Diversify Advisory Services LLC Takes $700,000 Position in MetLife, Inc. $MET

Diversify Advisory Services LLC purchased a new position in shares of MetLife, Inc. (NYSE:MET) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,350 shares of the financial services provider’s stock, valued at approximately $700,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Commonwealth Retirement Investments LLC raised its position in MetLife by 0.5% during the 4th quarter. Commonwealth Retirement Investments LLC now owns 26,953 shares of the financial services provider’s stock worth $2,128,000 after buying an additional 131 shares during the last quarter. CreativeOne Wealth LLC boosted its holdings in shares of MetLife by 1.3% in the fourth quarter. CreativeOne Wealth LLC now owns 10,156 shares of the financial services provider’s stock valued at $802,000 after acquiring an additional 135 shares in the last quarter. Kathmere Capital Management LLC increased its stake in shares of MetLife by 2.4% during the first quarter. Kathmere Capital Management LLC now owns 5,813 shares of the financial services provider’s stock worth $411,000 after acquiring an additional 136 shares during the period. Worth Asset Management LLC raised its holdings in MetLife by 3.1% during the second quarter. Worth Asset Management LLC now owns 4,551 shares of the financial services provider’s stock worth $385,000 after purchasing an additional 138 shares in the last quarter. Finally, Bleakley Financial Group LLC raised its holdings in MetLife by 0.5% during the fourth quarter. Bleakley Financial Group LLC now owns 29,687 shares of the financial services provider’s stock worth $2,343,000 after purchasing an additional 141 shares in the last quarter. 94.99% of the stock is currently owned by hedge funds and other institutional investors.

MetLife Trading Down 1.6%

NYSE:MET opened at $93.55 on Friday. 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 stock has a fifty day simple moving average of $92.29 and a 200-day simple moving average of $82.08. The company has a market capitalization of $60.19 billion, a PE ratio of 17.92, a price-to-earnings-growth ratio of 0.73 and a beta of 0.78.

MetLife (NYSE:MET) last issued its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.43 EPS for the quarter, beating analysts’ consensus estimates of $2.30 by $0.13. The firm had revenue of $13.52 billion for the quarter, compared to analysts’ expectations of $19.67 billion. MetLife had a net margin of 4.57% and a return on equity of 23.39%. The firm’s revenue was up 10.5% on a year-over-year basis. During the same period in the prior year, the company earned $2.02 EPS. On average, equities research analysts expect that MetLife, Inc. will post 9.72 earnings per share for the current fiscal year.

MetLife announced that its board has initiated a share repurchase 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 believes its shares are undervalued.

MetLife Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Tuesday, August 4th will be given a $0.5925 dividend. The ex-dividend date is Tuesday, August 4th. This represents a $2.37 annualized dividend and a dividend yield of 2.5%. MetLife’s dividend payout ratio is currently 45.40%.

Wall Street Analysts Forecast Growth

MET has been the topic of a number of analyst reports. Atlantic Securities set a $103.00 price objective on MetLife in a report on Wednesday, July 15th. TD Cowen lifted their price target on MetLife from $87.00 to $105.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Barclays upped their price objective on MetLife from $94.00 to $97.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Weiss Ratings upgraded MetLife from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 15th. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $101.64.

MetLife Profile

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.