Jupiter Topco LLC Makes New Investment in MetLife, Inc. $MET

Key Points

• Jupiter Topco acquired 183,072 MetLife shares worth approximately $15.5 million in the second quarter. Institutional investors collectively own 94.99% of the company, with BlackRock and Pzena Investment Management among the largest recent buyers.
• MetLife exceeded quarterly earnings expectations, reporting $2.43 in EPS versus the $2.30 consensus estimate, while revenue rose 10.5% year over year. The company also authorized a $3 billion stock buyback covering up to 4.8% of outstanding shares.
• MetLife pays a quarterly dividend of $0.5925 per share, equivalent to a 2.5% yield. Analysts maintain a consensus “Buy” rating with an average price target of $102.21, above the reported share price of $96.57.

Jupiter Topco LLC acquired a new stake in MetLife, Inc. (NYSE:MET - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 183,072 shares of the financial services provider's stock, valued at approximately $15,491,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. BlackRock Inc. acquired a new stake in MetLife in the 2nd quarter valued at $4,381,692,000. Pzena Investment Management LLC acquired a new position in MetLife during the second quarter worth $941,792,000. Norges Bank purchased a new position in MetLife during the fourth quarter valued at $639,986,000. Legal & General Group Plc acquired a new stake in shares of MetLife in the second quarter valued at about $326,904,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of MetLife in the second quarter valued at about $293,287,000. 94.99% of the stock is currently owned by hedge funds and other institutional investors.

MetLife Trading Up 0.3%

MET opened at $96.57 on Friday. 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 company's 50 day simple moving average is $93.39 and its two-hundred day simple moving average is $82.83. MetLife, Inc. has a 1-year low of $67.33 and a 1-year high of $100.93. The firm has a market capitalization of $62.14 billion, a price-to-earnings ratio of 18.50, a price-to-earnings-growth ratio of 0.74 and a beta of 0.78.

MetLife (NYSE:MET - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $2.43 EPS for the quarter, beating 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 firm had revenue of $13.52 billion during the quarter, compared to analysts' expectations of $19.67 billion. During the same quarter last year, the firm earned $2.02 earnings per share. The business's revenue for the quarter was up 10.5% on a year-over-year basis. Analysts expect that MetLife, Inc. will post 9.74 EPS for the current fiscal year.

MetLife announced that its board has initiated a stock buyback program on Wednesday, August 5th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.

MetLife Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Tuesday, August 4th will be issued a dividend of $0.5925 per share. This represents a $2.37 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Tuesday, August 4th. MetLife's payout ratio is currently 45.40%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on MET shares. Morgan Stanley raised their price target on shares of MetLife from $103.00 to $111.00 and gave the company an "overweight" rating in a research note on Monday, August 24th. Jefferies Financial Group boosted their price objective on MetLife from $97.00 to $103.00 and gave the stock a "buy" rating in a research note on Friday, July 10th. Piper Sandler increased their target price on MetLife from $86.00 to $90.00 and gave the company a "neutral" rating in a report on Wednesday, June 24th. Keefe, Bruyette & Woods raised their target price on MetLife from $105.00 to $108.00 and gave the company an "outperform" rating in a research report on Tuesday, August 11th. Finally, Atlantic Securities set a $103.00 price target on MetLife in a research note on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, MetLife presently has an average rating of "Buy" and a consensus price target of $102.21.

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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