Performance Wealth Partners LLC Invests $605,000 in MetLife, Inc. $MET

Performance Wealth Partners LLC purchased a new position in MetLife, Inc. (NYSE:MET) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 7,151 shares of the financial services provider’s stock, valued at approximately $605,000.

Several other large investors also recently added to or reduced their stakes in the stock. Deutsche Bank AG purchased a new position in shares of MetLife during the second quarter worth approximately $220,206,000. Perigon Wealth Management LLC purchased a new stake in shares of MetLife in the second quarter valued at approximately $829,000. Trust Co. of Vermont bought a new position in MetLife in the second quarter worth approximately $242,000. Principle Wealth Partners LLC purchased a new position in MetLife during the 2nd quarter worth $426,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in MetLife during the 2nd quarter worth $111,960,000. 94.99% of the stock is owned by hedge funds and other institutional investors.

MetLife Trading Down 1.0%

Shares of NYSE MET opened at $96.73 on Tuesday. MetLife, Inc. has a 1-year low of $67.33 and a 1-year high of $100.93. The business has a fifty day moving average price of $91.77 and a 200 day moving average price of $81.72. The stock has a market capitalization of $62.24 billion, a P/E ratio of 18.53, a price-to-earnings-growth ratio of 0.75 and a beta of 0.78. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.20 and a quick ratio of 0.20.

MetLife (NYSE:MET) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $2.43 EPS for the quarter, topping analysts’ consensus estimates of $2.30 by $0.13. The business had revenue of $13.52 billion during the quarter, compared to the consensus estimate of $19.67 billion. MetLife had a net margin of 4.57% and a return on equity of 23.39%. The firm’s revenue was up 10.5% on a year-over-year basis. During the same period in the previous year, the company posted $2.02 earnings per share. Equities research analysts expect that MetLife, Inc. will post 9.7 EPS for the current fiscal year.

MetLife Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Tuesday, August 4th will be paid a dividend of $0.5925 per share. This represents a $2.37 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Tuesday, August 4th. MetLife’s payout ratio is 45.40%.

MetLife announced that its Board of Directors has approved a stock repurchase plan on Wednesday, August 5th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MET. Weiss Ratings upgraded MetLife from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 15th. Barclays lifted their price objective on MetLife from $94.00 to $97.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. UBS Group upped their price objective on shares of MetLife from $102.00 to $105.00 and gave the stock a “buy” rating in a research note on Wednesday, July 8th. Mizuho raised their target price on shares of MetLife from $95.00 to $102.00 and gave the company an “outperform” rating in a research report on Thursday, July 9th. Finally, Wells Fargo & Company boosted their price target on shares of MetLife from $95.00 to $101.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, MetLife presently has a consensus rating of “Moderate Buy” and an average target price of $101.07.

MetLife Company Profile

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.