Cibc World Market Inc. Acquires New Shares in MetLife, Inc. $MET

Cibc World Market Inc. bought a new position in MetLife, Inc. (NYSE:MET) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 43,189 shares of the financial services provider’s stock, valued at approximately $3,654,000.

Several other large investors have also recently bought and sold shares of MET. Strs Ohio increased its stake in shares of MetLife by 16.6% in the fourth quarter. Strs Ohio now owns 326,091 shares of the financial services provider’s stock valued at $25,742,000 after buying an additional 46,469 shares during the period. PFA Pension Forsikringsaktieselskab acquired a new position in MetLife in the 4th quarter valued at approximately $81,494,000. Principal Financial Group Inc. raised its stake in shares of MetLife by 2.2% during the fourth quarter. Principal Financial Group Inc. now owns 622,789 shares of the financial services provider’s stock valued at $49,163,000 after acquiring an additional 13,657 shares during the last quarter. Bank of Nova Scotia acquired a new position in shares of MetLife during the second quarter worth $14,182,000. Finally, Bessemer Group Inc. grew its stake in shares of MetLife by 1.0% in the first quarter. Bessemer Group Inc. now owns 1,905,684 shares of the financial services provider’s stock worth $134,770,000 after purchasing an additional 18,151 shares during the last quarter. 94.99% of the stock is currently owned by institutional investors.

MetLife Stock Up 0.8%

Shares of NYSE:MET opened at $96.62 on Thursday. MetLife, Inc. has a 1 year low of $67.33 and a 1 year high of $100.93. 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 business’s 50-day moving average is $92.96 and its 200-day moving average is $82.60. The company has a market capitalization of $62.17 billion, a price-to-earnings ratio of 18.51, a P/E/G ratio of 0.74 and a beta of 0.78.

MetLife (NYSE:MET) last released its earnings results on Wednesday, August 5th. The financial services provider reported $2.43 EPS for the quarter, topping the consensus estimate of $2.30 by $0.13. The business had revenue of $13.52 billion during the quarter, compared to analysts’ expectations of $19.67 billion. MetLife had a return on equity of 23.39% and a net margin of 4.57%.The firm’s revenue was up 10.5% on a year-over-year basis. During the same quarter last year, the firm posted $2.02 earnings per share. Equities research analysts predict that MetLife, Inc. will post 9.73 earnings per share for the current year.

MetLife declared that its board has initiated a share buyback plan on Wednesday, August 5th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

MetLife Dividend Announcement

The business also recently disclosed 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 dividend payout ratio (DPR) is 45.40%.

Analysts Set New Price Targets

Several brokerages have commented on MET. Evercore reaffirmed a “mixed” rating on shares of MetLife in a report on Monday. Wall Street Zen upgraded MetLife from a “hold” rating to a “buy” rating in a report on Saturday, August 22nd. Jefferies Financial Group raised their price target on shares of MetLife from $97.00 to $103.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Keefe, Bruyette & Woods upped their price objective on shares of MetLife from $105.00 to $108.00 and gave the company an “outperform” rating in a research note on Tuesday, August 11th. Finally, TD Cowen increased their price objective on shares of MetLife from $87.00 to $105.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $102.21.

About MetLife

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.