State of Michigan Retirement System Has $12.35 Million Stake in MetLife, Inc. (NYSE:MET)

State of Michigan Retirement System decreased its stake in shares of MetLife, Inc. (NYSE:MET) by 3.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 175,956 shares of the financial services provider’s stock after selling 6,000 shares during the period. State of Michigan Retirement System’s holdings in MetLife were worth $12,350,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of MET. GoalVest Advisory LLC lifted its holdings in MetLife by 73.3% in the first quarter. GoalVest Advisory LLC now owns 390 shares of the financial services provider’s stock valued at $29,000 after buying an additional 165 shares during the period. Bank & Trust Co acquired a new position in MetLife during the second quarter valued at approximately $39,000. Rise Advisors LLC increased its stake in MetLife by 114.7% in the first quarter. Rise Advisors LLC now owns 556 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 297 shares in the last quarter. Financial Synergies Wealth Advisors Inc. raised its holdings in MetLife by 4,107.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 589 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 575 shares during the period. Finally, Pineridge Advisors LLC bought a new position in shares of MetLife during the fourth quarter worth $39,000. Institutional investors own 89.81% of the company’s stock.

MetLife Trading Up 0.5 %

MET opened at $74.74 on Tuesday. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.16 and a quick ratio of 0.16. MetLife, Inc. has a fifty-two week low of $57.91 and a fifty-two week high of $79.34. The company’s 50 day moving average price is $72.31 and its two-hundred day moving average price is $71.60. The firm has a market capitalization of $53.15 billion, a price-to-earnings ratio of 25.68, a PEG ratio of 0.65 and a beta of 1.05.

MetLife (NYSE:MET) last announced its earnings results on Wednesday, July 31st. The financial services provider reported $2.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.13 by $0.15. The business had revenue of $17.82 billion during the quarter, compared to analyst estimates of $18.57 billion. MetLife had a return on equity of 21.41% and a net margin of 4.23%. MetLife’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period last year, the company earned $1.94 EPS. As a group, research analysts predict that MetLife, Inc. will post 8.62 earnings per share for the current year.

MetLife Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Tuesday, August 6th will be given a dividend of $0.545 per share. This represents a $2.18 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date is Tuesday, August 6th. MetLife’s dividend payout ratio is presently 74.91%.

MetLife declared that its Board of Directors has authorized a share repurchase program on Wednesday, May 1st that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

Several analysts recently commented on MET shares. Piper Sandler reduced their target price on MetLife from $85.00 to $82.00 and set an “overweight” rating on the stock in a report on Monday, May 6th. Argus raised their target price on shares of MetLife from $77.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, May 22nd. JPMorgan Chase & Co. upped their price target on shares of MetLife from $81.00 to $86.00 and gave the company an “overweight” rating in a report on Tuesday, July 2nd. Wells Fargo & Company raised their price objective on shares of MetLife from $85.00 to $86.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Finally, Morgan Stanley lowered their target price on MetLife from $86.00 to $85.00 and set an “overweight” rating for the company in a report on Monday, August 19th. One analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $83.00.

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.