MetLife, Inc. $MET Shares Sold by Community Bank N.A.

Key Points

• Community Bank N.A. cut its MetLife stake by 46.6% in the second quarter, selling 11,033 shares and retaining 12,642 shares valued at approximately $1.07 million.
• MetLife reported quarterly EPS of $2.43, exceeding the $2.30 analyst consensus, while revenue rose 10.5% year over year. The company also authorized a $3 billion share-repurchase plan and maintained a quarterly dividend of $0.5925 per share.
• Analysts remain broadly bullish, with a consensus “Buy” rating and an average price target of $102.21, compared with the stock’s reported price of $95.45.

Community Bank N.A. lessened its holdings in shares of MetLife, Inc. (NYSE:MET - Free Report) by 46.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 12,642 shares of the financial services provider's stock after selling 11,033 shares during the quarter. Community Bank N.A.'s holdings in MetLife were worth $1,070,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. California State Teachers Retirement System boosted its stake in MetLife by 8,029.0% in the 2nd quarter. California State Teachers Retirement System now owns 73,771,290 shares of the financial services provider's stock worth $6,241,789,000 after buying an additional 72,863,779 shares during the last quarter. BlackRock Inc. purchased a new stake in MetLife in the second quarter valued at approximately $4,381,692,000. Pzena Investment Management LLC increased its position in MetLife by 22.9% during the fourth 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 during the last quarter. Norges Bank acquired a new position in MetLife during the fourth quarter worth approximately $639,986,000. Finally, Invesco Ltd. raised its stake in MetLife by 2.6% during the fourth quarter. Invesco Ltd. now owns 7,012,198 shares of the financial services provider's stock worth $553,543,000 after purchasing an additional 176,811 shares during the period. Hedge funds and other institutional investors own 94.99% of the company's stock.

MetLife Stock Down 2.2%

NYSE MET opened at $95.45 on Wednesday. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 0.52. MetLife, Inc. has a fifty-two week low of $67.33 and a fifty-two week high of $100.93. The business has a 50 day moving average price of $94.87 and a two-hundred day moving average price of $83.79. The stock has a market cap of $61.41 billion, a PE ratio of 18.28, a P/E/G ratio of 0.94 and a beta of 0.77.

MetLife (NYSE:MET - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.30 by $0.13. The company had revenue of $13.52 billion for the quarter, compared to analyst estimates of $19.67 billion. MetLife had a net margin of 4.57% and a return on equity of 23.39%. The business's quarterly revenue was up 10.5% on a year-over-year basis. During the same quarter last year, the firm posted $2.02 earnings per share. As a group, sell-side analysts predict that MetLife, Inc. will post 9.76 EPS for the current fiscal year.

MetLife Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 8th. Investors of record on Tuesday, August 4th were paid a dividend of $0.5925 per share. The ex-dividend date of this dividend was Tuesday, August 4th. This represents a $2.37 annualized dividend and a yield of 2.5%. MetLife's payout ratio is 45.40%.

MetLife declared that its board has authorized a share repurchase plan on Wednesday, August 5th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MET. Atlantic Securities set a $103.00 price objective on shares of MetLife in a research note on Wednesday, July 15th. Morgan Stanley lifted their target price on MetLife from $103.00 to $111.00 and gave the company an "overweight" rating in a report on Monday, August 24th. Jefferies Financial Group boosted their price target on MetLife from $97.00 to $103.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Wells Fargo & Company upped their price target on MetLife from $101.00 to $109.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 19th. Finally, Piper Sandler raised 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 issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $102.21.

MetLife Company Profile

MetLife, Inc NYSE: MET is a global financial services company that provides insurance, employee benefits and retirement solutions to individuals, employers and institutions. Its offerings include life insurance, dental and vision insurance, disability coverage, accident and health insurance, annuities, and retirement products.

Through its employer-focused business, MetLife helps organizations provide benefits and financial protection to their employees. The company also offers group insurance, individual protection products and investment management services through MetLife Investment Management, which serves institutional investors and retirement plans.

Founded in 1868, MetLife serves customers in the United States and operates internationally across Latin America, Asia, Europe and the Middle East.

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