AE Wealth Management LLC Raises Stock Position in MetLife, Inc. (NYSE:MET)

Key Points

• AE Wealth Management LLC increased its stake in MetLife, Inc. by 6.5%, now owning 53,880 shares worth approximately $4.3 million.
• Other major investors, including Price T Rowe Associates and Norges Bank, have also significantly increased their stakes, illustrating strong institutional interest in MetLife.
• MetLife's board authorized a $3 billion share repurchase plan, indicating confidence in the company's valuation, alongside a recently announced quarterly dividend of $0.5675 per share.

AE Wealth Management LLC increased its position in shares of MetLife, Inc. (NYSE:MET - Free Report) by 6.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 53,880 shares of the financial services provider's stock after buying an additional 3,277 shares during the period. AE Wealth Management LLC's holdings in MetLife were worth $4,326,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Wedbush Securities Inc. lifted its holdings in MetLife by 4.6% during the first quarter. Wedbush Securities Inc. now owns 12,393 shares of the financial services provider's stock valued at $995,000 after purchasing an additional 543 shares in the last quarter. J. W. Coons Advisors LLC lifted its stake in shares of MetLife by 4.4% in the first quarter. J. W. Coons Advisors LLC now owns 6,576 shares of the financial services provider's stock worth $528,000 after buying an additional 276 shares in the last quarter. Convergence Investment Partners LLC lifted its stake in shares of MetLife by 24.5% in the first quarter. Convergence Investment Partners LLC now owns 35,843 shares of the financial services provider's stock worth $2,878,000 after buying an additional 7,062 shares in the last quarter. City National Bank of Florida MSD lifted its stake in shares of MetLife by 28.6% in the first quarter. City National Bank of Florida MSD now owns 4,437 shares of the financial services provider's stock worth $356,000 after buying an additional 987 shares in the last quarter. Finally, Mount Lucas Management LP lifted its stake in shares of MetLife by 93.2% in the first quarter. Mount Lucas Management LP now owns 23,140 shares of the financial services provider's stock worth $1,858,000 after buying an additional 11,163 shares in the last quarter. 94.99% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MET has been the topic of several research reports. UBS Group raised their price target on shares of MetLife from $94.00 to $98.00 and gave the stock a "buy" rating in a research note on Wednesday, April 2nd. Wall Street Zen cut shares of MetLife from a "buy" rating to a "hold" rating in a research report on Saturday, May 24th. Barclays raised their price objective on shares of MetLife from $88.00 to $94.00 and gave the stock an "overweight" rating in a research report on Monday, July 7th. Morgan Stanley reduced their price target on shares of MetLife from $99.00 to $98.00 and set an "overweight" rating on the stock in a research note on Monday, July 14th. Finally, Piper Sandler boosted their price target on shares of MetLife from $92.00 to $94.00 and gave the company an "overweight" rating in a research note on Wednesday, April 2nd. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $96.09.

MetLife Stock Up 1.0%

NYSE MET traded up $0.74 on Friday, hitting $78.53. 2,227,602 shares of the stock were exchanged, compared to its average volume of 2,461,158. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.55. MetLife, Inc. has a fifty-two week low of $65.21 and a fifty-two week high of $89.05. The company has a market cap of $52.72 billion, a PE ratio of 12.77, a PEG ratio of 0.64 and a beta of 0.85. The company has a 50-day moving average price of $78.67 and a 200-day moving average price of $79.68.

MetLife (NYSE:MET - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The financial services provider reported $1.96 EPS for the quarter, missing the consensus estimate of $2.00 by ($0.04). MetLife had a return on equity of 20.89% and a net margin of 6.08%. The firm had revenue of $18.57 billion for the quarter, compared to analyst estimates of $18.06 billion. During the same quarter last year, the firm earned $1.83 EPS. The company's revenue was up 15.6% on a year-over-year basis. Sell-side analysts anticipate that MetLife, Inc. will post 9.65 EPS for the current fiscal year.

MetLife Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 9th. Stockholders of record on Tuesday, August 5th will be given a dividend of $0.5675 per share. The ex-dividend date of this dividend is Tuesday, August 5th. This represents a $2.27 annualized dividend and a dividend yield of 2.89%. MetLife's dividend payout ratio is presently 36.91%.

MetLife announced that its Board of Directors has authorized a stock repurchase program on Wednesday, April 30th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 5.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's management believes its shares are undervalued.

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.