Canada Pension Plan Investment Board Makes New $68.86 Million Investment in MetLife, Inc. $MET

Canada Pension Plan Investment Board bought a new stake in MetLife, Inc. (NYSE:MET) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 813,865 shares of the financial services provider’s stock, valued at approximately $68,861,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Mowery & Schoenfeld Wealth Management LLC bought a new stake in MetLife during the second quarter worth $26,000. Activest Wealth Management raised its stake in shares of MetLife by 205.8% during the 4th quarter. Activest Wealth Management now owns 315 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 212 shares during the period. Burk Holdings LLC purchased a new position in shares of MetLife in the 2nd quarter worth about $27,000. Garton & Associates Financial Advisors LLC bought a new position in MetLife during the fourth quarter valued at about $30,000. Finally, Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in MetLife during the fourth quarter valued at about $31,000. 94.99% of the stock is owned by hedge funds and other institutional investors.

MetLife Trading Down 0.3%

Shares of MetLife stock opened at $96.21 on Friday. The stock has a market capitalization of $61.90 billion, a P/E ratio of 18.43, a P/E/G ratio of 0.74 and a beta of 0.78. MetLife, Inc. has a 52-week low of $67.33 and a 52-week high of $100.93. 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 stock’s 50-day simple moving average is $93.17 and its 200 day simple moving average is $82.74.

MetLife (NYSE:MET) last issued its earnings results on Wednesday, August 5th. The financial services provider reported $2.43 earnings per share for the quarter, topping analysts’ consensus estimates of $2.30 by $0.13. The firm had revenue of $13.52 billion during the quarter, compared to analyst estimates of $19.67 billion. MetLife had a net margin of 4.57% and a return on equity of 23.39%. The company’s quarterly revenue was up 10.5% on a year-over-year basis. During the same quarter last year, the business earned $2.02 earnings per share. As a group, research analysts anticipate that MetLife, Inc. will post 9.73 EPS for the current year.

MetLife announced that its board has initiated a stock repurchase program on Wednesday, August 5th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

MetLife Dividend Announcement

The firm also recently declared 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 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Tuesday, August 4th. MetLife’s dividend payout ratio is presently 45.40%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MET. UBS Group boosted their target price on shares of MetLife from $102.00 to $105.00 and gave the company a “buy” rating in a research note on Wednesday, July 8th. Wall Street Zen upgraded shares of MetLife from a “hold” rating to a “buy” rating in a research note on Saturday, August 22nd. JPMorgan Chase & Co. lifted their price target on shares of MetLife from $106.00 to $108.00 and gave the stock an “overweight” rating in a report on Tuesday, August 11th. Atlantic Securities set a $103.00 price objective on MetLife in a research note on Wednesday, July 15th. Finally, Weiss Ratings raised MetLife from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, MetLife has a consensus rating of “Buy” and an average target price of $102.21.

MetLife 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.