Pzena Investment Management LLC Decreases Stock Holdings in MetLife, Inc. (NYSE:MET)

Pzena Investment Management LLC cut its stake in shares of MetLife, Inc. (NYSE:MET - Free Report) by 2.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,558,964 shares of the financial services provider's stock after selling 244,707 shares during the quarter. MetLife comprises approximately 2.4% of Pzena Investment Management LLC's portfolio, making the stock its 18th biggest position. Pzena Investment Management LLC owned approximately 1.26% of MetLife worth $687,199,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Commerzbank Aktiengesellschaft FI increased its holdings in shares of MetLife by 7.0% during the first quarter. Commerzbank Aktiengesellschaft FI now owns 55,362 shares of the financial services provider's stock valued at $4,446,000 after acquiring an additional 3,619 shares in the last quarter. Bailard Inc. increased its holdings in MetLife by 97.2% in the 1st quarter. Bailard Inc. now owns 8,121 shares of the financial services provider's stock worth $652,000 after buying an additional 4,002 shares in the last quarter. Woodward Diversified Capital LLC increased its holdings in MetLife by 7.1% in the 1st quarter. Woodward Diversified Capital LLC now owns 7,003 shares of the financial services provider's stock worth $562,000 after buying an additional 467 shares in the last quarter. Graypoint LLC increased its holdings in MetLife by 90.4% in the 1st quarter. Graypoint LLC now owns 9,206 shares of the financial services provider's stock worth $739,000 after buying an additional 4,372 shares in the last quarter. Finally, Ascent Wealth Partners LLC increased its holdings in MetLife by 1.2% in the 1st quarter. Ascent Wealth Partners LLC now owns 25,692 shares of the financial services provider's stock worth $2,063,000 after buying an additional 310 shares in the last quarter. 94.99% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on MET shares. Morgan Stanley reiterated an "overweight" rating and issued a $98.00 price objective (down from $99.00) on shares of MetLife in a report on Monday. Wells Fargo & Company reiterated an "overweight" rating and issued a $97.00 price objective (up from $94.00) on shares of MetLife in a report on Thursday, July 10th. JPMorgan Chase & Co. boosted their price target on MetLife from $86.00 to $95.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Wall Street Zen downgraded MetLife from a "buy" rating to a "hold" rating in a research note on Saturday, May 24th. Finally, Piper Sandler boosted their price target on MetLife from $92.00 to $94.00 and gave the company an "overweight" rating in a research note on Wednesday, April 2nd. Two equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $95.50.

MetLife Price Performance

NYSE MET traded down $0.15 during trading hours on Friday, reaching $77.18. The company's stock had a trading volume of 2,065,460 shares, compared to its average volume of 3,347,644. The firm's 50-day moving average price is $78.97 and its 200-day moving average price is $79.88. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.55. MetLife, Inc. has a 1 year low of $65.21 and a 1 year high of $89.05. The company has a market capitalization of $51.81 billion, a price-to-earnings ratio of 12.55, a PEG ratio of 0.62 and a beta of 0.85.

MetLife (NYSE:MET - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The financial services provider reported $1.96 EPS for the quarter, missing analysts' consensus estimates of $2.00 by ($0.04). MetLife had a return on equity of 20.89% and a net margin of 6.08%. The business had revenue of $18.57 billion during the quarter, compared to analysts' expectations of $18.06 billion. During the same period in the prior year, the firm posted $1.83 earnings per share. The firm's revenue for the quarter was up 15.6% on a year-over-year basis. On average, equities research analysts predict 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 will be paid on Tuesday, September 9th. Investors of record on Tuesday, August 5th will be issued a $0.5675 dividend. The ex-dividend date is Tuesday, August 5th. This represents a $2.27 dividend on an annualized basis and a yield of 2.94%. MetLife's dividend payout ratio is presently 36.91%.

MetLife announced that its Board of Directors has initiated a stock buyback program 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 programs are generally a sign that the company's board of directors believes its shares are undervalued.

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.