AIA Group Ltd Sells 28,963 Shares of MetLife, Inc. $MET

Key Points

• AIA Group cut its MetLife stake by 21.7%, selling 28,963 shares in the third quarter; it retained 104,748 shares valued at about $9.86 million.
• MetLife reported quarterly EPS of $2.43, beating the $2.30 consensus estimate, while revenue rose 10.5% year over year. The company also authorized up to $3 billion in share repurchases.
• MetLife announced a quarterly dividend of $0.5925 per share, equivalent to a 2.4% annualized yield. Analysts’ consensus rating was “Moderate Buy,” with an average target price of $105.44.

AIA Group Ltd reduced its stake in shares of MetLife, Inc. (NYSE:MET - Free Report) by 21.7% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 104,748 shares of the financial services provider's stock after selling 28,963 shares during the quarter. AIA Group Ltd's holdings in MetLife were worth $9,863,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Nvwm LLC lifted its holdings in MetLife by 655.3% in the 3rd quarter. Nvwm LLC now owns 287 shares of the financial services provider's stock worth $27,000 after buying an additional 249 shares in the last quarter. Mowery & Schoenfeld Wealth Management LLC purchased a new position in MetLife in the 2nd quarter valued at about $26,000. Burk Holdings LLC purchased a new position in MetLife in the 2nd quarter valued at about $27,000. Highland Investment Advisors LLC acquired a new stake in shares of MetLife during the second quarter valued at about $30,000. Finally, Elevation Wealth Partners LLC grew its stake in shares of MetLife by 123.5% during the third quarter. Elevation Wealth Partners LLC now owns 362 shares of the financial services provider's stock valued at $34,000 after acquiring an additional 200 shares in the last quarter. 94.99% of the stock is owned by institutional investors and hedge funds.

MetLife Stock Down 0.3%

NYSE:MET opened at $100.67 on Wednesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.20 and a current ratio of 0.20. The company has a market capitalization of $64.78 billion, a price-to-earnings ratio of 10.33, a price-to-earnings-growth ratio of 0.95 and a beta of 0.79. MetLife, Inc. has a one year low of $67.33 and a one year high of $103.65. The stock has a 50-day simple moving average of $97.91 and a 200 day simple moving average of $85.91.

MetLife (NYSE:MET - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.43 earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 23.39% and a net margin of 4.57%. MetLife's revenue for the quarter was up 10.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.02 earnings per share. Sell-side analysts predict that MetLife, Inc. will post 9.94 EPS for the current fiscal year.

MetLife declared that its board has approved a stock buyback plan on Wednesday, August 5th that allows the company to repurchase $3 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Share repurchase plans are generally an indication that the company's management believes its stock is undervalued.

MetLife Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 8th. Shareholders of record on Tuesday, November 3rd will be issued a dividend of $0.5925 per share. This represents a $2.37 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Tuesday, November 3rd. MetLife's dividend payout ratio is 45.40%.

Analyst Ratings Changes

MET has been the topic of a number of analyst reports. Argus lifted their target price on MetLife from $93.00 to $109.00 and gave the stock a "buy" rating in a research report on Wednesday, September 2nd. Keefe, Bruyette & Woods increased their price target on MetLife from $105.00 to $108.00 and gave the company an "outperform" rating in a report on Tuesday, August 11th. JPMorgan Chase & Co. raised their price objective on MetLife from $108.00 to $110.00 and gave the company an "overweight" rating in a research note on Thursday, October 15th. TD Cowen upped their target price on MetLife from $110.00 to $114.00 and gave the company a "buy" rating in a research report on Wednesday, October 21st. Finally, Wells Fargo & Company increased their target price on MetLife from $109.00 to $110.00 and gave the company an "overweight" rating in a research note on Monday, October 12th. Thirteen equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $105.44.

MetLife Company Profile

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.

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