Summit Global Investments Sells 51,267 Shares of MetLife, Inc. (NYSE:MET)

Summit Global Investments lessened its stake in MetLife, Inc. (NYSE:MET - Free Report) by 58.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 35,987 shares of the financial services provider's stock after selling 51,267 shares during the period. Summit Global Investments' holdings in MetLife were worth $2,380,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Commonwealth Equity Services LLC lifted its position in shares of MetLife by 0.3% in the 3rd quarter. Commonwealth Equity Services LLC now owns 235,997 shares of the financial services provider's stock worth $14,847,000 after purchasing an additional 599 shares during the period. SVB Wealth LLC boosted its position in MetLife by 22.2% during the third quarter. SVB Wealth LLC now owns 10,310 shares of the financial services provider's stock valued at $649,000 after acquiring an additional 1,876 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in MetLife by 42.2% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 72,792 shares of the financial services provider's stock worth $4,579,000 after acquiring an additional 21,613 shares during the period. Dakota Wealth Management raised its position in shares of MetLife by 6.4% in the 3rd quarter. Dakota Wealth Management now owns 7,531 shares of the financial services provider's stock worth $474,000 after acquiring an additional 455 shares in the last quarter. Finally, Stonegate Investment Group LLC lifted its stake in shares of MetLife by 5.6% in the 3rd quarter. Stonegate Investment Group LLC now owns 6,470 shares of the financial services provider's stock valued at $407,000 after purchasing an additional 343 shares during the period. Institutional investors and hedge funds own 89.81% of the company's stock.

MetLife Stock Up 0.4 %

MetLife stock traded up $0.28 during trading on Friday, hitting $70.52. 2,881,314 shares of the company were exchanged, compared to its average volume of 3,564,621. The company has a market capitalization of $50.29 billion, a P/E ratio of 24.23, a PEG ratio of 0.54 and a beta of 1.03. The business's 50 day moving average is $71.64 and its 200 day moving average is $67.40. MetLife, Inc. has a 52 week low of $48.95 and a 52 week high of $74.68. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.53.

MetLife (NYSE:MET - Get Free Report) last posted its earnings results on Wednesday, May 1st. The financial services provider reported $1.83 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.83. MetLife had a net margin of 3.50% and a return on equity of 20.37%. The firm had revenue of $17.02 billion during the quarter, compared to analyst estimates of $17.73 billion. During the same quarter in the prior year, the business posted $1.52 EPS. The business's revenue was up 5.5% compared to the same quarter last year. Analysts predict that MetLife, Inc. will post 8.71 earnings per share for the current year.

MetLife Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 11th. Shareholders of record on Tuesday, May 7th will be given a dividend of $0.545 per share. The ex-dividend date of this dividend is Monday, May 6th. This represents a $2.18 annualized dividend and a dividend yield of 3.09%. This is a boost from MetLife's previous quarterly dividend of $0.52. MetLife's dividend payout ratio (DPR) is currently 71.48%.

MetLife declared that its Board of Directors has approved a share repurchase plan on Wednesday, May 1st that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 6% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

MET has been the subject of a number of research analyst reports. UBS Group lowered their target price on MetLife from $87.00 to $82.00 and set a "buy" rating for the company in a report on Monday, February 5th. Piper Sandler boosted their target price on shares of MetLife from $74.00 to $85.00 and gave the company an "overweight" rating in a research report on Friday, April 5th. Morgan Stanley raised their price target on shares of MetLife from $80.00 to $82.00 and gave the stock an "overweight" rating in a report on Monday, April 15th. The Goldman Sachs Group upgraded shares of MetLife from a "neutral" rating to a "buy" rating and upped their price objective for the company from $70.00 to $80.00 in a report on Monday, January 8th. Finally, Wells Fargo & Company boosted their target price on MetLife from $83.00 to $86.00 and gave the company an "overweight" rating in a research report on Thursday, April 11th. Two analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $79.23.

Insider Transactions at MetLife

In related news, insider Ramy Tadros sold 4,026 shares of MetLife stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $71.90, for a total transaction of $289,469.40. Following the sale, the insider now directly owns 146,981 shares in the company, valued at $10,567,933.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other MetLife news, insider Ramy Tadros sold 4,026 shares of MetLife stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $71.90, for a total value of $289,469.40. Following the sale, the insider now owns 146,981 shares of the company's stock, valued at $10,567,933.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Bill Pappas sold 27,000 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $72.27, for a total transaction of $1,951,290.00. Following the transaction, the executive vice president now directly owns 57,768 shares of the company's stock, valued at $4,174,893.36. The disclosure for this sale can be found here. Company insiders own 0.32% of the company's stock.

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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