MCF Advisors LLC raised its stake in MetLife, Inc. (NYSE:MET) by 97.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,060 shares of the financial services provider’s stock after purchasing an additional 1,509 shares during the quarter. MCF Advisors LLC’s holdings in MetLife were worth $183,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Mid Atlantic Financial Management Inc. ADV boosted its stake in shares of MetLife by 1.6% in the second quarter. Mid Atlantic Financial Management Inc. ADV now owns 10,836 shares of the financial services provider’s stock valued at $649,000 after buying an additional 169 shares in the last quarter. Sandy Spring Bank boosted its stake in shares of MetLife by 49.7% in the second quarter. Sandy Spring Bank now owns 536 shares of the financial services provider’s stock valued at $32,000 after buying an additional 178 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of MetLife by 1.7% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 10,969 shares of the financial services provider’s stock valued at $656,000 after buying an additional 185 shares in the last quarter. Kaizen Financial Strategies boosted its stake in shares of MetLife by 1.6% in the first quarter. Kaizen Financial Strategies now owns 12,182 shares of the financial services provider’s stock valued at $741,000 after buying an additional 191 shares in the last quarter. Finally, Jacobi Capital Management LLC boosted its stake in shares of MetLife by 2.2% in the first quarter. Jacobi Capital Management LLC now owns 8,994 shares of the financial services provider’s stock valued at $547,000 after buying an additional 196 shares in the last quarter. Institutional investors own 74.60% of the company’s stock.
MET has been the topic of a number of analyst reports. Morgan Stanley lifted their price target on MetLife from $73.00 to $74.00 and gave the company an “overweight” rating in a research note on Thursday, August 5th. Zacks Investment Research raised MetLife from a “hold” rating to a “buy” rating and set a $66.00 price objective for the company in a report on Tuesday, June 15th. lifted their price objective on MetLife from $69.00 to $70.00 and gave the stock a “buy” rating in a report on Monday, June 21st. Finally, TheStreet raised MetLife from a “c+” rating to a “b” rating in a report on Wednesday, August 4th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $64.92.
MetLife (NYSE:MET) last posted its quarterly earnings results on Wednesday, August 4th. The financial services provider reported $2.37 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.61 by $0.76. MetLife had a return on equity of 10.78% and a net margin of 6.61%. The firm had revenue of $18.52 billion during the quarter, compared to the consensus estimate of $15.84 billion. During the same quarter in the previous year, the business earned $0.83 earnings per share. The firm’s quarterly revenue was up 33.8% compared to the same quarter last year. As a group, equities analysts predict that MetLife, Inc. will post 7.98 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 14th. Shareholders of record on Tuesday, August 10th were given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date was Monday, August 9th. MetLife’s dividend payout ratio (DPR) is presently 31.17%.
MetLife announced that its Board of Directors has authorized a stock buyback program on Wednesday, August 4th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 6% 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.
MetLife Company Profile
MetLife, Inc provides insurance and financial services to individual and institutional customers. It offers life insurance, annuities, automobile and homeowner’s insurance and retail banking services to individuals as well as group insurance, reinsurance and retirement and savings products and services.
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