Sumitomo Mitsui Trust Group Inc. Sells 89,676 Shares of MetLife, Inc. $MET

Sumitomo Mitsui Trust Group Inc. cut its stake in MetLife, Inc. (NYSE:MET) by 7.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,154,106 shares of the financial services provider’s stock after selling 89,676 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.18% of MetLife worth $108,671,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Mowery & Schoenfeld Wealth Management LLC acquired a new position in MetLife during the second quarter worth $26,000. Burk Holdings LLC bought a new position in shares of MetLife during the second quarter valued at $27,000. Nvwm LLC boosted its stake in shares of MetLife by 655.3% in the 3rd quarter. Nvwm LLC now owns 287 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 249 shares in the last quarter. Highland Investment Advisors LLC acquired a new stake in shares of MetLife in the 2nd quarter valued at $30,000. Finally, Elevation Wealth Partners LLC boosted its stake in shares of MetLife by 123.5% in the 3rd quarter. Elevation Wealth Partners LLC now owns 362 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 200 shares in the last quarter. Institutional investors own 94.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MET. Barclays upped their target price on shares of MetLife from $97.00 to $111.00 and gave the stock an “overweight” rating in a report on Wednesday, October 7th. JPMorgan Chase & Co. lifted their price target on shares of MetLife from $108.00 to $110.00 and gave the company an “overweight” rating in a report on Thursday, October 15th. Piper Sandler upgraded shares of MetLife from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $99.00 to $110.00 in a research report on Tuesday, September 22nd. Atlantic Securities set a $103.00 price objective on shares of MetLife in a research note on Wednesday, July 15th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of MetLife in a report on Friday, September 11th. Thirteen investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $105.44.

MetLife Price Performance

MetLife stock opened at $100.92 on Tuesday. The business’s fifty day moving average is $97.82 and its two-hundred day moving average is $85.80. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.20 and a current ratio of 0.20. The firm has a market cap of $64.94 billion, a P/E ratio of 19.33, a P/E/G ratio of 0.94 and a beta of 0.78. MetLife, Inc. has a 52 week low of $67.33 and a 52 week high of $103.65.

MetLife (NYSE:MET) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $2.43 earnings per share for the quarter, beating analysts’ consensus estimates of $2.30 by $0.13. MetLife had a return on equity of 23.39% and a net margin of 4.57%. The company had revenue of $13.52 billion during the quarter, compared to analyst estimates of $19.67 billion. During the same period last year, the company posted $2.02 earnings per share. The firm’s quarterly revenue was up 10.5% compared to the same quarter last year. Equities research analysts forecast that MetLife, Inc. will post 9.94 earnings per share for the current fiscal year.

MetLife declared that its Board of Directors has authorized a share buyback program on Wednesday, August 5th that authorizes the company to repurchase $3 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Share repurchase programs are often an indication that the company’s management believes its stock is undervalued.

MetLife Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 8th. Shareholders of record on Tuesday, November 3rd will be issued a dividend of $0.5925 per share. The ex-dividend date of this dividend is Tuesday, November 3rd. This represents a $2.37 dividend on an annualized basis and a yield of 2.3%. MetLife’s dividend payout ratio is currently 45.40%.

MetLife Company Profile

MetLife, Inc (NYSE: MET) is a global financial services company that provides insurance, retirement, and employee benefits solutions to individuals, employers, and institutions. Its offerings include life insurance, dental and vision coverage, accident and disability insurance, annuities, retirement savings products, and related financial services.

Through its institutional and workplace businesses, MetLife helps employers provide benefits and retirement programs to their employees. The company also serves individual customers with protection and income products.