CIBC Asset Management Inc Raises Stake in MetLife, Inc. $MET

CIBC Asset Management Inc lifted its position in shares of MetLife, Inc. (NYSE:MET) by 50.4% in the fourth quarter, Holdings Channel reports. The firm owned 148,701 shares of the financial services provider’s stock after purchasing an additional 49,807 shares during the period. CIBC Asset Management Inc’s holdings in MetLife were worth $11,738,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Activest Wealth Management increased its holdings in shares of MetLife by 205.8% during the fourth quarter. Activest Wealth Management now owns 315 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 212 shares during the period. Vermillion & White Wealth Management Group LLC boosted its position in shares of MetLife by 790.0% in the 3rd quarter. Vermillion & White Wealth Management Group LLC now owns 356 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 316 shares during the period. Sound Income Strategies LLC boosted its position in shares of MetLife by 58.9% in the 4th quarter. Sound Income Strategies LLC now owns 383 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 142 shares during the period. Foster Dykema Cabot & Partners LLC acquired a new position in shares of MetLife in the 3rd quarter valued at $32,000. Finally, JPL Wealth Management LLC purchased a new stake in MetLife in the 3rd quarter worth about $33,000. Hedge funds and other institutional investors own 94.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on MET shares. Mizuho set a $95.00 price objective on MetLife in a research note on Friday, May 8th. Barclays raised their price objective on MetLife from $89.00 to $93.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Evercore set a $96.00 target price on MetLife in a report on Thursday, April 9th. Morgan Stanley lifted their price objective on MetLife from $89.00 to $93.00 and gave the stock an “overweight” rating in a report on Thursday, May 21st. Finally, TD Cowen decreased their price objective on MetLife from $91.00 to $88.00 and set a “buy” rating on the stock in a report on Wednesday, March 11th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, MetLife presently has a consensus rating of “Moderate Buy” and an average target price of $95.31.

MetLife Price Performance

Shares of MET opened at $84.61 on Friday. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 0.53. MetLife, Inc. has a fifty-two week low of $67.33 and a fifty-two week high of $85.29. The company has a market cap of $54.44 billion, a P/E ratio of 16.40, a PEG ratio of 0.63 and a beta of 0.78. The firm’s 50 day moving average price is $77.84 and its 200 day moving average price is $77.00.

MetLife (NYSE:MET) last posted its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.42 EPS for the quarter, topping the consensus estimate of $2.27 by $0.15. MetLife had a net margin of 4.66% and a return on equity of 22.60%. The company had revenue of $14.18 billion during the quarter, compared to analysts’ expectations of $19.49 billion. During the same quarter in the previous year, the business posted $1.96 EPS. The firm’s revenue was up 2.7% on a year-over-year basis. On average, research analysts forecast that MetLife, Inc. will post 9.96 earnings per share for the current fiscal year.

MetLife Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 9th. Stockholders of record on Tuesday, May 12th will be issued a $0.5925 dividend. This represents a $2.37 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Tuesday, May 12th. This is a positive change from MetLife’s previous quarterly dividend of $0.57. MetLife’s dividend payout ratio (DPR) is currently 45.93%.

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.