Redwood Investment Management LLC Buys Shares of 13,813 MetLife, Inc. $MET

Key Points

• Redwood Investment Management initiated a position in MetLife by purchasing 13,813 shares valued at approximately $1.17 million. Institutional investors and hedge funds collectively own 94.99% of the company.
• Analysts remain broadly bullish, with MetLife receiving an average “Buy” rating and an average price target of $102.21; Morgan Stanley recently raised its target to $111.
• MetLife reported quarterly earnings of $2.43 per share, exceeding expectations, and announced a quarterly dividend of $0.5925 per share alongside a $3 billion share-repurchase authorization.

Redwood Investment Management LLC purchased a new position in MetLife, Inc. (NYSE:MET - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 13,813 shares of the financial services provider's stock, valued at approximately $1,169,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Mowery & Schoenfeld Wealth Management LLC purchased a new position in shares of MetLife in the second quarter worth about $26,000. Activest Wealth Management grew its stake in MetLife by 205.8% during the 4th quarter. Activest Wealth Management now owns 315 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 212 shares in the last quarter. Burk Holdings LLC purchased a new stake in MetLife during the 2nd quarter valued at about $27,000. Garton & Associates Financial Advisors LLC acquired a new stake in MetLife in the 4th quarter valued at about $30,000. Finally, Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in MetLife in the 4th quarter worth approximately $31,000. 94.99% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. UBS Group upped their price target on MetLife from $102.00 to $105.00 and gave the company a "buy" rating in a research report on Wednesday, July 8th. Weiss Ratings raised MetLife from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, June 15th. Mizuho lifted their price target on MetLife from $95.00 to $102.00 and gave the stock an "outperform" rating in a report on Thursday, July 9th. Wall Street Zen raised shares of MetLife from a "hold" rating to a "buy" rating in a research report on Saturday, August 22nd. Finally, Morgan Stanley raised their price objective on shares of MetLife from $103.00 to $111.00 and gave the stock an "overweight" rating in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $102.21.

MetLife Stock Up 0.8%

Shares of MET opened at $96.62 on Thursday. The company's 50-day moving average price is $92.96 and its 200 day moving average price is $82.60. MetLife, Inc. has a 12-month low of $67.33 and a 12-month high of $100.93. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 0.52. The firm has a market cap of $62.17 billion, a P/E ratio of 18.51, a price-to-earnings-growth ratio of 0.74 and a beta of 0.78.

MetLife (NYSE:MET - Get Free Report) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $2.43 earnings per share for the quarter, topping the consensus estimate of $2.30 by $0.13. MetLife had a net margin of 4.57% and a return on equity of 23.39%. The company had revenue of $13.52 billion during the quarter, compared to analyst estimates of $19.67 billion. During the same quarter last year, the firm posted $2.02 earnings per share. MetLife's revenue was up 10.5% compared to the same quarter last year. On average, sell-side analysts forecast that MetLife, Inc. will post 9.73 earnings per share for the current year.

MetLife Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Tuesday, August 4th will be issued a $0.5925 dividend. This represents a $2.37 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Tuesday, August 4th. MetLife's dividend payout ratio is currently 45.40%.

MetLife announced that its Board of Directors has initiated a share repurchase plan on Wednesday, August 5th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

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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