First Citizens Bank & Trust Co. Makes New Investment in MetLife, Inc. $MET

First Citizens Bank & Trust Co. purchased a new position in shares of MetLife, Inc. (NYSE:MET) in the 3rd quarter, Holdings Channel reports. The firm purchased 12,689 shares of the financial services provider’s stock, valued at approximately $1,195,000.

A number of other institutional investors also recently made changes to their positions in MET. BlackRock Inc. purchased a new stake in shares of MetLife in the second quarter valued at $4,381,692,000. Pzena Investment Management LLC acquired a new stake in shares of MetLife during the second quarter valued at $941,792,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in MetLife by 5.9% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,026,518 shares of the financial services provider’s stock worth $509,904,000 after purchasing an additional 336,794 shares in the last quarter. Bank of America Corp DE purchased a new stake in MetLife during the 2nd quarter worth about $455,424,000. Finally, Legal & General Group Plc purchased a new stake in MetLife during the 2nd quarter worth about $326,904,000. 94.99% of the stock is owned by institutional investors and hedge funds.

MetLife Trading Up 0.6%

Shares of MetLife stock opened at $100.27 on Friday. MetLife, Inc. has a fifty-two week low of $67.33 and a fifty-two week high of $101.44. The firm has a market cap of $64.52 billion, a PE ratio of 10.21, a P/E/G ratio of 0.94 and a beta of 0.78. The business’s fifty day moving average is $96.81 and its two-hundred day moving average is $88.65. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 0.52.

MetLife (NYSE:MET) last posted its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.30 by $0.13. The business had revenue of $13.52 billion for the quarter, compared to analysts’ expectations of $19.67 billion. MetLife had a return on equity of 23.39% and a net margin of 4.57%. The business’s revenue was up 10.5% on a year-over-year basis. During the same quarter last year, the firm earned $2.02 earnings per share. Analysts anticipate that MetLife, Inc. will post 9.90 earnings per share for the current year.

MetLife announced that its Board of Directors has initiated a share repurchase program on Wednesday, August 5th that allows the company to buy back $3.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 4.8% of its stock through open market purchases. Share repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

MetLife Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 8th. Investors of record on Tuesday, November 3rd will be given a dividend of $0.5925 per share. The ex-dividend date is Tuesday, November 3rd. This represents a $2.37 annualized dividend and a yield of 2.4%. MetLife’s dividend payout ratio is 45.40%.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. UBS Group boosted their target price on shares of MetLife from $105.00 to $110.00 and gave the company a “buy” rating in a research note on Tuesday, October 6th. Argus raised their price target on shares of MetLife from $93.00 to $109.00 and gave the stock a “buy” rating in a research note on Wednesday, September 2nd. Jefferies Financial Group lifted their price target on shares of MetLife from $103.00 to $115.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Mizuho lowered their price target on shares of MetLife from $112.00 to $109.00 and set an “outperform” rating for the company in a report on Wednesday, October 7th. Finally, Wells Fargo & Company boosted their price objective on shares of MetLife from $109.00 to $110.00 and gave the company an “overweight” rating in a research report on Monday. Thirteen investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $105.19.

MetLife Company Profile

MetLife, Inc is a global financial services company that provides insurance, employee benefits and retirement solutions. Its products and services include life insurance, dental and vision coverage, disability insurance, accident and health benefits, annuities, and savings and retirement products.

The company serves individuals, employers and institutions through group benefits, workplace solutions and individual insurance offerings. MetLife also provides investment and retirement services designed to help employers and employees prepare for long-term financial needs.

Founded in 1868, MetLife is headquartered in New York City and operates through businesses in the United States and international markets, including regions across Latin America, Asia and Europe.