California State Teachers Retirement System Grows Stock Holdings in MetLife, Inc. $MET

Key Points

• California State Teachers Retirement System dramatically increased its MetLife stake by 8,029% in the second quarter, purchasing 72.9 million additional shares and reaching approximately 11.47% ownership valued at $6.24 billion.
• MetLife reported quarterly EPS of $2.43, exceeding the $2.30 analyst estimate, while revenue rose 10.5% year over year. The company also maintains a quarterly dividend of $0.5925 per share, yielding about 2.5% annually.
• The board authorized a $3 billion share buyback, equivalent to up to 4.8% of outstanding shares. Analysts remain bullish, assigning the stock a consensus “Buy” rating and an average price target of $102.21.

California State Teachers Retirement System boosted its stake in shares of MetLife, Inc. (NYSE:MET - Free Report) by 8,029.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 73,771,290 shares of the financial services provider's stock after buying an additional 72,863,779 shares during the period. California State Teachers Retirement System owned approximately 11.47% of MetLife worth $6,241,789,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in MET. Mowery & Schoenfeld Wealth Management LLC purchased a new position in shares of MetLife in the 2nd quarter worth about $26,000. Burk Holdings LLC bought a new position in shares of MetLife in the second quarter worth approximately $27,000. Highland Investment Advisors LLC purchased a new stake in shares of MetLife during the second quarter valued at approximately $30,000. Garton & Associates Financial Advisors LLC bought a new stake in shares of MetLife during the fourth quarter valued at approximately $30,000. Finally, Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in MetLife in the 4th quarter worth approximately $31,000. 94.99% of the stock is owned by institutional investors.

MetLife Trading Up 0.3%

MetLife stock opened at $95.82 on Thursday. MetLife, Inc. has a 52-week low of $67.33 and a 52-week high of $100.93. The company has a market cap of $61.65 billion, a P/E ratio of 18.36, a P/E/G ratio of 0.91 and a beta of 0.77. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 0.52. The business has a 50-day simple moving average of $95.04 and a two-hundred day simple moving average of $83.91.

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

MetLife Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 8th. Investors of record on Tuesday, August 4th were paid a dividend of $0.5925 per share. The ex-dividend date was 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 45.40%.

MetLife announced that its Board of Directors has initiated a share buyback program on Wednesday, August 5th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages have commented on MET. Mizuho increased their target price on MetLife from $95.00 to $102.00 and gave the company an "outperform" rating in a research note on Thursday, July 9th. Atlantic Securities set a $103.00 price objective on MetLife in a research report on Wednesday, July 15th. Barclays boosted their target price on MetLife from $94.00 to $97.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. TD Cowen raised their price target on shares of MetLife from $87.00 to $105.00 and gave the company a "buy" rating in a report on Wednesday, July 22nd. Finally, Jefferies Financial Group lifted their price target on shares of MetLife from $97.00 to $103.00 and gave the stock a "buy" rating in a research note on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, MetLife presently has a consensus rating of "Buy" and a consensus target price of $102.21.

About MetLife

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.

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