Norges Bank Takes Position in MetLife, Inc. $MET

Key Points

• Norges Bank disclosed a new stake in MetLife, buying 8.1 million shares valued at about $640 million and owning roughly 1.23% of the company. Other large institutions, including Vanguard and Dodge & Cox, also increased their positions.
• MetLife reported better-than-expected earnings for its latest quarter, with EPS of $2.42 versus the $2.27 consensus, while revenue rose 2.7% year over year. Analysts currently expect the company to earn about 9.96 EPS for the full year.
• The company raised its quarterly dividend to $0.5925 per share, implying an annualized dividend of $2.37 and a yield of about 2.9%. Wall Street sentiment remains positive, with multiple firms lifting price targets and a consensus rating of Moderate Buy.

Norges Bank purchased a new stake in shares of MetLife, Inc. (NYSE:MET - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 8,107,247 shares of the financial services provider's stock, valued at approximately $639,986,000. Norges Bank owned about 1.23% of MetLife as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of MetLife by 12.1% during the fourth quarter. Vanguard Group Inc. now owns 72,555,335 shares of the financial services provider's stock valued at $5,727,518,000 after buying an additional 7,805,814 shares during the last quarter. Dodge & Cox grew its holdings in shares of MetLife by 0.9% during the third quarter. Dodge & Cox now owns 53,659,664 shares of the financial services provider's stock valued at $4,419,947,000 after buying an additional 477,783 shares during the last quarter. Wellington Management Group LLP lifted its position in MetLife by 1.5% during the third quarter. Wellington Management Group LLP now owns 12,572,807 shares of the financial services provider's stock valued at $1,035,622,000 after purchasing an additional 180,683 shares during the period. Pzena Investment Management LLC lifted 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 valued at $938,071,000 after purchasing an additional 2,211,315 shares during the period. Finally, Ameriprise Financial Inc. lifted its position in MetLife by 4.8% during the third quarter. Ameriprise Financial Inc. now owns 7,746,341 shares of the financial services provider's stock valued at $640,357,000 after purchasing an additional 352,395 shares during the period. Hedge funds and other institutional investors own 94.99% of the company's stock.

MetLife Stock Up 0.2%

MET opened at $82.83 on Monday. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 0.53. MetLife, Inc. has a 1-year low of $67.33 and a 1-year high of $85.29. The company has a market capitalization of $53.29 billion, a PE ratio of 16.05, a PEG ratio of 0.62 and a beta of 0.78. The firm's 50 day simple moving average is $76.49 and its two-hundred day simple moving average is $76.85.

MetLife (NYSE:MET - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.42 earnings per share for the quarter, topping the consensus estimate of $2.27 by $0.15. MetLife had a net margin of 4.66% and a return on equity of 22.60%. The business had revenue of $14.18 billion for the quarter, compared to the consensus estimate of $19.49 billion. During the same period last year, the firm earned $1.96 earnings per share. The company's quarterly revenue was up 2.7% on a year-over-year basis. As a group, equities analysts forecast that MetLife, Inc. will post 9.96 EPS for the current year.

MetLife Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 9th. Shareholders of record on Tuesday, May 12th will be given a $0.5925 dividend. The ex-dividend date is Tuesday, May 12th. This is a boost from MetLife's previous quarterly dividend of $0.57. This represents a $2.37 annualized dividend and a yield of 2.9%. MetLife's payout ratio is 45.93%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on MET shares. JPMorgan Chase & Co. increased their price objective on shares of MetLife from $95.00 to $96.00 and gave the company an "overweight" rating in a research report on Tuesday, May 12th. Wells Fargo & Company increased their price objective on shares of MetLife from $90.00 to $95.00 and gave the company an "overweight" rating in a research report on Tuesday, May 12th. Barclays increased their price objective on shares of MetLife from $89.00 to $93.00 and gave the company an "overweight" rating in a research report on Thursday, May 7th. Weiss Ratings upgraded shares of MetLife from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, May 1st. Finally, Morgan Stanley increased their price objective on shares of MetLife from $89.00 to $93.00 and gave the company an "overweight" rating in a research report on Thursday, May 21st. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, MetLife has an average rating of "Moderate Buy" and a consensus target price of $95.31.

MetLife News Roundup

Here are the key news stories impacting MetLife this week:

• Positive Sentiment: MetLife announced an expansion of its guaranteed retirement income lineup with a new flexible annuity option, which could support sales growth and reinforce its core insurance/retirement franchise. MetLife Expands Guaranteed Retirement Income Offering with Innovative Flexible Annuity Option
• Positive Sentiment: MetLife also added liquidity to an annuity product, another sign it is trying to make its retirement offerings more attractive to customers seeking flexibility and access to funds. MetLife Adds Liquidity To Annuity As Stock Trades Below Estimates
• Positive Sentiment: DOWLING & PARTN issued earnings estimates for MetLife above or near the Street for the next several years, including FY2027 EPS of $10.75 and FY2028 EPS of $12.00, reinforcing confidence in long-term profit growth.
• Neutral Sentiment: Several headlines mentioning “MetLife” were unrelated to the insurer and referred to MetLife Stadium or World Cup coverage, so they are unlikely to materially affect the stock.
• Negative Sentiment: A report that MetLife is clashing with Ares over a struggling football investment could raise some concern about a specific investment exposure, but it appears secondary to the more important product and earnings news. MetLife clashes with Ares over struggling football investment

MetLife 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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