Argent Capital Management LLC Buys 121,303 Shares of MetLife, Inc. $MET

Key Points

• Argent Capital Management initiated a MetLife position by purchasing 121,303 shares worth approximately $11.4 million in the third quarter. Institutional investors and hedge funds collectively own 94.99% of MetLife.
• MetLife shares rose 2.1% to $96.43, while the company reported quarterly earnings of $2.43 per share, exceeding analysts’ $2.30 estimate. The board also authorized a $3 billion share buyback, representing up to 4.8% of outstanding shares.
• MetLife declared a quarterly dividend of $0.5925 per share, equal to a 2.5% annualized yield. Analysts maintain a consensus “Buy” rating, with an average price target of $104.69.

Argent Capital Management LLC purchased a new stake in MetLife, Inc. (NYSE:MET - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 121,303 shares of the financial services provider's stock, valued at approximately $11,422,000.

Several other hedge funds have also modified their holdings of the stock. BlackRock Inc. purchased a new position in MetLife during the second quarter worth approximately $4,381,692,000. Pzena Investment Management LLC purchased a new stake in MetLife during the second quarter valued at about $941,792,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of MetLife by 5.9% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,026,518 shares of the financial services provider's stock worth $509,904,000 after purchasing an additional 336,794 shares during the period. Bank of America Corp DE acquired a new position in MetLife during the second quarter valued at approximately $455,424,000. Finally, Legal & General Group Plc acquired a new stake in shares of MetLife in the second quarter worth $326,904,000. 94.99% of the stock is owned by institutional investors and hedge funds.

MetLife Stock Up 2.1%

NYSE:MET traded up $2.00 during trading hours on Monday, reaching $96.43. The company's stock had a trading volume of 1,059,373 shares, compared to its average volume of 3,631,547. 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 company has a market cap of $62.05 billion, a price-to-earnings ratio of 18.46, a price-to-earnings-growth ratio of 0.90 and a beta of 0.78. MetLife, Inc. has a one year low of $67.33 and a one year high of $100.93. The business's 50-day moving average is $96.51 and its 200-day moving average is $86.78.

MetLife (NYSE:MET - Get Free Report) last posted its earnings results on Wednesday, August 5th. The financial services provider reported $2.43 earnings per share for the quarter, beating the consensus estimate of $2.30 by $0.13. The company had revenue of $13.52 billion for the quarter, compared to analyst estimates of $19.67 billion. MetLife had a return on equity of 23.39% and a net margin of 4.57%.The business's revenue was up 10.5% compared to the same quarter last year. During the same period last year, the company earned $2.02 earnings per share. Equities research analysts predict that MetLife, Inc. will post 9.83 EPS for the current year.

MetLife announced that its board has authorized a stock buyback plan on Wednesday, August 5th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board believes its shares are undervalued.

MetLife Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 8th. Shareholders of record on Tuesday, August 4th were issued a dividend of $0.5925 per share. This represents a $2.37 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Tuesday, August 4th. MetLife's dividend payout ratio is 45.40%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. lifted their price target on shares of MetLife from $106.00 to $108.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 11th. 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. Atlantic Securities set a $103.00 price objective on MetLife in a report on Wednesday, July 15th. Weiss Ratings reiterated a "buy (b)" rating on shares of MetLife in a research note on Friday, September 11th. Finally, UBS Group lifted their price target on MetLife from $102.00 to $105.00 and gave the stock a "buy" rating in a research note on Wednesday, July 8th. Twelve research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $104.69.

About MetLife

MetLife, Inc is a global financial services company that provides insurance, employee benefits and retirement solutions. Its products and services include life insurance, dental and vision coverage, disability insurance, accident and health benefits, annuities, and savings and retirement products.

The company serves individuals, employers and institutions through group benefits, workplace solutions and individual insurance offerings. MetLife also provides investment and retirement services designed to help employers and employees prepare for long-term financial needs.

Founded in 1868, MetLife is headquartered in New York City and operates through businesses in the United States and international markets, including regions across Latin America, Asia and Europe.

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