Community Bank N.A. Reduces Stock Position in MetLife, Inc. $MET

Community Bank N.A. reduced its holdings in shares of MetLife, Inc. (NYSE:MET) by 46.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,642 shares of the financial services provider’s stock after selling 11,033 shares during the quarter. Community Bank N.A.’s holdings in MetLife were worth $1,070,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. RFG Advisory LLC increased its position in shares of MetLife by 3.7% in the 2nd quarter. RFG Advisory LLC now owns 8,077 shares of the financial services provider’s stock worth $683,000 after purchasing an additional 290 shares during the last quarter. NewEdge Advisors LLC lifted its position in shares of MetLife by 20.1% during the second quarter. NewEdge Advisors LLC now owns 74,002 shares of the financial services provider’s stock worth $6,261,000 after purchasing an additional 12,378 shares during the last quarter. Allworth Financial LP lifted its position in shares of MetLife by 15.2% during the second quarter. Allworth Financial LP now owns 15,836 shares of the financial services provider’s stock worth $1,340,000 after purchasing an additional 2,095 shares during the last quarter. Paragon Capital Management Ltd grew its stake in MetLife by 9.9% in the second quarter. Paragon Capital Management Ltd now owns 3,340 shares of the financial services provider’s stock worth $283,000 after purchasing an additional 302 shares in the last quarter. Finally, Empirical Finance LLC increased its holdings in MetLife by 2.8% in the second quarter. Empirical Finance LLC now owns 22,299 shares of the financial services provider’s stock valued at $1,887,000 after buying an additional 599 shares during the last quarter. 94.99% of the stock is owned by institutional investors and hedge funds.

MetLife Trading Down 2.2%

MetLife stock opened at $95.45 on Wednesday. MetLife, Inc. has a 52-week low of $67.33 and a 52-week high of $100.93. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $61.41 billion, a price-to-earnings ratio of 18.28, a PEG ratio of 0.94 and a beta of 0.77. The firm has a 50-day moving average price of $94.87 and a two-hundred day moving average price of $83.79.

MetLife (NYSE:MET) last released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $2.43 earnings per share for the quarter, beating analysts’ consensus estimates of $2.30 by $0.13. The company had revenue of $13.52 billion for 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 business’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.02 earnings per share. Sell-side analysts expect that MetLife, Inc. will post 9.76 earnings per share for the current year.

MetLife announced that its Board of Directors has authorized a share repurchase 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 purchase up to 4.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

MetLife Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 8th. Shareholders of record on Tuesday, August 4th were paid a dividend of $0.5925 per share. The ex-dividend date of this dividend was Tuesday, August 4th. This represents a $2.37 annualized dividend and a yield of 2.5%. MetLife’s payout ratio is presently 45.40%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on MET shares. Morgan Stanley increased their target price on MetLife from $103.00 to $111.00 and gave the stock an “overweight” rating in a report on Monday, August 24th. Wall Street Zen upgraded MetLife from a “hold” rating to a “buy” rating in a report on Saturday, August 22nd. Jefferies Financial Group upped their price target on MetLife from $97.00 to $103.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Piper Sandler raised 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, UBS Group lifted their price objective on shares of MetLife from $102.00 to $105.00 and gave the stock a “buy” rating in a report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $102.21.

About MetLife

MetLife, Inc (NYSE: MET) is a global financial services company that provides insurance, employee benefits and retirement solutions to individuals, employers and institutions. Its offerings include life insurance, dental and vision insurance, disability coverage, accident and health insurance, annuities, and retirement products.

Through its employer-focused business, MetLife helps organizations provide benefits and financial protection to their employees. The company also offers group insurance, individual protection products and investment management services through MetLife Investment Management, which serves institutional investors and retirement plans.

Founded in 1868, MetLife serves customers in the United States and operates internationally across Latin America, Asia, Europe and the Middle East.