Bank of New York Mellon Corp Lowers Holdings in MetLife, Inc. $MET

Key Points

• Bank of New York Mellon cut its MetLife stake by 25.8% in the first quarter, selling 1.24 million shares and ending with 3.58 million shares valued at about $253 million.
• MetLife reported Q1 earnings of $2.42 per share, beating analyst expectations of $2.27, though revenue of $14.18 billion came in below consensus estimates. The company also posted year-over-year revenue growth of 2.7%.
• Analysts remain broadly positive on the stock: several firms raised price targets, and the consensus rating is Moderate Buy with an average target price of $98.57. MetLife also announced a quarterly dividend of $0.5925 per share, or $2.37 annually, for a 2.5% yield.

Bank of New York Mellon Corp reduced its position in MetLife, Inc. (NYSE:MET - Free Report) by 25.8% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,576,785 shares of the financial services provider's stock after selling 1,241,561 shares during the period. Bank of New York Mellon Corp owned 0.55% of MetLife worth $252,950,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in MET. Norges Bank purchased a new position in shares of MetLife during the fourth quarter worth $639,986,000. Vanguard Group Inc. increased its holdings in MetLife by 12.1% in the fourth quarter. Vanguard Group Inc. now owns 72,555,335 shares of the financial services provider's stock valued at $5,727,518,000 after buying an additional 7,805,814 shares in the last quarter. Pzena Investment Management LLC increased its position in shares of MetLife by 22.9% in the fourth quarter. Pzena Investment Management LLC now owns 11,883,338 shares of the financial services provider's stock valued at $938,071,000 after buying an additional 2,211,315 shares in the last quarter. AQR Capital Management LLC increased its holdings in MetLife by 105.3% in the 3rd quarter. AQR Capital Management LLC now owns 3,305,620 shares of the financial services provider's stock worth $271,424,000 after acquiring an additional 1,695,563 shares in the last quarter. Finally, Man Group plc raised its position in MetLife by 325.5% during the second quarter. Man Group plc now owns 1,344,551 shares of the financial services provider's stock worth $108,129,000 after acquiring an additional 1,028,554 shares during the period. Institutional investors and hedge funds own 94.99% of the company's stock.

MetLife Price Performance

Shares of NYSE MET opened at $93.99 on Friday. The stock has a market cap of $60.48 billion, a P/E ratio of 18.21, a P/E/G ratio of 0.71 and a beta of 0.78. MetLife, Inc. has a twelve month low of $67.33 and a twelve month high of $94.86. The stock has a 50 day moving average of $85.80 and a two-hundred day moving average of $79.07. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 0.53.

MetLife (NYSE:MET - Get Free Report) last released its earnings results on Wednesday, May 6th. The financial services provider reported $2.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.27 by $0.15. MetLife had a return on equity of 22.60% and a net margin of 4.66%.The company had revenue of $14.18 billion for the quarter, compared to analysts' expectations of $19.49 billion. During the same quarter in the previous year, the firm posted $1.96 EPS. The firm's quarterly revenue was up 2.7% on a year-over-year basis. On average, research analysts forecast that MetLife, Inc. will post 9.94 earnings per share for the current year.

MetLife Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Tuesday, August 4th will be given a dividend of $0.5925 per share. The ex-dividend date is Tuesday, August 4th. This represents a $2.37 dividend on an annualized basis and a yield of 2.5%. MetLife's dividend payout ratio (DPR) is 45.93%.

Analysts Set New Price Targets

Several brokerages recently commented on MET. UBS Group boosted their price target on MetLife from $102.00 to $105.00 and gave the stock a "buy" rating in a research report on Wednesday, July 8th. Atlantic Securities set a $103.00 price objective on MetLife in a research report on Wednesday. Jefferies Financial Group boosted their price target on shares of MetLife from $97.00 to $103.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Wall Street Zen cut shares of MetLife from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Finally, Barclays raised their target price on MetLife from $93.00 to $94.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $98.57.

MetLife News Roundup

Here are the key news stories impacting MetLife this week:

• Positive Sentiment: MetLife Stadium is hosting the World Cup final, which keeps the venue in the global spotlight and may highlight the company’s high-profile asset and brand visibility. FIFA insists MetLife Stadium’s pitch is ready for the World Cup final despite criticism
• Positive Sentiment: Heavy media coverage around ticket sales, fan guides, food and drink pricing, and kickoff details suggests strong interest and traffic around the event at MetLife Stadium. How to buy tickets to see Spain in World Cup Final at MetLife
• Neutral Sentiment: News about weather, heat, storms, air quality, and wildfire smoke could affect the event experience, but it does not directly change MetLife’s earnings outlook. World Cup final could be shaped by heat, storms and air quality at MetLife Stadium
• Neutral Sentiment: FIFA’s criticism of the pitch and the “money grab” controversy may create headline risk for the venue, but the impact on MetLife’s stock is likely limited unless the issue affects operations or reputation more broadly. NJ governor slams FIFA’s money grab over sales of MetLife World Cup pitch
• Negative Sentiment: Ongoing criticism about the field quality and pitch conditions at MetLife Stadium could dent the venue’s reputation, even though it is unlikely to materially affect MetLife’s insurance business. The MetLife trap: the controversial pitch threatening the final | OneFootball

About MetLife

MetLife, Inc is a global provider of insurance, annuities and employee benefit programs. Headquartered in New York City, the company offers a range of risk protection and retirement solutions to individuals, employers and institutional clients. Its core businesses include life insurance, group benefits, retirement products such as annuities, and supplemental health products including dental and disability coverage.

In addition to traditional life and group insurance, MetLife provides workplace benefits and voluntary products distributed through employer-sponsored programs.

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