MetLife, Inc. $MET Stock: Pzena Investment Management LLC Reduces Stake

Pzena Investment Management LLC reduced its holdings in MetLife, Inc. (NYSE:MET) by 5.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 10,571,702 shares of the financial services provider’s stock after selling 559,281 shares during the quarter. MetLife comprises 3.0% of Pzena Investment Management LLC’s portfolio, making the stock its 10th biggest holding. Pzena Investment Management LLC owned approximately 1.64% of MetLife worth $995,431,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Nvwm LLC boosted its position in shares of MetLife by 655.3% in the third quarter. Nvwm LLC now owns 287 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 249 shares during the period. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in shares of MetLife in the second quarter worth $26,000. Burk Holdings LLC bought a new position in MetLife during the second quarter worth $27,000. Highland Investment Advisors LLC bought a new position in MetLife during the second quarter worth $30,000. Finally, Elevation Wealth Partners LLC increased its position in MetLife by 123.5% during the third quarter. Elevation Wealth Partners LLC now owns 362 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 200 shares during the period. Institutional investors and hedge funds own 94.99% of the company’s stock.

MetLife Stock Up 2.2%

NYSE MET opened at $102.84 on Thursday. MetLife, Inc. has a one year low of $67.33 and a one year high of $103.65. The firm has a market cap of $66.17 billion, a PE ratio of 19.70, a price-to-earnings-growth ratio of 0.95 and a beta of 0.79. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.20 and a quick ratio of 0.20. The stock’s 50 day simple moving average is $98.05 and its 200 day simple moving average is $86.03.

MetLife (NYSE:MET) last issued its quarterly earnings data on Wednesday, November 4th. The financial services provider reported $2.78 EPS for the quarter, topping analysts’ consensus estimates of $2.77 by $0.01. The firm had revenue of $20.52 billion for the quarter, compared to analyst estimates of $19.86 billion. MetLife had a net margin of 4.57% and a return on equity of 23.39%. The company’s revenue was up 18.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.34 EPS. As a group, sell-side analysts forecast that MetLife, Inc. will post 9.94 earnings per share for the current fiscal year.

MetLife announced that its board has approved a share 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 reacquire up to 4.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

MetLife Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 8th. Stockholders of record on Tuesday, November 3rd will be given a dividend of $0.5925 per share. The ex-dividend date is Tuesday, November 3rd. This represents a $2.37 annualized dividend and a dividend yield of 2.3%. MetLife’s payout ratio is currently 45.40%.

Trending Headlines about MetLife

Here are the key news stories impacting MetLife this week:

• Positive Sentiment: MetLife reported adjusted earnings of $2.78 per share, just above the $2.77 consensus estimate and up from $2.34 a year earlier. MarketBeat earnings results
• Positive Sentiment: Revenue was $19.91 billion, slightly above the $19.86 billion expected and 18.2% higher year over year, pointing to solid top-line growth. MetLife Q3 sales
• Neutral Sentiment: The company also released its third-quarter results and earnings-call presentation, but the supplied reports do not provide additional outlook or guidance details that would clarify the next growth drivers. MetLife financial results announcement

Analyst Ratings Changes

A number of brokerages have weighed in on MET. Bank of America reduced their price target on shares of MetLife from $106.00 to $103.00 and set a “buy” rating for the company in a report on Wednesday, July 15th. TD Cowen boosted their price objective on shares of MetLife from $110.00 to $114.00 and gave the stock a “buy” rating in a report on Wednesday, October 21st. Mizuho cut their price objective on shares of MetLife from $112.00 to $109.00 and set an “outperform” rating for the company in a research report on Wednesday, October 7th. 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 note on Tuesday, October 6th. Finally, Piper Sandler raised MetLife from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $99.00 to $110.00 in a research report on Tuesday, September 22nd. Thirteen investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, MetLife presently has a consensus rating of “Moderate Buy” and a consensus target price of $105.44.

About MetLife

MetLife, Inc (NYSE: MET) is a global financial services company that provides insurance, retirement, and employee benefits solutions to individuals, employers, and institutions. Its offerings include life insurance, dental and vision coverage, accident and disability insurance, annuities, retirement savings products, and related financial services.

Through its institutional and workplace businesses, MetLife helps employers provide benefits and retirement programs to their employees. The company also serves individual customers with protection and income products.