GPS Wealth Strategies Group LLC acquired a new position in shares of MetLife, Inc. (NYSE:MET – Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm acquired 1,499 shares of the financial services provider’s stock, valued at approximately $87,000.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Synovus Financial Corp grew its position in MetLife by 11.4% in the 1st quarter. Synovus Financial Corp now owns 17,847 shares of the financial services provider’s stock valued at $1,260,000 after buying an additional 1,829 shares during the last quarter. Brighton Jones LLC acquired a new position in shares of MetLife during the first quarter worth about $225,000. Baird Financial Group Inc. raised its holdings in MetLife by 179.7% during the first quarter. Baird Financial Group Inc. now owns 540,081 shares of the financial services provider’s stock worth $37,957,000 after purchasing an additional 346,999 shares in the last quarter. Zions Bancorporation N.A. boosted its holdings in MetLife by 937.3% in the 1st quarter. Zions Bancorporation N.A. now owns 5,861 shares of the financial services provider’s stock valued at $412,000 after purchasing an additional 5,296 shares in the last quarter. Finally, Brown Brothers Harriman & Co. increased its position in MetLife by 114.5% during the 1st quarter. Brown Brothers Harriman & Co. now owns 3,419 shares of the financial services provider’s stock worth $240,000 after purchasing an additional 1,825 shares during the period. 87.83% of the stock is currently owned by hedge funds and other institutional investors.
MetLife Stock Performance
Shares of MET stock opened at $56.53 on Friday. MetLife, Inc. has a one year low of $48.95 and a one year high of $77.36. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.13 and a current ratio of 0.13. The company has a 50 day moving average price of $54.18 and a 200 day moving average price of $62.63. The firm has a market capitalization of $43.29 billion, a price-to-earnings ratio of 25.46, a price-to-earnings-growth ratio of 0.63 and a beta of 1.07.
MetLife Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, June 14th. Stockholders of record on Tuesday, May 9th were paid a $0.52 dividend. The ex-dividend date of this dividend was Monday, May 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.68%. This is a positive change from MetLife’s previous quarterly dividend of $0.50. MetLife’s dividend payout ratio (DPR) is 93.69%.
MetLife declared that its Board of Directors has approved a share repurchase program on Wednesday, May 3rd that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 7.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
Analysts Set New Price Targets
A number of research analysts recently weighed in on MET shares. StockNews.com assumed coverage on MetLife in a report on Thursday, May 18th. They set a “hold” rating on the stock. Wells Fargo & Company increased their price target on shares of MetLife from $72.00 to $75.00 in a research report on Friday, May 26th. Barclays cut their price objective on MetLife from $83.00 to $79.00 and set an “overweight” rating for the company in a research report on Wednesday, April 12th. TheStreet downgraded MetLife from a “b-” rating to a “c+” rating in a research report on Wednesday, May 24th. Finally, Royal Bank of Canada decreased their price objective on MetLife from $68.00 to $65.00 in a research note on Friday, May 26th. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $76.55.
MetLife Company Profile
MetLife, Inc, a financial services company, provides insurance, annuities, employee benefits, and asset management services worldwide. 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, 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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