Corient Private Wealth LP Lowers Stock Holdings in MetLife, Inc. $MET

Key Points

• Corient Private Wealth reduced its MetLife stake by 20.5% in the second quarter, selling 103,298 shares and retaining 400,337 shares worth approximately $33.9 million. Institutional investors collectively own nearly 95% of MetLife.
• MetLife reported quarterly EPS of $2.43, exceeding the $2.30 consensus estimate, while revenue rose 10.5% year over year. The company also authorized a $3 billion share-repurchase program covering up to 4.8% of outstanding shares.
• Analysts remain broadly bullish, with a consensus “Buy” rating and an average price target of $102.21 versus the reported share price of $97.07. MetLife also pays a quarterly dividend of $0.5925 per share, representing a 2.4% annualized yield.

Corient Private Wealth LP cut its position in MetLife, Inc. (NYSE:MET - Free Report) by 20.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 400,337 shares of the financial services provider's stock after selling 103,298 shares during the quarter. Corient Private Wealth LP owned 0.06% of MetLife worth $33,873,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. California State Teachers Retirement System boosted its stake in shares of MetLife by 8,029.0% in the second quarter. California State Teachers Retirement System now owns 73,771,290 shares of the financial services provider's stock valued at $6,241,789,000 after purchasing an additional 72,863,779 shares during the period. BlackRock Inc. purchased a new stake in MetLife during the 2nd quarter worth approximately $4,381,692,000. Pzena Investment Management LLC acquired a new stake in MetLife during the 2nd quarter worth approximately $941,792,000. Norges Bank acquired a new stake in MetLife during the 4th quarter worth approximately $639,986,000. Finally, Bank of America Corp DE purchased a new position in MetLife in the 2nd quarter valued at approximately $455,424,000. Hedge funds and other institutional investors own 94.99% of the company's stock.

MetLife Trading Down 0.1%

Shares of NYSE:MET opened at $97.07 on Monday. MetLife, Inc. has a 52 week low of $67.33 and a 52 week high of $100.93. The company's 50 day moving average is $95.32 and its two-hundred day moving average is $84.19. The company has a market cap of $62.46 billion, a PE ratio of 18.60, a P/E/G ratio of 0.93 and a beta of 0.77. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 0.52.

MetLife (NYSE:MET - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.30 by $0.13. The business had revenue of $13.52 billion during the quarter, compared to analysts' expectations 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 in the previous year, the company earned $2.02 EPS. Equities analysts predict that MetLife, Inc. will post 9.78 earnings per share for the current fiscal year.

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

MetLife Dividend Announcement

The firm 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 2.4%. The ex-dividend date of this dividend was Tuesday, August 4th. MetLife's payout ratio is 45.40%.

Wall Street Analysts Forecast Growth

Several research firms have commented on MET. TD Cowen boosted their price target on shares of MetLife from $87.00 to $105.00 and gave the stock a "buy" rating in a research note on Wednesday, July 22nd. JPMorgan Chase & Co. lifted their target price on MetLife from $106.00 to $108.00 and gave the company an "overweight" rating in a report on Tuesday, August 11th. Wall Street Zen raised MetLife from a "hold" rating to a "buy" rating in a research note on Saturday, August 22nd. Jefferies Financial Group upped their price target on MetLife from $97.00 to $103.00 and gave the stock a "buy" rating in a report on Friday, July 10th. Finally, Morgan Stanley increased their price target on MetLife from $103.00 to $111.00 and gave the company an "overweight" rating in a research report on Monday, August 24th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $102.21.

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.

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