Old Port Advisors Has $1.73 Million Stock Position in MetLife, Inc. $MET

Key Points

• Old Port Advisors reduced its stake in MetLife, Inc. by 23.2%, owning 21,465 shares worth approximately $1.73 million as of the second quarter.
• MetLife reported Q2 earnings of $2.02 per share, missing estimates by $0.30, and faced a 2.7% decrease in revenue compared to the previous year.
• The company's stock is trading at $81.61 with a market cap of $54.27 billion, following recent analyst upgrades pointing to a potential price target as high as $97.00.

Old Port Advisors trimmed its holdings in shares of MetLife, Inc. (NYSE:MET - Free Report) by 23.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,465 shares of the financial services provider's stock after selling 6,481 shares during the period. Old Port Advisors' holdings in MetLife were worth $1,726,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. North Capital Inc. acquired a new position in shares of MetLife in the 1st quarter valued at $26,000. Motco boosted its holdings in MetLife by 105.5% during the first quarter. Motco now owns 413 shares of the financial services provider's stock worth $33,000 after buying an additional 212 shares during the last quarter. Abound Wealth Management boosted its holdings in MetLife by 652.3% during the second quarter. Abound Wealth Management now owns 489 shares of the financial services provider's stock worth $39,000 after buying an additional 424 shares during the last quarter. Legend Financial Advisors Inc. bought a new position in MetLife during the second quarter worth about $40,000. Finally, WPG Advisers LLC acquired a new position in MetLife during the first quarter valued at approximately $46,000. 94.99% of the stock is owned by institutional investors.

MetLife Stock Up 1.7%

NYSE:MET opened at $81.61 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.16 and a current ratio of 0.16. The company has a market cap of $54.27 billion, a PE ratio of 13.83, a PEG ratio of 0.72 and a beta of 0.87. MetLife, Inc. has a 52-week low of $65.21 and a 52-week high of $89.05. The stock has a 50-day simple moving average of $78.67 and a 200 day simple moving average of $78.14.

MetLife (NYSE:MET - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $2.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.32 by ($0.30). MetLife had a return on equity of 19.88% and a net margin of 5.83%.The firm had revenue of $17.34 billion for the quarter, compared to the consensus estimate of $18.58 billion. During the same quarter in the previous year, the business posted $2.28 earnings per share. The firm's quarterly revenue was down 2.7% compared to the same quarter last year. On average, sell-side analysts expect that MetLife, Inc. will post 9.65 EPS for the current fiscal year.

MetLife Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 9th. Shareholders of record on Tuesday, August 5th were given a dividend of $0.5675 per share. The ex-dividend date of this dividend was Tuesday, August 5th. This represents a $2.27 annualized dividend and a yield of 2.8%. MetLife's payout ratio is 38.47%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on MET shares. Barclays boosted their price objective on shares of MetLife from $88.00 to $94.00 and gave the company an "overweight" rating in a report on Monday, July 7th. JPMorgan Chase & Co. upped their price objective on shares of MetLife from $86.00 to $95.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. UBS Group lowered their price objective on shares of MetLife from $94.00 to $91.00 and set a "buy" rating for the company in a research report on Thursday, August 7th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $97.00 price target (up previously from $94.00) on shares of MetLife in a research report on Thursday, July 10th. Finally, Piper Sandler lowered MetLife from an "overweight" rating to a "neutral" rating and set a $84.00 price target on the stock. in a research report on Friday, September 19th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, MetLife currently has an average rating of "Moderate Buy" and a consensus price target of $94.64.

MetLife Company 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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