MetLife, Inc. $MET Shares Sold by Royal Bank of Canada

Key Points

• Royal Bank of Canada reduced its MetLife stake by 16.2% in the first quarter, selling 518,304 shares and retaining 2.67 million shares valued at approximately $188.9 million. Institutional investors collectively own 94.99% of MetLife.
• MetLife reported quarterly EPS of $2.42, exceeding analyst expectations of $2.27, while revenue rose 2.7% year over year to $14.18 billion. The company declared a $0.5925 quarterly dividend, representing a 2.4% yield.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $100.50; several firms recently raised their targets to between $103 and $106.

Royal Bank of Canada decreased its stake in shares of MetLife, Inc. (NYSE:MET - Free Report) by 16.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,671,428 shares of the financial services provider's stock after selling 518,304 shares during the period. Royal Bank of Canada owned 0.42% of MetLife worth $188,923,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Empowered Funds LLC boosted its holdings in shares of MetLife by 81.3% in the 1st quarter. Empowered Funds LLC now owns 93,574 shares of the financial services provider's stock valued at $6,618,000 after purchasing an additional 41,951 shares during the last quarter. Estate Counselors LLC purchased a new position in shares of MetLife in the 1st quarter worth $1,750,000. The Manufacturers Life Insurance Company raised its position in shares of MetLife by 7.3% in the 1st quarter. The Manufacturers Life Insurance Company now owns 711,501 shares of the financial services provider's stock worth $50,317,000 after buying an additional 48,506 shares during the period. Quantinno Capital Management LP boosted its holdings in MetLife by 21.3% in the first quarter. Quantinno Capital Management LP now owns 621,375 shares of the financial services provider's stock valued at $43,944,000 after acquiring an additional 109,004 shares during the last quarter. Finally, SummitTX Capital L.P. acquired a new stake in MetLife during the first quarter worth about $1,855,000. Institutional investors and hedge funds own 94.99% of the company's stock.

MetLife Price Performance

Shares of NYSE MET opened at $97.10 on Thursday. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.20 and a quick ratio of 0.20. MetLife, Inc. has a 1-year low of $67.33 and a 1-year high of $97.80. The company has a market capitalization of $62.48 billion, a price-to-earnings ratio of 18.82, a PEG ratio of 0.75 and a beta of 0.78. The business has a 50-day moving average of $88.17 and a 200-day moving average of $79.90.

MetLife (NYSE:MET - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.42 EPS for the quarter, topping 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 firm had revenue of $14.18 billion for the quarter, compared to analyst estimates of $19.49 billion. During the same period in the previous year, the company posted $1.96 EPS. MetLife's revenue for the quarter was up 2.7% on a year-over-year basis. On average, equities analysts anticipate that MetLife, Inc. will post 9.89 EPS for the current fiscal year.

MetLife Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders 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 annualized dividend and a dividend yield of 2.4%. MetLife's dividend payout ratio is 45.93%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on MET. JPMorgan Chase & Co. raised their price objective on MetLife from $96.00 to $106.00 and gave the stock an "overweight" rating in a report on Tuesday, July 21st. Morgan Stanley increased their target price on shares of MetLife from $93.00 to $103.00 and gave the stock an "overweight" rating in a research report on Monday, July 6th. Atlantic Securities set a $103.00 price target on shares of MetLife in a report on Wednesday, July 15th. Keefe, Bruyette & Woods lifted their price target on shares of MetLife from $98.00 to $105.00 and gave the company an "outperform" rating in a research report on Monday, July 13th. Finally, Weiss Ratings raised shares of MetLife from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 15th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $100.50.

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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