Cornerstone Wealth Management LLC bought a new position in Metlife Inc (NYSE:MET) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 123,679 shares of the financial services provider’s stock, valued at approximately $2,838,000.
Other institutional investors have also recently made changes to their positions in the company. Mount Yale Investment Advisors LLC acquired a new stake in shares of Metlife in the 1st quarter worth $108,000. FNY Investment Advisers LLC acquired a new stake in shares of Metlife in the 2nd quarter worth $112,000. Adviser Investments LLC purchased a new position in shares of Metlife during the 1st quarter worth $129,000. Private Capital Group LLC grew its holdings in shares of Metlife by 10,971.4% during the 1st quarter. Private Capital Group LLC now owns 3,100 shares of the financial services provider’s stock worth $142,000 after purchasing an additional 3,072 shares during the period. Finally, Jacobi Capital Management LLC grew its holdings in shares of Metlife by 70.3% during the 1st quarter. Jacobi Capital Management LLC now owns 3,546 shares of the financial services provider’s stock worth $160,000 after purchasing an additional 1,464 shares during the period. Institutional investors and hedge funds own 77.02% of the company’s stock.
MET opened at $44.65 on Friday. Metlife Inc has a one year low of $43.09 and a one year high of $55.91. The firm has a market cap of $45.88 billion, a price-to-earnings ratio of 9.49, a PEG ratio of 0.70 and a beta of 1.23. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.29.
Metlife announced that its Board of Directors has authorized a stock buyback program on Tuesday, May 22nd that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 3.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 13th. Shareholders of record on Monday, August 6th will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, August 3rd. This represents a $1.68 annualized dividend and a yield of 3.76%. Metlife’s dividend payout ratio is presently 37.33%.
A number of equities analysts have recently weighed in on the company. Zacks Investment Research cut Metlife from a “buy” rating to a “hold” rating in a report on Thursday. Sandler O’Neill restated a “hold” rating and set a $50.00 target price on shares of Metlife in a report on Thursday, August 2nd. B. Riley decreased their price objective on Metlife from $58.00 to $50.00 and set a “neutral” rating for the company in a research note on Monday, July 16th. Morgan Stanley decreased their price objective on Metlife from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 11th. Finally, Barclays cut their target price on Metlife from $60.00 to $57.00 and set an “overweight” rating on the stock in a research report on Monday, July 9th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $55.07.
MetLife, Inc engages in the insurance, annuities, employee benefits, and asset management businesses. It operates through five segments: U.S.; 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, accidental death and dismemberment, vision, and accident and health coverages, as well as prepaid legal plans; administrative services-only arrangements to employers; and stable value products, including general and separate account guaranteed interest contracts, and private floating rate funding agreements.
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