Bank of America Corp DE Acquires Shares of 5,382,630 MetLife, Inc. $MET

Key Points

• Bank of America acquired 5.38 million MetLife shares in the second quarter, valued at approximately $455.4 million, giving it a 0.84% stake. Institutional investors collectively own 94.99% of MetLife.
• Analysts remain broadly positive, with 11 Buy ratings and one Hold rating; MetLife has an average rating of “Moderate Buy” and an average price target of $102.77.
• MetLife reported quarterly EPS of $2.43, exceeding the $2.30 consensus estimate, while revenue rose 10.5% year over year. The company also maintains a $0.5925 quarterly dividend and authorized a $3 billion share-repurchase program.

Bank of America Corp DE acquired a new stake in shares of MetLife, Inc. (NYSE:MET - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 5,382,630 shares of the financial services provider's stock, valued at approximately $455,424,000. Bank of America Corp DE owned 0.84% of MetLife as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Birmingham Capital Management Co. Inc. AL bought a new stake in MetLife during the second quarter valued at about $974,000. Windsor Advisory Group LLC acquired a new position in shares of MetLife during the 2nd quarter worth about $271,000. Freestone Grove Partners LP purchased a new stake in shares of MetLife during the second quarter worth $100,164,000. Man Group plc acquired a new stake in shares of MetLife in the second quarter valued at approximately $103,535,000. Finally, First Bancorp Inc ME acquired a new stake in shares of MetLife in the 2nd quarter worth $45,000. Institutional investors own 94.99% of the company's stock.

Wall Street Analyst Weigh In

MET has been the topic of a number of recent analyst reports. TD Cowen upped their price objective on MetLife from $87.00 to $105.00 and gave the company a "buy" rating in a report on Wednesday, July 22nd. Weiss Ratings reiterated a "buy (b)" rating on shares of MetLife in a report on Friday. Evercore restated a "mixed" rating on shares of MetLife in a report on Monday, August 24th. JPMorgan Chase & Co. increased their price target on shares of MetLife from $106.00 to $108.00 and gave the company an "overweight" rating in a research note on Tuesday, August 11th. Finally, Piper Sandler boosted their target price on MetLife from $86.00 to $90.00 and gave the company a "neutral" rating in a report on Wednesday, June 24th. Eleven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $102.77.

Key MetLife News

Here are the key news stories impacting MetLife this week:

• Positive Sentiment: MetLife’s most recent reported quarter showed better-than-expected earnings, with EPS of $2.43 versus the $2.30 consensus estimate, while revenue increased 10.5% year over year. That favorable earnings backdrop may continue to support investor sentiment, although the results predate the current news window.
• Neutral Sentiment: A head-to-head review compares Global Indemnity Group and MetLife, but it does not represent a new company announcement, earnings update, or change to MetLife’s outlook. Head-To-Head Review: Global Indemnity Group and MetLife
• Neutral Sentiment: Most of the remaining articles concern MetLife Stadium, including New York Giants and Jets news, stadium security incidents, fan behavior, an Odell Beckham appearance, and Macklemore’s removal from an Ed Sheeran tour. These stories involve the venue and sports or entertainment events—not MetLife, Inc.’s insurance and financial-services business—and are unlikely to affect MET shares.

MetLife Price Performance

Shares of NYSE MET opened at $98.27 on Wednesday. MetLife, Inc. has a one year low of $67.33 and a one year high of $100.93. 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 firm has a market capitalization of $63.23 billion, a P/E ratio of 18.83, a PEG ratio of 0.94 and a beta of 0.77. The company's fifty day moving average is $95.60 and its two-hundred day moving average is $84.51.

MetLife (NYSE:MET - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $2.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.30 by $0.13. The company had revenue of $13.52 billion during the quarter, compared to the consensus estimate of $19.67 billion. MetLife had a net margin of 4.57% and a return on equity of 23.39%. The company's revenue for the quarter was up 10.5% on a year-over-year basis. During the same period last year, the firm earned $2.02 EPS. Analysts forecast that MetLife, Inc. will post 9.78 EPS for the current fiscal year.

MetLife Announces Dividend

The business also recently announced 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 2.4%. The ex-dividend date was Tuesday, August 4th. MetLife's dividend payout ratio is 45.40%.

MetLife declared that its board has approved a stock buyback plan on Wednesday, August 5th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its stock is undervalued.

MetLife Profile

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

Through its employer-focused business, MetLife helps organizations provide benefits and financial protection to their employees. The company also offers group insurance, individual protection products and investment management services through MetLife Investment Management, which serves institutional investors and retirement plans.

Founded in 1868, MetLife serves customers in the United States and operates internationally across Latin America, Asia, Europe and the Middle East.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.