Mackenzie Financial Corp Has $6.28 Million Position in MetLife, Inc. (NYSE:MET)

Key Points

• Mackenzie Financial Corp increased its investment in MetLife, Inc. by 7.1%, owning 78,209 shares worth approximately $6.28 million as of the latest SEC filing.
• MetLife recently reported quarterly earnings of $1.96 per share, falling short of the expected $2.00, while its revenue saw a 15.6% increase year-over-year.
• The company announced a stock buyback program authorizing the repurchase of up to $3 billion in shares, reflecting management's belief that the stock is currently undervalued.

Mackenzie Financial Corp grew its position in MetLife, Inc. (NYSE:MET - Free Report) by 7.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 78,209 shares of the financial services provider's stock after buying an additional 5,183 shares during the quarter. Mackenzie Financial Corp's holdings in MetLife were worth $6,279,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Eagle Strategies LLC raised its position in shares of MetLife by 4.8% in the 4th quarter. Eagle Strategies LLC now owns 2,707 shares of the financial services provider's stock valued at $222,000 after buying an additional 123 shares in the last quarter. Csenge Advisory Group increased its position in MetLife by 1.0% during the 1st quarter. Csenge Advisory Group now owns 13,647 shares of the financial services provider's stock worth $1,096,000 after purchasing an additional 131 shares in the last quarter. Stock Yards Bank & Trust Co. increased its position in MetLife by 2.5% during the 1st quarter. Stock Yards Bank & Trust Co. now owns 6,463 shares of the financial services provider's stock worth $519,000 after purchasing an additional 159 shares in the last quarter. Unigestion Holding SA increased its position in MetLife by 0.7% during the 1st quarter. Unigestion Holding SA now owns 23,661 shares of the financial services provider's stock worth $1,900,000 after purchasing an additional 165 shares in the last quarter. Finally, Diversify Advisory Services LLC increased its position in MetLife by 4.0% during the 1st quarter. Diversify Advisory Services LLC now owns 4,330 shares of the financial services provider's stock worth $331,000 after purchasing an additional 168 shares in the last quarter. 94.99% of the stock is currently owned by institutional investors and hedge funds.

MetLife Trading Down 2.6%

MET opened at $74.00 on Friday. MetLife, Inc. has a twelve month low of $65.21 and a twelve month high of $89.05. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.55. The company has a fifty day moving average of $78.40 and a 200-day moving average of $79.48. The stock has a market cap of $49.68 billion, a PE ratio of 12.03, a price-to-earnings-growth ratio of 0.62 and a beta of 0.85.

MetLife (NYSE:MET - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The financial services provider reported $1.96 earnings per share for the quarter, missing the consensus estimate of $2.00 by ($0.04). MetLife had a return on equity of 20.89% and a net margin of 6.08%. The firm had revenue of $18.57 billion for the quarter, compared to analyst estimates of $18.06 billion. During the same quarter last year, the company earned $1.83 earnings per share. The company's quarterly revenue was up 15.6% compared to the same quarter last year. On average, sell-side analysts predict that MetLife, Inc. will post 9.65 EPS for the current year.

MetLife announced that its board has authorized a stock buyback program on Wednesday, April 30th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 5.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its stock is undervalued.

MetLife Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 9th. Stockholders of record on Tuesday, August 5th will be given a dividend of $0.5675 per share. The ex-dividend date is Tuesday, August 5th. This represents a $2.27 annualized dividend and a dividend yield of 3.1%. MetLife's dividend payout ratio is 36.91%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on MET. Morgan Stanley reiterated an "overweight" rating and set a $98.00 price objective (down from $99.00) on shares of MetLife in a research report on Monday, July 14th. Barclays upped their price objective on shares of MetLife from $88.00 to $94.00 and gave the stock an "overweight" rating in a research report on Monday, July 7th. Keefe, Bruyette & Woods lowered their price objective on shares of MetLife from $95.00 to $94.00 and set an "outperform" rating for the company in a research report on Wednesday, July 9th. Wall Street Zen cut shares of MetLife from a "buy" rating to a "hold" rating in a research report on Saturday, May 24th. Finally, JPMorgan Chase & Co. boosted their target price on shares of MetLife from $86.00 to $95.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Two research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $96.10.

MetLife Profile

MetLife, Inc, a financial services company, provides insurance, annuities, employee benefits, and asset management services worldwide. It operates through six segments: Retirement and Income Solutions; Group Benefits; Asia; Latin America; Europe, the Middle East and Africa; and MetLife Holdings. The company offers life, dental, group short-and long-term disability, individual disability, pet insurance, accidental death and dismemberment, vision, and accident and health coverages, as well as prepaid legal plans; administrative services-only arrangements to employers; and general and separate account, and synthetic guaranteed interest contracts, as well as private floating rate funding agreements.

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