The Manufacturers Life Insurance Company Takes $55.51 Million Position in MetLife, Inc. $MET

The Manufacturers Life Insurance Company purchased a new position in MetLife, Inc. (NYSE:MET) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 656,118 shares of the financial services provider’s stock, valued at approximately $55,514,000. The Manufacturers Life Insurance Company owned approximately 0.10% of MetLife at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MET. Strs Ohio raised its holdings in MetLife by 16.6% during 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 in the last quarter. PFA Pension Forsikringsaktieselskab bought a new stake in shares of MetLife during the 4th quarter worth about $81,494,000. Principal Financial Group Inc. increased its holdings in shares of MetLife by 2.2% during the 4th 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 stake in MetLife in the 2nd quarter worth approximately $14,182,000. Finally, Bessemer Group Inc. boosted its position in MetLife by 1.0% during 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 period. 94.99% of the stock is owned by hedge funds and other institutional investors.

MetLife Stock Up 0.8%

MET stock opened at $96.62 on Thursday. MetLife, Inc. has a twelve month low of $67.33 and a twelve month 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 company has a market cap of $62.17 billion, a PE ratio of 18.51, a price-to-earnings-growth ratio of 0.74 and a beta of 0.78. The business’s 50-day simple moving average is $92.96 and its 200 day simple moving average is $82.60.

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

MetLife Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Tuesday, August 4th will be given a $0.5925 dividend. This represents a $2.37 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Tuesday, August 4th. MetLife’s dividend payout ratio (DPR) is 45.40%.

MetLife announced that its Board of Directors has approved a stock buyback plan on Wednesday, August 5th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Jefferies Financial Group lifted their price target on shares of MetLife from $97.00 to $103.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Atlantic Securities set a $103.00 target price on shares of MetLife in a research note on Wednesday, July 15th. JPMorgan Chase & Co. lifted their target price on shares of MetLife from $106.00 to $108.00 and gave the stock an “overweight” rating in a report on Tuesday, August 11th. Wells Fargo & Company boosted their target price on shares of MetLife from $101.00 to $109.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 19th. Finally, Mizuho raised their price target on MetLife from $95.00 to $102.00 and gave the company an “outperform” rating in a research report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, MetLife currently has an average rating of “Buy” and an average price target 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.