StoneRidge PMG Advisors LLC Makes New $590,000 Investment in MetLife, Inc. $MET

StoneRidge PMG Advisors LLC acquired a new position in MetLife, Inc. (NYSE:MET) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 6,268 shares of the financial services provider’s stock, valued at approximately $590,000.

Several other institutional investors also recently modified their holdings of the business. CX Institutional raised its position in MetLife by 1.3% during the 3rd quarter. CX Institutional now owns 8,672 shares of the financial services provider’s stock worth $817,000 after purchasing an additional 115 shares during the last quarter. Investment Research Partners LLC lifted its holdings in MetLife by 3.9% during the 3rd quarter. Investment Research Partners LLC now owns 3,103 shares of the financial services provider’s stock worth $292,000 after buying an additional 116 shares during the period. McGlone Suttner Wealth Management Inc. grew its position in shares of MetLife by 0.6% in the 3rd quarter. McGlone Suttner Wealth Management Inc. now owns 22,391 shares of the financial services provider’s stock valued at $2,108,000 after buying an additional 124 shares during the last quarter. Capital Analysts LLC grew its position in shares of MetLife by 0.3% in the 2nd quarter. Capital Analysts LLC now owns 38,262 shares of the financial services provider’s stock valued at $3,238,000 after buying an additional 129 shares during the last quarter. Finally, Carnegie Investment Counsel grew its position in shares of MetLife by 4.4% in the 3rd quarter. Carnegie Investment Counsel now owns 3,136 shares of the financial services provider’s stock valued at $295,000 after buying an additional 132 shares during the last quarter. Institutional investors own 94.99% of the company’s stock.

Key Stories Impacting MetLife

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

Analyst Upgrades and Downgrades

MET has been the subject of a number of analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of MetLife in a research report on Friday, September 11th. Piper Sandler raised MetLife from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $99.00 to $110.00 in a research note on Tuesday, September 22nd. TD Cowen upped their target price on MetLife from $110.00 to $114.00 and gave the company a “buy” rating in a report on Wednesday, October 21st. UBS Group increased their target price on shares of MetLife from $105.00 to $110.00 and gave the company a “buy” rating in a research report on Tuesday, October 6th. Finally, Evercore reissued a “mixed” rating on shares of MetLife in a research report on Monday, August 24th. Thirteen equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $105.44.

MetLife Trading Down 0.0%

Shares of MetLife stock opened at $98.25 on Monday. The company has a market capitalization of $63.22 billion, a P/E ratio of 12.81, a price-to-earnings-growth ratio of 0.93 and a beta of 0.79. The stock has a fifty day simple moving average of $98.15 and a 200 day simple moving average of $86.26. MetLife, Inc. has a 12-month low of $67.33 and a 12-month high of $106.72. The company has a current ratio of 0.18, a quick ratio of 0.20 and a debt-to-equity ratio of 0.52.

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, beating the consensus estimate of $2.77 by $0.01. The business had revenue of $20.52 billion for the quarter, compared to analysts’ expectations of $19.86 billion. MetLife had a return on equity of 24.19% and a net margin of 6.21%. The business’s revenue was up 18.2% on a year-over-year basis. During the same period last year, the business earned $2.34 EPS. On average, sell-side analysts anticipate that MetLife, Inc. will post 9.93 earnings per share for the current fiscal year.

MetLife declared that its board has approved a stock buyback program on Wednesday, August 5th that permits the company to buy back $3 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Share buyback programs are typically a sign that the company’s management believes its shares are undervalued.

MetLife Dividend Announcement

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

About MetLife

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.