Elevation Point Wealth Partners LLC Invests $1.27 Million in MetLife, Inc. $MET

Key Points

• Elevation Point Wealth Partners acquired 15,049 MetLife shares worth approximately $1.27 million, while institutional investors and hedge funds collectively own 94.99% of the company.
• MetLife reported quarterly EPS of $2.43, beating estimates of $2.30, with revenue rising 10.5% year over year to $13.52 billion. The company also authorized a $3 billion share-repurchase plan covering up to 4.8% of outstanding shares.
• MetLife pays an annualized dividend of $2.37 per share, yielding about 2.5%. Analysts maintain a “Moderate Buy” consensus, with an average price target of $101.64 versus the stock’s reported $94.44 price.

Elevation Point Wealth Partners LLC acquired a new stake in shares of MetLife, Inc. (NYSE:MET - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 15,049 shares of the financial services provider's stock, valued at approximately $1,273,000.

Several other institutional investors and hedge funds have also modified their holdings of MET. Vanguard Group Inc. lifted its stake 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. BlackRock Inc. acquired a new stake in shares of MetLife during the second quarter worth $4,381,692,000. Pzena Investment Management LLC lifted its position in MetLife by 22.9% in the 4th quarter. Pzena Investment Management LLC now owns 11,883,338 shares of the financial services provider's stock valued at $938,071,000 after acquiring an additional 2,211,315 shares in the last quarter. Norges Bank acquired a new position in MetLife in the 4th quarter worth $639,986,000. Finally, Invesco Ltd. increased its holdings in MetLife by 2.6% during the 4th quarter. Invesco Ltd. now owns 7,012,198 shares of the financial services provider's stock worth $553,543,000 after purchasing an additional 176,811 shares in the last quarter. 94.99% of the stock is currently owned by institutional investors and hedge funds.

MetLife Price Performance

Shares of NYSE MET opened at $94.44 on Monday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.20 and a quick ratio of 0.20. The business has a 50-day moving average of $92.41 and a 200-day moving average of $82.19. The stock has a market capitalization of $60.77 billion, a price-to-earnings ratio of 18.09, a PEG ratio of 0.73 and a beta of 0.78. MetLife, Inc. has a fifty-two week low of $67.33 and a fifty-two week high of $100.93.

MetLife (NYSE:MET - Get Free Report) last released its earnings results 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. MetLife had a return on equity of 23.39% and a net margin of 4.57%.The business had revenue of $13.52 billion for the quarter, compared to analyst estimates of $19.67 billion. During the same quarter in the prior year, the company posted $2.02 earnings per share. MetLife's revenue was up 10.5% on a year-over-year basis. As a group, sell-side analysts predict that MetLife, Inc. will post 9.72 earnings per share for the current fiscal year.

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

MetLife Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Tuesday, August 4th will be paid 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 dividend yield of 2.5%. MetLife's dividend payout ratio is currently 45.40%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MET. Wells Fargo & Company upped their price objective on MetLife from $101.00 to $109.00 and gave the stock an "overweight" rating in a research report on Wednesday. Piper Sandler boosted their target price on MetLife from $86.00 to $90.00 and gave the company a "neutral" rating in a research note on Wednesday, June 24th. Weiss Ratings raised MetLife from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 15th. Morgan Stanley raised their price target on shares of MetLife from $93.00 to $103.00 and gave the stock an "overweight" rating in a research note on Monday, July 6th. Finally, TD Cowen lifted their price objective on shares of MetLife from $87.00 to $105.00 and gave the company a "buy" rating in a report on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, MetLife currently has a consensus rating of "Moderate Buy" and an average target price of $101.64.

MetLife Profile

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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