MetLife, Inc. $MET Shares Sold by Pzena Investment Management LLC

Key Points

• Pzena Investment Management cut its MetLife stake by 4.9% in the first quarter, selling 579,519 shares and still holding 11.3 million shares valued at about $799.4 million. MetLife remains one of Pzena’s larger positions, making up 2.6% of its portfolio.
• MetLife reported Q1 EPS of $2.42, beating analyst expectations of $2.27, though revenue of $14.18 billion came in well below consensus estimates. The company also posted a 2.7% year-over-year revenue increase.
• The insurer raised its quarterly dividend to $0.5925 per share, lifting the annualized payout to $2.37 and the yield to 2.7%. Analysts currently rate the stock a Moderate Buy with an average price target of $95.62.

Pzena Investment Management LLC trimmed its stake in MetLife, Inc. (NYSE:MET - Free Report) by 4.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,303,819 shares of the financial services provider's stock after selling 579,519 shares during the quarter. MetLife accounts for 2.6% of Pzena Investment Management LLC's portfolio, making the stock its 15th largest position. Pzena Investment Management LLC owned about 1.73% of MetLife worth $799,406,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of MET. Nordea Investment Management AB raised its stake in shares of MetLife by 2.6% in the 4th quarter. Nordea Investment Management AB now owns 4,630,165 shares of the financial services provider's stock valued at $366,524,000 after acquiring an additional 117,545 shares in the last quarter. Strs Ohio grew its holdings in MetLife by 16.6% during the fourth quarter. Strs Ohio now owns 326,091 shares of the financial services provider's stock valued at $25,742,000 after purchasing an additional 46,469 shares during the last quarter. Korea Investment CORP grew its holdings in MetLife by 12.1% during the third quarter. Korea Investment CORP now owns 666,354 shares of the financial services provider's stock valued at $54,888,000 after purchasing an additional 71,781 shares during the last quarter. Lighthouse Investment Partners LLC bought a new position in shares of MetLife in the third quarter valued at approximately $8,091,000. Finally, AIA Group Ltd lifted its stake in shares of MetLife by 93.5% in the third quarter. AIA Group Ltd now owns 33,714 shares of the financial services provider's stock worth $2,777,000 after buying an additional 16,288 shares during the last quarter. Institutional investors and hedge funds own 94.99% of the company's stock.

MetLife Trading Up 3.0%

Shares of MetLife stock opened at $87.17 on Thursday. MetLife, Inc. has a 52-week low of $67.33 and a 52-week high of $89.62. The firm has a market capitalization of $56.09 billion, a PE ratio of 16.89, a price-to-earnings-growth ratio of 0.63 and a beta of 0.78. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.20 and a quick ratio of 0.20. The company's fifty day moving average price is $82.60 and its two-hundred day moving average price is $78.20.

MetLife (NYSE:MET - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.42 EPS for the quarter, topping analysts' consensus estimates of $2.27 by $0.15. MetLife had a net margin of 4.66% and a return on equity of 22.60%. The company had revenue of $14.18 billion during the quarter, compared to the consensus estimate of $19.49 billion. During the same period last year, the firm earned $1.96 EPS. The firm's revenue for the quarter was up 2.7% compared to the same quarter last year. On average, analysts expect that MetLife, Inc. will post 10 EPS for the current year.

MetLife Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 9th. Investors of record on Tuesday, May 12th were paid a $0.5925 dividend. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $2.37 annualized dividend and a yield of 2.7%. This is a positive change from MetLife's previous quarterly dividend of $0.57. MetLife's payout ratio is presently 45.93%.

More MetLife News

Here are the key news stories impacting MetLife this week:

• Positive Sentiment: MetLife is being highlighted by market commentators as one of the best value stocks to buy right now, reinforcing investor interest in the company’s attractive valuation and income profile. Here is Why MetLife (MET) is One of the Best Value Stocks to Buy Right Now
• Positive Sentiment: MetLife recently launched the Non-Qualified Assignment Flex Agreement, a new funding solution that gives customers more flexible settlement options for non-physical injury claims, which could support business growth in its structured settlement-related offerings. Here is Why MetLife (MET) is One of the Best Value Stocks to Buy Right Now
• Neutral Sentiment: Several articles centered on World Cup matches and fan activity at MetLife Stadium, including ticket sales, match previews, and travel/parking coverage. These stories are more about the venue than MetLife, Inc.’s core insurance operations, so they are not likely to have a meaningful impact on MET shares.
• Negative Sentiment: There was also some attention on turf and weather concerns at MetLife Stadium during World Cup coverage, but this appears tied to stadium operations rather than the insurer’s fundamentals and should have limited direct impact on the stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Mizuho set a $95.00 target price on shares of MetLife in a research note on Friday, May 8th. Wall Street Zen lowered MetLife from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. Evercore set a $96.00 price objective on MetLife in a research report on Thursday, April 9th. Morgan Stanley increased their target price on MetLife from $89.00 to $93.00 and gave the company an "overweight" rating in a research note on Thursday, May 21st. Finally, Bank of America cut their price target on MetLife from $103.00 to $99.00 and set a "buy" rating for the company in a report on Tuesday, April 14th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, MetLife currently has an average rating of "Moderate Buy" and an average target price of $95.62.

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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