HBK Sorce Advisory LLC Makes New Investment in MetLife, Inc. $MET

Key Points

• HBK Sorce Advisory acquired 20,263 MetLife shares worth approximately $1.95 million in the second quarter. Institutional investors collectively own 94.99% of the company.
• MetLife reported quarterly EPS of $2.43, exceeding estimates of $2.30, while revenue rose 10.5% year over year. The board also authorized a $3 billion share-repurchase program covering up to 4.8% of outstanding shares.
• MetLife declared a quarterly dividend of $0.5925 per share, equivalent to a 2.4% annualized yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $101.07.

HBK Sorce Advisory LLC acquired a new position in shares of MetLife, Inc. (NYSE:MET - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 20,263 shares of the financial services provider's stock, valued at approximately $1,951,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Flputnam Investment Management Co. purchased a new stake in MetLife during the second quarter worth about $465,000. Global Retirement Partners LLC purchased a new position in shares of MetLife in the second quarter valued at approximately $1,255,000. 1ST Source Bank acquired a new position in shares of MetLife in the second quarter valued at approximately $3,251,000. Bank of New York Mellon Corp acquired a new stake in MetLife during the 2nd quarter worth approximately $293,287,000. Finally, Sandro Wealth Management LLC purchased a new position in MetLife in the 2nd quarter valued at approximately $359,000. 94.99% of the stock is currently owned by hedge funds and other institutional investors.

MetLife Trading Down 0.1%

Shares of NYSE:MET opened at $97.57 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 $91.52 and its two-hundred day moving average is $81.58. The company has a market cap of $62.78 billion, a PE ratio of 18.69, a P/E/G ratio of 0.75 and a beta of 0.78. 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 9.7 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 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 8th. Shareholders of record on Tuesday, August 4th will be 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 is Tuesday, August 4th. MetLife's payout ratio is 45.40%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on MET shares. UBS Group upped their price objective on MetLife from $102.00 to $105.00 and gave the stock a "buy" rating in a research report on Wednesday, July 8th. Weiss Ratings upgraded MetLife from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, June 15th. Piper Sandler boosted their target price on MetLife from $86.00 to $90.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 24th. Mizuho upped their price target on MetLife from $95.00 to $102.00 and gave the stock an "outperform" rating in a report on Thursday, July 9th. Finally, Keefe, Bruyette & Woods increased their price target on MetLife from $105.00 to $108.00 and gave the company an "outperform" rating in a research report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, MetLife presently has an average rating of "Moderate Buy" and an average target price of $101.07.

MetLife Company 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.

Want to see what other hedge funds are holding MET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MetLife, Inc. (NYSE:MET - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source