Truist Financial Corp Lowers Position in MetLife, Inc. $MET

Key Points

• Truist Financial Corp has reduced its stake in MetLife, Inc. by 3.5%, now owning 607,063 shares worth approximately $48.82 million.
• MetLife reported a missed earnings forecast in its latest quarterly results, with earnings per share of $2.02 compared to the expected $2.32, and revenue of $17.34 billion against analysts' predictions of $18.58 billion.
• The company announced a quarterly dividend of $0.5675, translating to an annualized yield of 2.8% with a payout ratio of 38.47%.

Truist Financial Corp cut its stake in MetLife, Inc. (NYSE:MET - Free Report) by 3.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 607,063 shares of the financial services provider's stock after selling 21,988 shares during the period. Truist Financial Corp owned 0.09% of MetLife worth $48,820,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of MET. North Capital Inc. purchased a new stake in MetLife in the first quarter worth about $26,000. Motco lifted its holdings in MetLife by 105.5% in 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 period. Abound Wealth Management lifted its holdings in MetLife by 652.3% in 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 period. Legend Financial Advisors Inc. purchased a new stake in MetLife in the second quarter worth about $40,000. Finally, WPG Advisers LLC purchased a new position in shares of MetLife during the first quarter valued at approximately $46,000. 94.99% of the stock is currently owned by hedge funds and other institutional investors.

MetLife Price Performance

Shares of NYSE MET opened at $81.34 on Friday. MetLife, Inc. has a twelve month low of $65.21 and a twelve month high of $89.05. The firm has a market cap of $54.09 billion, a P/E ratio of 13.79, a PEG ratio of 0.74 and a beta of 0.86. The company has a 50 day moving average of $79.03 and a 200 day moving average of $78.20. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.57.

MetLife (NYSE:MET - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $2.02 earnings per share 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 during the quarter, compared to analysts' expectations of $18.58 billion. During the same quarter in the previous year, the firm earned $2.28 earnings per share. MetLife's revenue was down 2.7% on a year-over-year basis. As a group, research analysts expect that MetLife, Inc. will post 9.65 EPS for the current fiscal year.

MetLife Announces Dividend

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

Analysts Set New Price Targets

MET has been the subject of several recent research reports. Cowen reiterated a "buy" rating on shares of MetLife in a report on Friday, August 22nd. Jefferies Financial Group lifted their target price on shares of MetLife from $100.00 to $103.00 and gave the company a "buy" rating in a report on Monday, August 11th. Keefe, Bruyette & Woods lowered their target price on shares of MetLife from $94.00 to $92.00 and set an "outperform" rating for the company in a report on Monday, August 11th. Barclays lifted their target price on shares of MetLife from $88.00 to $94.00 and gave the company an "overweight" rating in a report on Monday, July 7th. Finally, JPMorgan Chase & Co. lifted their target price on shares of MetLife from $86.00 to $95.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $94.64.

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.

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