Bought 28,700 shares of MetLife, Inc. (NYSE:MET) from Virginia Retirement Systems ET AL
Virginia Retirement Systems ET AL purchased a new position in MetLife, Inc. (NYSE:MET – Get Rating) during the first quarter, according to its most recent SEC filing. The fund acquired 28,700 shares of the financial services provider, valued at approximately $2,017,000.
Other institutional investors have also increased or reduced their stakes in the company. State Street Corp increased its holding in MetLife by 0.7% in the fourth quarter. State Street Corp now owns 36,281,345 shares of the financial services provider, valued at $2,267,221,000, after purchasing an additional 250,932 shares last quarter. Norges Bank acquired a new position in MetLife valued at approximately $430,368,000 during the fourth quarter. invesco ltd increased its stake in MetLife by 3.6% in the fourth quarter. invesco ltd now owns 5,944,602 shares of the financial services provider, valued at $371,478,000, after purchasing an additional 208,333 shares last quarter. Charles Schwab Investment Management Inc. increased its holding in MetLife by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,724,776 shares of the financial services provider, valued at $232,762,000, after purchasing an additional 48,072 shares last quarter. Finally, LSV Asset Management increased its stake in MetLife by 1.2% during the fourth quarter. LSV Asset Management now owns 3,444,906 shares of the financial services provider, valued at $215,272,000, after purchasing an additional 41,200 shares last quarter. Institutional investors and hedge funds own 89.65% of the company’s shares.
Several research analysts recently rated the stock. StockNews.com downgraded shares of MetLife from a “buy” rating to a “hold” rating in a research note on Wednesday, May 11. Wolfe Research upgraded shares of MetLife from a “Market Perform” rating to an “Outperform” rating and raised the company’s price target to $74.00 from $70.00 in a research note on Wednesday, March 22. June. Citigroup began reporting shares of MetLife in a research note on Monday, May 23. They set a buy rating and a price target of $77.00 for the company. Piper Sandler raised its target price on MetLife shares to $80.00 from $77.00 and gave the company an overweight rating in a research note on Wednesday, April 6. Finally, Barclays increased its price target on shares of MetLife from $76.00 to $79.00 and gave the company a rating on Tuesday, March 12. One analyst rated the stock with a hold and ten with a buy rating. Based on data from MarketBeat.com, MetLife currently has a consensus rating of Moderate Buy and an average target price of $76.45.
NYSE:MET shares opened at $63.68 on Tuesday. The company has a debt to equity ratio of 0.27, a quick ratio of 0.14 and a current ratio of 0.14. MetLife, Inc. has a 1 year low of $55.21 and a 1 year high of $73.18. The stock has a market cap of $51.78 billion, a P/E of 8.25, a PEG ratio of 1.14, and a beta of 1.13. The stock has a 50-day simple moving average of $64.65 and a 200-day simple moving average of $66.52.
MetLife (NYSE:MET – Get Rating) last released its earnings results on Wednesday, May 4th. The financial services firm reported earnings per share (EPS) of $2.08 for the quarter, beating analyst consensus estimates of $1.63 by $0.45. MetLife had a return on equity of 12.04% and a net margin of 9.63%. The company made $17.72 billion in revenue for the quarter, compared to analysts’ expectations of $16.81 billion. In the same quarter last year, the company earned $2.20 per share. The company’s revenue for the quarter rose 6.1% year over year. Analysts are forecasting that MetLife, Inc. will report earnings per share of 7.56 for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, June 14th. A dividend of $0.50 per share was paid to shareholders of record on Tuesday, May 10th. The ex-dividend date of this dividend was Monday May 9th. That equates to a dividend of $2.00 annually and a dividend yield of 3.14%. This is an increase from MetLife’s previous quarterly dividend of $0.48. MetLife’s RTP is currently 25.91%.
MetLife announced that its board of directors approved a stock repurchase program on Wednesday, May 4, authorizing the company to repurchase $3.00 billion of stock. This buyback authorization authorizes the financial services provider to buy back up to 5.3% of its shares through purchases on the open market. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.
About MetLife (received rating)
MetLife, Inc, a financial services company, provides insurance, pensions, benefits and wealth management services worldwide. It operates through five segments: United States; Asia; Latin America; Europe, the Middle East and Africa; and MetLife Holdings. The company offers life insurance, dental insurance, short and long-term group disability insurance, individual disability insurance, pet insurance, accidental death and disability, vision, accident and medical insurance, and prepaid legal insurance; exclusive agreements for administrative services for employers; and General and Segregated Accounts and Synthetic Guaranteed Rate Contracts and Private Floating Rate Financing Arrangements.
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