services provider’s stock after selling 33,792 shares during the quarter. New York Life Investment Management LLC’s holdings in MetLife were worth $6,557,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of MET. Eley Financial Management Inc increased its position in MetLife by 1.0% in the third quarter. Eley Financial Management Inc now owns 16,348 shares of the financial services provider’s stock worth $1,028,000 after purchasing an additional 168 shares during the last quarter. Austin Private Wealth LLC increased its position in MetLife by 4.1% in the fourth quarter. Austin Private Wealth LLC now owns 4,367 shares of the financial services provider’s stock worth $289,000 after purchasing an additional 170 shares during the last quarter. KLCM Advisors Inc. increased its position in MetLife by 3.6% in the third quarter. KLCM Advisors Inc. now owns 4,920 shares of the financial services provider’s stock worth $310,000 after purchasing an additional 171 shares during the last quarter. Highland Capital Management LLC increased its position in MetLife by 0.3% in the fourth quarter. Highland Capital Management LLC now owns 61,738 shares of the financial services provider’s stock worth $4,083,000 after purchasing an additional 180 shares during the last quarter. Finally, RFG Advisory LLC increased its position in MetLife by 3.2% in the fourth quarter. RFG Advisory LLC now owns 5,924 shares of the financial services provider’s stock worth $392,000 after purchasing an additional 181 shares during the last quarter. Institutional investors own 89.81% of the company’s stock.

MetLife Stock Performance

Shares of MetLife stock opened at $70.23 on Friday. The company has a market capitalization of $50.08 billion, a PE ratio of 24.13, a P/E/G ratio of 0.54 and a beta of 1.03. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.16 and a current ratio of 0.16. The company has a 50-day simple moving average of $71.64 and a two-hundred day simple moving average of $67.40. MetLife, Inc. has a one year low of $48.95 and a one year high of $74.68.

MetLife (NYSE:MET) last posted its quarterly earnings data on Wednesday, May 1st. The financial services provider reported $1.83 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.83. MetLife had a net margin of 3.50% and a return on equity of 20.37%. The firm had revenue of $17.02 billion for the quarter, compared to the consensus estimate of $17.73 billion. During the same quarter in the prior year, the company posted $1.52 earnings per share. The company’s revenue for the quarter was up 5.5% compared to the same quarter last year. Research analysts expect that MetLife, Inc. will post 8.71 EPS for the current fiscal year.

MetLife announced that its board has approved a stock buyback program on Wednesday, May 1st that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

MetLife Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 11th. Stockholders of record on Tuesday, May 7th will be issued a dividend of $0.545 per share. The ex-dividend date of this dividend is Monday, May 6th. This represents a $2.18 annualized dividend and a dividend yield of 3.10%. This is an increase from MetLife’s previous quarterly dividend of $0.52. MetLife’s dividend payout ratio is 71.48%.

Insider Activity

In related news, insider Ramy Tadros sold 4,026 shares of the stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $71.90, for a total value of $289,469.40. Following the transaction, the insider now owns 146,981 shares in the company, valued at approximately $10,567,933.90. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, EVP Bill Pappas sold 27,000 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $72.27, for a total value of $1,951,290.00. Following the transaction, the executive vice president now owns 57,768 shares in the company, valued at approximately $4,174,893.36. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Ramy Tadros sold 4,026 shares of the stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $71.90, for a total transaction of $289,469.40. Following the completion of the transaction, the insider now owns 146,981 shares in the company, valued at approximately $10,567,933.90. The disclosure for this sale can be found here. Corporate insiders own 0.32% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Keefe, Bruyette & Woods boosted their price target on shares of MetLife from $82.00 to $87.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. Piper Sandler boosted their price objective on shares of MetLife from $74.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, April 5th. Morgan Stanley boosted their price objective on shares of MetLife from $80.00 to $82.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. The Goldman Sachs Group upgraded shares of MetLife from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $70.00 to $80.00 in a research report on Monday, January 8th. Finally, Wells Fargo & Company boosted their price objective on shares of MetLife from $83.00 to $86.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Two research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $79.23.

MetLife Company Profile

MetLife, Inc, a financial services company, provides insurance, annuities, employee benefits, and asset management services worldwide. It operates through six segments: Retirement and Income Solutions; Group Benefits; Asia; Latin America; Europe, the Middle East and Africa; and MetLife Holdings. The company offers life, dental, group short-and long-term disability, individual disability, pet insurance, accidental death and dismemberment, vision, and accident and health coverages, as well as prepaid legal plans; administrative services-only arrangements to employers; and general and separate account, and synthetic guaranteed interest contracts, as well as private floating rate funding agreements.