Jennison Associates LLC Sells 506,427 Shares of MetLife, Inc. $MET

Jennison Associates LLC decreased its holdings in shares of MetLife, Inc. (NYSE:MET) by 16.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,596,458 shares of the financial services provider’s stock after selling 506,427 shares during the quarter. Jennison Associates LLC’s holdings in MetLife were worth $183,622,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of MET. Activest Wealth Management boosted its position in shares of MetLife by 205.8% in the fourth quarter. Activest Wealth Management now owns 315 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 212 shares during the period. Sound Income Strategies LLC increased its position in MetLife by 58.9% during the fourth quarter. Sound Income Strategies LLC now owns 383 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 142 shares during the period. Garton & Associates Financial Advisors LLC acquired a new position in MetLife during the 4th quarter valued at $30,000. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in MetLife in the 4th quarter valued at $31,000. Finally, Prosperity Bancshares Inc bought a new stake in MetLife in the 4th quarter valued at $31,000. 94.99% of the stock is currently owned by institutional investors and hedge funds.

MetLife News Roundup

Here are the key news stories impacting MetLife this week:

• Positive Sentiment: MetLife Stadium is hosting the World Cup final, which keeps the venue in the global spotlight and may highlight the company’s high-profile asset and brand visibility. FIFA insists MetLife Stadium’s pitch is ready for the World Cup final despite criticism
• Positive Sentiment: Heavy media coverage around ticket sales, fan guides, food and drink pricing, and kickoff details suggests strong interest and traffic around the event at MetLife Stadium. How to buy tickets to see Spain in World Cup Final at MetLife
• Neutral Sentiment: News about weather, heat, storms, air quality, and wildfire smoke could affect the event experience, but it does not directly change MetLife’s earnings outlook. World Cup final could be shaped by heat, storms and air quality at MetLife Stadium
• Neutral Sentiment: FIFA’s criticism of the pitch and the “money grab” controversy may create headline risk for the venue, but the impact on MetLife’s stock is likely limited unless the issue affects operations or reputation more broadly. NJ governor slams FIFA’s money grab over sales of MetLife World Cup pitch
• Negative Sentiment: Ongoing criticism about the field quality and pitch conditions at MetLife Stadium could dent the venue’s reputation, even though it is unlikely to materially affect MetLife’s insurance business. The MetLife trap: the controversial pitch threatening the final | OneFootball

MetLife Price Performance

NYSE:MET opened at $93.99 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.20 and a current ratio of 0.20. The company has a 50-day moving average of $85.80 and a 200-day moving average of $79.07. MetLife, Inc. has a 52 week low of $67.33 and a 52 week high of $94.86. The company has a market capitalization of $60.48 billion, a price-to-earnings ratio of 18.21, a PEG ratio of 0.72 and a beta of 0.78.

MetLife (NYSE:MET) last posted its earnings results on Wednesday, May 6th. The financial services provider reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $2.27 by $0.15. MetLife had a net margin of 4.66% and a return on equity of 22.60%. The business had revenue of $14.18 billion for the quarter, compared to analysts’ expectations of $19.49 billion. During the same quarter in the previous year, the firm posted $1.96 earnings per share. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. As a group, equities research analysts anticipate that MetLife, Inc. will post 9.94 earnings per share for the current fiscal year.

MetLife Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Tuesday, August 4th will be paid a $0.5925 dividend. This represents a $2.37 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Tuesday, August 4th. MetLife’s dividend payout ratio is currently 45.93%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Mizuho boosted their price objective on shares of MetLife from $95.00 to $102.00 and gave the stock an “outperform” rating in a report on Thursday, July 9th. Wells Fargo & Company increased their target price on shares of MetLife from $95.00 to $101.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. JPMorgan Chase & Co. lifted their target price on MetLife from $95.00 to $96.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 12th. Piper Sandler boosted their price target on MetLife from $86.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, June 24th. Finally, Evercore set a $96.00 price target on MetLife in a report on Thursday, April 9th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $98.57.

About MetLife

MetLife, Inc is a global provider of insurance, annuities and employee benefit programs. Headquartered in New York City, the company offers a range of risk protection and retirement solutions to individuals, employers and institutional clients. Its core businesses include life insurance, group benefits, retirement products such as annuities, and supplemental health products including dental and disability coverage.

In addition to traditional life and group insurance, MetLife provides workplace benefits and voluntary products distributed through employer-sponsored programs.