Jennison Associates LLC Has $183.62 Million Position in MetLife, Inc. $MET

Key Points

• Jennison Associates LLC reduced its MetLife stake by 16.3% in the first quarter, but still held 2.6 million shares worth about $183.6 million as of its latest filing.
• MetLife reported strong quarterly earnings with EPS of $2.42, topping estimates by $0.15, though revenue of $14.18 billion came in below expectations. The company also posted a 22.6% return on equity and expects full-year EPS of 9.94.
• The insurer announced a quarterly dividend of $0.5925 per share, implying an annualized yield of about 2.5%. Meanwhile, analysts remain broadly positive, with a consensus Moderate Buy rating and an average price target of $98.57.

Jennison Associates LLC cut its stake in MetLife, Inc. (NYSE:MET - Free Report) by 16.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,596,458 shares of the financial services provider's stock after selling 506,427 shares during the quarter. Jennison Associates LLC owned approximately 0.40% of MetLife worth $183,622,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank acquired a new stake in MetLife during the fourth quarter valued at $639,986,000. Vanguard Group Inc. raised its stake in shares of MetLife by 12.1% during the 4th quarter. Vanguard Group Inc. now owns 72,555,335 shares of the financial services provider's stock worth $5,727,518,000 after purchasing an additional 7,805,814 shares in the last quarter. Pzena Investment Management LLC raised its stake in shares of MetLife by 22.9% during the 4th quarter. Pzena Investment Management LLC now owns 11,883,338 shares of the financial services provider's stock worth $938,071,000 after purchasing an additional 2,211,315 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of MetLife by 105.3% during the 3rd quarter. AQR Capital Management LLC now owns 3,305,620 shares of the financial services provider's stock valued at $271,424,000 after buying an additional 1,695,563 shares during the last quarter. Finally, Man Group plc grew its stake in shares of MetLife by 325.5% in the 2nd quarter. Man Group plc now owns 1,344,551 shares of the financial services provider's stock valued at $108,129,000 after buying an additional 1,028,554 shares in the last quarter. 94.99% of the stock is currently owned by hedge funds and other institutional investors.

MetLife Stock Up 0.3%

MET opened at $93.99 on Friday. The firm has a market cap of $60.48 billion, a P/E ratio of 18.21, a price-to-earnings-growth ratio of 0.72 and a beta of 0.78. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.20 and a current ratio of 0.20. The business has a 50 day moving average price of $85.80 and a 200 day moving average price of $79.07. MetLife, Inc. has a twelve month low of $67.33 and a twelve month high of $94.86.

MetLife (NYSE:MET - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.42 EPS for the quarter, beating the consensus estimate of $2.27 by $0.15. MetLife had a return on equity of 22.60% and a net margin of 4.66%.The company had revenue of $14.18 billion for the quarter, compared to the consensus estimate of $19.49 billion. During the same quarter last year, the company posted $1.96 earnings per share. The company's revenue for the quarter was up 2.7% compared to the same quarter last year. Research analysts forecast that MetLife, Inc. will post 9.94 EPS for the current year.

MetLife Dividend Announcement

The company also recently announced 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 is Tuesday, August 4th. This represents a $2.37 dividend on an annualized basis and a yield of 2.5%. MetLife's dividend payout ratio (DPR) is presently 45.93%.

Key Stories Impacting MetLife

Here are the key news stories impacting MetLife this week:

• Positive Sentiment: MetLife Stadium is hosting the World Cup final, which keeps the venue in the global spotlight and may highlight the company’s high-profile asset and brand visibility. FIFA insists MetLife Stadium’s pitch is ready for the World Cup final despite criticism
• Positive Sentiment: Heavy media coverage around ticket sales, fan guides, food and drink pricing, and kickoff details suggests strong interest and traffic around the event at MetLife Stadium. How to buy tickets to see Spain in World Cup Final at MetLife
• Neutral Sentiment: News about weather, heat, storms, air quality, and wildfire smoke could affect the event experience, but it does not directly change MetLife’s earnings outlook. World Cup final could be shaped by heat, storms and air quality at MetLife Stadium
• Neutral Sentiment: FIFA’s criticism of the pitch and the “money grab” controversy may create headline risk for the venue, but the impact on MetLife’s stock is likely limited unless the issue affects operations or reputation more broadly. NJ governor slams FIFA’s money grab over sales of MetLife World Cup pitch
• Negative Sentiment: Ongoing criticism about the field quality and pitch conditions at MetLife Stadium could dent the venue’s reputation, even though it is unlikely to materially affect MetLife’s insurance business. The MetLife trap: the controversial pitch threatening the final | OneFootball

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Atlantic Securities set a $103.00 price objective on shares of MetLife in a research report on Wednesday. Evercore set a $96.00 target price on shares of MetLife in a research report on Thursday, April 9th. Mizuho increased their price target on shares of MetLife from $95.00 to $102.00 and gave the stock an "outperform" rating in a research note on Thursday, July 9th. Wells Fargo & Company raised their price target on shares of MetLife from $95.00 to $101.00 and gave the company an "overweight" rating in a report on Thursday, July 9th. Finally, Barclays lifted their price objective on shares of MetLife from $93.00 to $94.00 and gave the company an "overweight" rating in a research note on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $98.57.

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.

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