Concentric Capital Strategies LP Makes New $1.69 Million Investment in MetLife, Inc. (NYSE:MET)

Concentric Capital Strategies LP purchased a new stake in shares of MetLife, Inc. (NYSE:MET - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 20,674 shares of the financial services provider's stock, valued at approximately $1,693,000.

A number of other large investors also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD lifted its position in shares of MetLife by 33.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 24,663,239 shares of the financial services provider's stock valued at $2,019,427,000 after purchasing an additional 6,213,923 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of MetLife by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 11,931,536 shares of the financial services provider's stock valued at $973,901,000 after purchasing an additional 158,107 shares in the last quarter. Norges Bank bought a new stake in MetLife in the fourth quarter worth about $730,716,000. Bank of New York Mellon Corp raised its position in MetLife by 109.2% in the fourth quarter. Bank of New York Mellon Corp now owns 8,826,658 shares of the financial services provider's stock worth $722,727,000 after acquiring an additional 4,606,748 shares during the period. Finally, Northern Trust Corp raised its position in MetLife by 15.7% in the fourth quarter. Northern Trust Corp now owns 7,052,202 shares of the financial services provider's stock worth $577,434,000 after acquiring an additional 958,458 shares during the period. 94.99% of the stock is owned by institutional investors.

MetLife Price Performance

MetLife stock traded up $0.85 during mid-day trading on Tuesday, hitting $81.49. 885,757 shares of the company traded hands, compared to its average volume of 3,393,959. MetLife, Inc. has a one year low of $65.21 and a one year high of $89.05. The stock has a market cap of $54.70 billion, a price-to-earnings ratio of 13.65, a price-to-earnings-growth ratio of 0.65 and a beta of 0.85. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.16 and a current ratio of 0.16. The stock has a fifty day moving average price of $77.03 and a 200-day moving average price of $81.18.

MetLife (NYSE:MET - Get Free Report) last announced its earnings results on Wednesday, April 30th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.00 by ($0.04). MetLife had a net margin of 6.19% and a return on equity of 20.42%. The company had revenue of $18.57 billion for the quarter, compared to the consensus estimate of $18.06 billion. During the same quarter in the previous year, the firm earned $1.83 earnings per share. The company's revenue for the quarter was up 15.6% compared to the same quarter last year. On average, equities analysts predict that MetLife, Inc. will post 9.65 earnings per share for the current fiscal year.

MetLife Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Tuesday, May 6th will be issued a $0.5675 dividend. This represents a $2.27 dividend on an annualized basis and a dividend yield of 2.79%. This is a positive change from MetLife's previous quarterly dividend of $0.55. The ex-dividend date is Tuesday, May 6th. MetLife's payout ratio is presently 36.91%.

MetLife announced that its board has authorized a stock repurchase program on Wednesday, April 30th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 5.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Barclays lowered their price objective on shares of MetLife from $95.00 to $88.00 and set an "overweight" rating on the stock in a research report on Friday, April 11th. Wells Fargo & Company lifted their target price on shares of MetLife from $91.00 to $94.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. BMO Capital Markets initiated coverage on shares of MetLife in a research note on Thursday, January 23rd. They issued a "market perform" rating and a $97.00 target price for the company. Keefe, Bruyette & Woods reduced their target price on shares of MetLife from $98.00 to $95.00 and set an "outperform" rating for the company in a research note on Wednesday, April 9th. Finally, Piper Sandler lifted their target price on shares of MetLife from $92.00 to $94.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 2nd. One equities research analyst has rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat.com, MetLife currently has an average rating of "Moderate Buy" and a consensus price target of $92.69.

MetLife Company Profile

MetLife, Inc, a financial services company, provides insurance, annuities, employee benefits, and asset management services worldwide. It operates through six segments: Retirement and Income Solutions; Group Benefits; Asia; Latin America; Europe, the Middle East and Africa; and MetLife Holdings. The company offers life, dental, group short-and long-term disability, individual disability, pet insurance, accidental death and dismemberment, vision, and accident and health coverages, as well as prepaid legal plans; administrative services-only arrangements to employers; and general and separate account, and synthetic guaranteed interest contracts, as well as private floating rate funding agreements.