Silverlake Wealth Management LLC Cuts Stake in MetLife, Inc. (NYSE:MET)

Silverlake Wealth Management LLC decreased its holdings in MetLife, Inc. (NYSE:MET) by 26.7% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 3,429 shares of the financial services provider’s stock after selling 1,247 shares during the quarter. Silverlake Wealth Management LLC’s holdings in MetLife were worth $254,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. GoalVest Advisory LLC boosted its holdings in MetLife by 73.3% in the first quarter. GoalVest Advisory LLC now owns 390 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 165 shares in the last quarter. Criterion Capital Advisors LLC acquired a new position in MetLife during the 4th quarter valued at approximately $26,000. Planned Solutions Inc. acquired a new stake in shares of MetLife during the fourth quarter worth $28,000. Tennessee Valley Asset Management Partners purchased a new stake in shares of MetLife during the fourth quarter valued at $34,000. Finally, Rise Advisors LLC increased its position in shares of MetLife by 114.7% in the 1st quarter. Rise Advisors LLC now owns 556 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 297 shares during the period. 89.81% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on the company. JPMorgan Chase & Co. lifted their price target on MetLife from $81.00 to $86.00 and gave the stock an “overweight” rating in a research report on Tuesday. StockNews.com lowered shares of MetLife from a “buy” rating to a “hold” rating in a research report on Monday. Argus increased their price objective on shares of MetLife from $77.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, May 22nd. Jefferies Financial Group lowered their price target on shares of MetLife from $88.00 to $83.00 and set a “buy” rating on the stock in a report on Friday, June 28th. Finally, Piper Sandler reduced their price objective on MetLife from $85.00 to $82.00 and set an “overweight” rating for the company in a research note on Monday, May 6th. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $80.23.

MetLife Trading Up 0.2 %

Shares of MetLife stock opened at $70.04 on Wednesday. MetLife, Inc. has a 1-year low of $56.13 and a 1-year high of $74.68. The stock has a market cap of $49.81 billion, a P/E ratio of 24.07, a P/E/G ratio of 0.59 and a beta of 1.11. The stock’s 50 day simple moving average is $71.26 and its 200-day simple moving average is $70.18. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.16 and a quick ratio of 0.16.

MetLife (NYSE:MET) last posted its quarterly earnings results on Wednesday, May 1st. The financial services provider reported $1.83 earnings per share for the quarter, meeting the consensus estimate of $1.83. The business had revenue of $17.02 billion during the quarter, compared to analysts’ expectations of $17.73 billion. MetLife had a net margin of 3.50% and a return on equity of 20.39%. The business’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.52 EPS. Analysts predict that MetLife, Inc. will post 8.61 EPS for the current fiscal year.

MetLife Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 11th. Investors of record on Tuesday, May 7th were issued a $0.545 dividend. This represents a $2.18 annualized dividend and a yield of 3.11%. The ex-dividend date was Monday, May 6th. This is an increase from MetLife’s previous quarterly dividend of $0.52. MetLife’s dividend payout ratio (DPR) is 74.91%.

MetLife declared that its Board of Directors has authorized a share repurchase plan on Wednesday, May 1st that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

About MetLife

MetLife, Inc, a financial services company, provides insurance, annuities, employee benefits, and asset management services worldwide. It operates through six segments: Retirement and Income Solutions; Group Benefits; Asia; Latin America; Europe, the 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, and accident and health coverages, as well as prepaid legal plans; administrative services-only arrangements to employers; and general and separate account, and synthetic guaranteed interest contracts, as well as private floating rate funding agreements.