Western Wealth Management LLC makes new $210,000 investment in MetLife, Inc. (NYSE:MET)
Western Wealth Management LLC acquired a new equity position in MetLife, Inc. (NYSE: MET – Get a rating) in the first quarter, according to its latest filing with the Securities & Exchange Commission. The company acquired 2,990 shares of the financial services provider, valued at approximately $210,000.
A number of other hedge funds and other institutional investors also bought and sold shares of the company. Scotia Capital Inc. increased its position in MetLife shares by 5.8% in the first quarter. Scotia Capital Inc. now owns 68,682 shares of the financial services provider worth $4,827,000 after purchasing an additional 3,738 shares last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its holdings of MetLife shares by 9.4% in Q1. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 355,772 shares of the financial services provider valued at $25,004,000 after acquiring an additional 30,693 shares last quarter. Transcend Capital Advisors LLC increased its position in MetLife shares by 4.7% in the first quarter. Transcend Capital Advisors LLC now owns 5,151 shares of the financial services provider valued at $362,000 after acquiring 232 additional shares in the last quarter. Chesley Taft & Associates LLC increased its stake in MetLife by 3.0% during the first quarter. Chesley Taft & Associates LLC now owns 15,565 shares of the financial services provider worth $1,092,000 after acquiring 450 additional shares in the last quarter. Finally, DAVENPORT & Co LLC increased its position in MetLife by 0.5% during the first quarter. DAVENPORT & Co LLC now owns 36,806 shares of the financial services provider valued at $2,587,000 after purchasing an additional 177 shares in the last quarter. Institutional investors and hedge funds own 89.65% of the company’s shares.
MetLife stock up 0.8%
MEET opened at $68.01 on Friday. MetLife, Inc. has a 1-year minimum of $57.05 and a 1-year maximum of $73.18. The stock’s fifty-day simple moving average is $62.79 and its 200-day simple moving average is $66.04. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt ratio of 0.39. The stock has a market capitalization of $55.31 billion, a PE ratio of 16.92, a price-to-earnings growth ratio of 0.51 and a beta of 1.08.
MetLife said its board approved a stock repurchase plan on Wednesday, May 4 that sees the company repurchase $3.00 billion of outstanding stock. This repurchase authorization allows the financial services provider to acquire up to 5.3% of its shares through purchases on the open market. Stock repurchase plans usually indicate that the company’s board of directors believe its stock is undervalued.
MetLife announces dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 14. Investors of record on Tuesday, August 9 will receive a dividend of $0.50. This represents a dividend of $2.00 on an annualized basis and a yield of 2.94%. The ex-date of this dividend is Monday, August 8. MetLife’s dividend payout ratio (DPR) is currently 49.75%.
Changes to analyst ratings
Several research companies have weighed in on MET. Morgan Stanley raised its price target on MetLife from $79.00 to $83.00 and gave the stock an “overweight” rating in a research report on Wednesday. Citigroup began covering MetLife in a research note on Monday, May 23. They have set a “buy” rating and a price target of $77.00 on the stock. StockNews.com upgraded MetLife from a “buy” rating to a “hold” rating in a Wednesday, May 11 research note. Evercore ISI raised its price target on MetLife to $81.00 in a Tuesday, August 9 research note. Finally, TheStreet upgraded MetLife from a “b” to a “c+” rating in a Wednesday, August 3 research note. One research analyst has rated the stock with a hold rating and ten have assigned the stock a buy rating. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $76.91.
MetLife, Inc, a financial services company, provides insurance, annuity, employee benefits and asset management services worldwide. It operates through five segments: United States; Asia; Latin America; Europe, Middle East and Africa; and MetLife Holdings. The company offers life, dental, group short and long term disability, individual disability, pet insurance, accidental death and dismemberment, vision, accident and sickness, and prepaid legal plans; administrative service arrangements only to employers; and general and separate accounts, and synthetic guaranteed interest contracts, as well as floating rate private financing agreements.
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