Bank of Nova Scotia Lowers Position in MetLife, Inc. $MET

Key Points

• Bank of Nova Scotia cut its MetLife stake by 42.1% in the first quarter, selling 155,705 shares and leaving it with 213,846 shares valued at about $15.1 million.
• MetLife reported Q1 earnings of $2.42 per share, beating analyst estimates, while revenue rose 2.7% year over year to $14.18 billion.
• The company also announced a quarterly dividend of $0.5925 per share, and Wall Street analysts are broadly positive with an average rating of “Moderate Buy” and a consensus price target of $100.50.

Bank of Nova Scotia trimmed its holdings in shares of MetLife, Inc. (NYSE:MET - Free Report) by 42.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 213,846 shares of the financial services provider's stock after selling 155,705 shares during the period. Bank of Nova Scotia's holdings in MetLife were worth $15,124,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the business. Activest Wealth Management increased its holdings in MetLife by 205.8% during the fourth quarter. Activest Wealth Management now owns 315 shares of the financial services provider's stock valued at $25,000 after buying an additional 212 shares during the period. Sound Income Strategies LLC lifted its holdings in MetLife by 58.9% during the fourth quarter. Sound Income Strategies LLC now owns 383 shares of the financial services provider's stock worth $29,000 after buying an additional 142 shares during the period. Garton & Associates Financial Advisors LLC bought a new position in shares of MetLife in the 4th quarter worth $30,000. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in shares of MetLife in the 4th quarter worth $31,000. Finally, Prosperity Bancshares Inc purchased a new stake in shares of MetLife during the 4th quarter worth $31,000. Institutional investors own 94.99% of the company's stock.

MetLife Trading Up 2.3%

MET stock opened at $94.67 on Friday. MetLife, Inc. has a 52-week low of $67.33 and a 52-week high of $94.86. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 0.53. The firm has a market cap of $60.91 billion, a P/E ratio of 18.35, a PEG ratio of 0.72 and a beta of 0.78. The company's 50-day simple moving average is $87.27 and its 200-day simple moving average is $79.55.

MetLife (NYSE:MET - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.42 earnings per share for the quarter, beating the consensus estimate of $2.27 by $0.15. The firm had revenue of $14.18 billion during the quarter, compared to analyst estimates of $19.49 billion. MetLife had a return on equity of 22.60% and a net margin of 4.66%.MetLife's revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.96 EPS. As a group, equities analysts forecast that MetLife, Inc. will post 9.89 EPS for the current fiscal year.

MetLife Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Atlantic Securities set a $103.00 target price on MetLife in a research note on Wednesday, July 15th. Keefe, Bruyette & Woods lifted their target price on shares of MetLife from $98.00 to $105.00 and gave the stock an "outperform" rating in a research note on Monday, July 13th. UBS Group increased their price target on shares of MetLife from $102.00 to $105.00 and gave the stock a "buy" rating in a report on Wednesday, July 8th. Morgan Stanley lifted their price objective on MetLife from $93.00 to $103.00 and gave the company an "overweight" rating in a research note on Monday, July 6th. Finally, TD Cowen raised their target price on MetLife from $87.00 to $105.00 and gave the stock a "buy" rating in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, MetLife has an average rating of "Moderate Buy" and an average price target of $100.50.

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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