MetLife, Inc. $MET Shares Newly Acquired by StoneRidge PMG Advisors LLC

StoneRidge PMG Advisors LLC purchased a new stake in MetLife, Inc. (NYSE:MET) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 6,268 shares of the financial services provider’s stock, valued at approximately $590,000.

Other institutional investors have also made changes to their positions in the company. BlackRock Inc. bought a new position in MetLife during the 2nd quarter worth $4,381,692,000. Pzena Investment Management LLC acquired a new position in MetLife in the 2nd quarter valued at $941,792,000. Bank of America Corp DE bought a new stake in shares of MetLife during the 2nd quarter valued at $455,424,000. Legal & General Group Plc bought a new stake in shares of MetLife during the 2nd quarter valued at $326,904,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of MetLife during the 2nd quarter worth $293,287,000. 94.99% of the stock is currently owned by institutional investors.

Key MetLife News

Here are the key news stories impacting MetLife this week:

• Positive Sentiment: MetLife reported record adjusted EPS, with group-benefits underwriting ahead of target. Higher investment income and business growth supported results, and the company’s $1.8 billion in adjusted profit was a key highlight. MetLife posts record adjusted EPS
• Positive Sentiment: Management expects full-year Retirement and Income Solutions adjusted earnings to come in slightly above the midpoint of its $1.6 billion–$1.8 billion range, offering a constructive outlook for that business. MetLife full-year RIS outlook
• Neutral Sentiment: MetLife agreed to sell a closed-book UK life insurance business to Chesnara. The transaction may allow it to simplify its portfolio, but the reported coverage does not specify financial terms or the expected earnings impact. Chesnara acquisition of MetLife business
• Negative Sentiment: Quarterly coverage also flagged rising expenses and actuarial adjustments as offsets to earnings growth; some reports noted softer sales in Asia. Those mixed details may help explain why strong headline results have not prevented selling pressure. MetLife Q3 results and headwinds

Wall Street Analyst Weigh In

A number of brokerages recently commented on MET. UBS Group raised their price target on MetLife from $105.00 to $110.00 and gave the stock a “buy” rating in a research report on Tuesday, October 6th. Piper Sandler raised MetLife from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $99.00 to $110.00 in a research note on Tuesday, September 22nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of MetLife in a research report on Friday, September 11th. Mizuho reduced their price objective on shares of MetLife from $112.00 to $109.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 7th. Finally, TD Cowen raised their target price on shares of MetLife from $110.00 to $114.00 and gave the company a “buy” rating in a report on Wednesday, October 21st. Thirteen equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $105.44.

MetLife Stock Down 0.0%

Shares of MET opened at $98.25 on Monday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.20 and a current ratio of 0.18. MetLife, Inc. has a 52 week low of $67.33 and a 52 week high of $106.72. The stock has a market capitalization of $63.22 billion, a price-to-earnings ratio of 12.81, a PEG ratio of 0.93 and a beta of 0.79. The stock has a fifty day moving average of $98.15 and a 200-day moving average of $86.26.

MetLife (NYSE:MET) last issued its quarterly earnings data on Wednesday, November 4th. The financial services provider reported $2.78 earnings per share for the quarter, topping analysts’ consensus estimates of $2.77 by $0.01. MetLife had a return on equity of 24.19% and a net margin of 6.21%. The business had revenue of $20.52 billion for the quarter, compared to analyst estimates of $19.86 billion. During the same quarter in the previous year, the company posted $2.34 EPS. MetLife’s quarterly revenue was up 18.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that MetLife, Inc. will post 9.93 earnings per share for the current fiscal year.

MetLife Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 8th. Stockholders of record on Tuesday, November 3rd will be paid a dividend of $0.5925 per share. This represents a $2.37 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Tuesday, November 3rd. MetLife’s dividend payout ratio (DPR) is presently 30.90%.

MetLife declared that its board has initiated a stock buyback plan on Wednesday, August 5th that permits the company to repurchase $3 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Share repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

MetLife Profile

MetLife, Inc is a global financial services company best known for providing insurance, employee benefits and retirement-related products. Its offerings include life, dental and disability insurance, annuities, and products and services designed to help individuals and employers plan for financial protection and retirement.

The company serves individuals, businesses and institutions in the United States and international markets, including countries in Latin America, Asia, Europe and the Middle East.