Parallax Volatility Advisers L.P. Takes $1.54 Million Position in MetLife, Inc. $MET

Parallax Volatility Advisers L.P. bought a new stake in shares of MetLife, Inc. (NYSE:MET) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 18,176 shares of the financial services provider’s stock, valued at approximately $1,538,000.

A number of other large investors have also bought and sold shares of the stock. BlackRock Inc. bought a new position in shares of MetLife in the second quarter worth approximately $4,381,692,000. Pzena Investment Management LLC bought a new stake in MetLife during the 2nd quarter valued at $941,792,000. Norges Bank bought a new stake in MetLife during the 4th quarter valued at $639,986,000. Bank of America Corp DE purchased a new stake in MetLife during the 2nd quarter valued at $455,424,000. Finally, Legal & General Group Plc bought a new stake in MetLife in the 2nd quarter worth $326,904,000. 94.99% of the stock is owned by hedge funds and other institutional investors.

MetLife Trading Up 0.8%

MET opened at $96.62 on Thursday. 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, Inc. has a 52 week low of $67.33 and a 52 week high of $100.93. The stock has a market cap of $62.17 billion, a PE ratio of 18.51, a PEG ratio of 0.74 and a beta of 0.78. The business has a 50 day moving average of $92.96 and a 200-day moving average of $82.60.

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 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 business had revenue of $13.52 billion during the quarter, compared to the consensus estimate of $19.67 billion. During the same quarter in the prior year, the company earned $2.02 earnings per share. The firm’s quarterly revenue was up 10.5% compared to the same quarter last year. Equities research analysts predict that MetLife, Inc. will post 9.73 earnings per share for the current fiscal year.

MetLife declared that its board has initiated a stock buyback plan on Wednesday, August 5th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board believes its shares are undervalued.

MetLife Announces Dividend

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 given a dividend of $0.5925 per share. This represents a $2.37 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Tuesday, August 4th. MetLife’s dividend payout ratio (DPR) is 45.40%.

Analyst Ratings Changes

A number of analysts have recently weighed in on MET shares. Jefferies Financial Group increased their target price on shares of MetLife from $97.00 to $103.00 and gave the stock a “buy” rating in a report on Friday, July 10th. Piper Sandler boosted their price target on MetLife from $86.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, June 24th. JPMorgan Chase & Co. increased their price objective on MetLife from $106.00 to $108.00 and gave the stock an “overweight” rating in a report on Tuesday, August 11th. Morgan Stanley lifted their price objective on MetLife from $103.00 to $111.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, Wall Street Zen upgraded MetLife from a “hold” rating to a “buy” rating in a report on Saturday, August 22nd. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, MetLife has an average rating of “Buy” and an average target price of $102.21.

About MetLife

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.