Pacer Advisors Inc. Sells 38,288 Shares of MetLife, Inc. (NYSE:MET)

Key Points

• Pacer Advisors Inc. reduced its holdings in MetLife, Inc. by 56.3%, owning 29,693 shares valued at $2.38 million after selling 38,288 shares.
• MetLife reported $1.96 earnings per share for its latest quarter, missing estimates by $0.04, while its revenue increased by 15.6% year-over-year.
• The company has authorized a $3.00 billion share repurchase plan, indicating that the board believes its shares are undervalued.

Pacer Advisors Inc. lowered its stake in shares of MetLife, Inc. (NYSE:MET - Free Report) by 56.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 29,693 shares of the financial services provider's stock after selling 38,288 shares during the period. Pacer Advisors Inc.'s holdings in MetLife were worth $2,384,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Ball & Co Wealth Management Inc. bought a new position in MetLife in the fourth quarter valued at $25,000. Transce3nd LLC purchased a new stake in MetLife during the fourth quarter valued at about $26,000. North Capital Inc. purchased a new stake in MetLife during the first quarter valued at about $26,000. Quarry LP purchased a new stake in MetLife during the fourth quarter valued at about $31,000. Finally, Estabrook Capital Management boosted its position in MetLife by 100.3% during the fourth quarter. Estabrook Capital Management now owns 589 shares of the financial services provider's stock valued at $48,000 after buying an additional 295 shares during the period. Institutional investors own 94.99% of the company's stock.

Analysts Set New Price Targets

MET has been the subject of a number of analyst reports. Wall Street Zen lowered shares of MetLife from a "buy" rating to a "hold" rating in a report on Saturday, May 24th. Keefe, Bruyette & Woods dropped their target price on shares of MetLife from $95.00 to $94.00 and set an "outperform" rating for the company in a report on Wednesday, July 9th. JPMorgan Chase & Co. increased their price target on shares of MetLife from $86.00 to $95.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Wells Fargo & Company reissued an "overweight" rating and issued a $97.00 price target (up from $94.00) on shares of MetLife in a research note on Thursday, July 10th. Finally, Morgan Stanley reissued an "overweight" rating and issued a $98.00 price target (down from $99.00) on shares of MetLife in a research note on Monday, July 14th. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $96.09.

MetLife Stock Down 2.6%

NYSE MET traded down $1.95 during mid-day trading on Friday, reaching $74.00. The stock had a trading volume of 4,383,218 shares, compared to its average volume of 3,390,154. The stock has a market cap of $49.68 billion, a PE ratio of 12.03, a price-to-earnings-growth ratio of 0.61 and a beta of 0.85. MetLife, Inc. has a 1 year low of $65.21 and a 1 year high of $89.05. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.16 and a quick ratio of 0.16. The company has a fifty day moving average price of $78.46 and a 200 day moving average price of $79.55.

MetLife (NYSE:MET - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.00 by ($0.04). The business had revenue of $18.57 billion during the quarter, compared to the consensus estimate of $18.06 billion. MetLife had a net margin of 6.08% and a return on equity of 20.89%. The business's revenue was up 15.6% compared to the same quarter last year. During the same period last year, the company posted $1.83 earnings per share. On average, research analysts expect that MetLife, Inc. will post 9.65 earnings per share for the current year.

MetLife Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 9th. Investors of record on Tuesday, August 5th will be given a $0.5675 dividend. The ex-dividend date of this dividend is Tuesday, August 5th. This represents a $2.27 annualized dividend and a yield of 3.1%. MetLife's dividend payout ratio is 36.91%.

MetLife declared that its board has authorized a stock repurchase plan on Wednesday, April 30th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 5.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board of directors believes its shares are undervalued.

About MetLife

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.