Empowered Funds LLC Grows Position in MetLife, Inc. $MET

Key Points

• Empowered Funds LLC increased its MetLife stake by 81.3% in the first quarter, bringing its holdings to 93,574 shares valued at approximately $6.6 million. Institutional investors collectively own nearly 95% of the company.
• MetLife reported quarterly EPS of $2.43, beating estimates by $0.13, while revenue rose 10.5% year over year to $13.52 billion. The stock was trading near its 12-month high at $97.57.
• The company declared a quarterly dividend of $0.5925 and authorized a $3 billion share-repurchase program, equivalent to up to 4.8% of outstanding shares. Analysts maintain a “Moderate Buy” consensus with an average price target of $101.07.

Empowered Funds LLC boosted its stake in shares of MetLife, Inc. (NYSE:MET - Free Report) by 81.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 93,574 shares of the financial services provider's stock after acquiring an additional 41,951 shares during the period. Empowered Funds LLC's holdings in MetLife were worth $6,618,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the company. Commonwealth Retirement Investments LLC increased its holdings in shares of MetLife by 0.5% in the fourth quarter. Commonwealth Retirement Investments LLC now owns 26,953 shares of the financial services provider's stock worth $2,128,000 after purchasing an additional 131 shares during the last quarter. CreativeOne Wealth LLC boosted its stake in MetLife by 1.3% during the fourth quarter. CreativeOne Wealth LLC now owns 10,156 shares of the financial services provider's stock valued at $802,000 after buying an additional 135 shares during the last quarter. Kathmere Capital Management LLC grew its holdings in MetLife by 2.4% during the 1st quarter. Kathmere Capital Management LLC now owns 5,813 shares of the financial services provider's stock valued at $411,000 after buying an additional 136 shares in the last quarter. Cornerstone Wealth Group LLC raised its holdings in shares of MetLife by 5.1% during the 4th quarter. Cornerstone Wealth Group LLC now owns 2,931 shares of the financial services provider's stock worth $231,000 after acquiring an additional 141 shares in the last quarter. Finally, Bleakley Financial Group LLC raised its holdings in shares of MetLife by 0.5% during the 4th quarter. Bleakley Financial Group LLC now owns 29,687 shares of the financial services provider's stock worth $2,343,000 after acquiring an additional 141 shares in the last quarter. Hedge funds and other institutional investors own 94.99% of the company's stock.

MetLife Trading Up 0.1%

NYSE MET opened at $97.57 on Friday. The stock has a market cap of $62.78 billion, a PE ratio of 18.69, a PEG ratio of 0.75 and a beta of 0.78. MetLife, Inc. has a 12 month low of $67.33 and a 12 month high of $100.93. The company's 50-day moving average price is $91.52 and its 200-day moving average price is $81.55. 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, beating the consensus estimate of $2.30 by $0.13. The company 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 firm's quarterly revenue 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 research analysts forecast that MetLife, Inc. will post 9.7 earnings per share for the current year.

MetLife Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Tuesday, August 4th will be paid a $0.5925 dividend. The ex-dividend date of this dividend is Tuesday, August 4th. This represents a $2.37 dividend on an annualized basis and a yield of 2.4%. MetLife's payout ratio is 45.40%.

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

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Weiss Ratings raised shares of MetLife from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, June 15th. Barclays increased their price objective on shares of MetLife from $94.00 to $97.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. JPMorgan Chase & Co. lifted their price objective on shares of MetLife from $106.00 to $108.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 11th. UBS Group boosted their target price on shares of MetLife from $102.00 to $105.00 and gave the stock a "buy" rating in a report on Wednesday, July 8th. Finally, Piper Sandler increased their price target on shares of MetLife from $86.00 to $90.00 and gave the company a "neutral" rating in a report on Wednesday, June 24th. 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 stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $101.07.

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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