HighTower Advisors LLC Has $12.81 Million Holdings in MetLife, Inc. $MET

HighTower Advisors LLC cut its holdings in shares of MetLife, Inc. (NYSE:MET) by 6.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 151,398 shares of the financial services provider’s stock after selling 10,235 shares during the period. HighTower Advisors LLC’s holdings in MetLife were worth $12,810,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of MET. Mowery & Schoenfeld Wealth Management LLC acquired a new position in MetLife in the second quarter worth $26,000. Burk Holdings LLC acquired a new stake in shares of MetLife in the second quarter valued at $27,000. Highland Investment Advisors LLC acquired a new stake in shares of MetLife in the second quarter valued at $30,000. Garton & Associates Financial Advisors LLC bought a new position in shares of MetLife in the fourth quarter valued at about $30,000. Finally, Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in MetLife during the 4th quarter worth about $31,000. Institutional investors own 94.99% of the company’s stock.

MetLife Trading Up 0.3%

MET opened at $95.82 on Thursday. The firm has a 50 day simple moving average of $95.04 and a 200 day simple moving average of $83.91. MetLife, Inc. has a fifty-two week low of $67.33 and a fifty-two week high of $100.93. The company has a market cap of $61.65 billion, a price-to-earnings ratio of 18.36, a price-to-earnings-growth ratio of 0.91 and a beta of 0.77. 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 quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.30 by $0.13. MetLife had a net margin of 4.57% and a return on equity of 23.39%. The firm had revenue of $13.52 billion for the quarter, compared to analysts’ expectations of $19.67 billion. During the same period last year, the firm earned $2.02 earnings per share. The business’s revenue for the quarter was up 10.5% on a year-over-year basis. On average, sell-side analysts anticipate that MetLife, Inc. will post 9.78 earnings per share for the current year.

MetLife declared that its board has authorized a stock repurchase plan on Wednesday, August 5th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

MetLife Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 8th. Stockholders of record on Tuesday, August 4th were given a $0.5925 dividend. This represents a $2.37 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Tuesday, August 4th. MetLife’s dividend payout ratio (DPR) is currently 45.40%.

Wall Street Analyst Weigh In

MET has been the subject of several research reports. JPMorgan Chase & Co. raised their price objective on shares of MetLife from $106.00 to $108.00 and gave the company an “overweight” rating in a research report on Tuesday, August 11th. Wall Street Zen upgraded shares of MetLife from a “hold” rating to a “buy” rating in a research report on Saturday, August 22nd. Keefe, Bruyette & Woods increased their price target on shares of MetLife from $105.00 to $108.00 and gave the company an “outperform” rating in a research note on Tuesday, August 11th. Morgan Stanley raised their price target on shares of MetLife from $103.00 to $111.00 and gave the company an “overweight” rating in a report on Monday, August 24th. Finally, TD Cowen boosted their price objective on shares of MetLife from $87.00 to $105.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, MetLife currently has an average rating of “Buy” and a consensus price target of $102.21.

About MetLife

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

Through its employer-focused business, MetLife helps organizations provide benefits and financial protection to their employees. The company also offers group insurance, individual protection products and investment management services through MetLife Investment Management, which serves institutional investors and retirement plans.

Founded in 1868, MetLife serves customers in the United States and operates internationally across Latin America, Asia, Europe and the Middle East.