Cohen Klingenstein LLC Has $3.33 Million Position in MetLife, Inc. (NYSE:MET)

Cohen Klingenstein LLC reduced its position in shares of MetLife, Inc. (NYSE:MET) by 1.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 44,930 shares of the financial services provider’s stock after selling 517 shares during the period. Cohen Klingenstein LLC’s holdings in MetLife were worth $3,330,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Marcum Wealth LLC boosted its position in shares of MetLife by 4.7% during the first quarter. Marcum Wealth LLC now owns 3,436 shares of the financial services provider’s stock worth $255,000 after buying an additional 153 shares during the period. Great Valley Advisor Group Inc. boosted its position in shares of MetLife by 1.9% during the fourth quarter. Great Valley Advisor Group Inc. now owns 8,898 shares of the financial services provider’s stock worth $588,000 after buying an additional 167 shares during the period. Austin Private Wealth LLC boosted its position in shares of MetLife by 4.1% during the fourth quarter. Austin Private Wealth LLC now owns 4,367 shares of the financial services provider’s stock worth $289,000 after buying an additional 170 shares during the period. Massmutual Trust Co. FSB ADV boosted its position in shares of MetLife by 10.7% during the first quarter. Massmutual Trust Co. FSB ADV now owns 1,815 shares of the financial services provider’s stock worth $135,000 after buying an additional 176 shares during the period. Finally, Evergreen Wealth Solutions LLC raised its holdings in MetLife by 2.8% during the fourth quarter. Evergreen Wealth Solutions LLC now owns 6,601 shares of the financial services provider’s stock worth $437,000 after acquiring an additional 177 shares in the last quarter. 89.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MET has been the topic of several analyst reports. StockNews.com upgraded MetLife from a “hold” rating to a “buy” rating in a report on Tuesday, June 18th. Piper Sandler dropped their target price on MetLife from $85.00 to $82.00 and set an “overweight” rating on the stock in a report on Monday, May 6th. Argus upped their target price on MetLife from $77.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, May 22nd. Morgan Stanley upped their target price on MetLife from $80.00 to $82.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Finally, Keefe, Bruyette & Woods dropped their target price on MetLife from $87.00 to $86.00 and set an “outperform” rating on the stock in a report on Tuesday, May 7th. One equities research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, MetLife presently has a consensus rating of “Moderate Buy” and a consensus price target of $79.08.

MetLife Price Performance

MetLife stock opened at $72.92 on Tuesday. MetLife, Inc. has a 12 month low of $53.04 and a 12 month high of $74.68. The stock’s 50 day moving average is $71.21 and its 200-day moving average is $69.99. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $51.85 billion, a price-to-earnings ratio of 24.78, a PEG ratio of 0.60 and a beta of 1.12.

MetLife (NYSE:MET) last posted its earnings results on Wednesday, May 1st. The financial services provider reported $1.83 EPS for the quarter, meeting the consensus estimate of $1.83. The company had revenue of $17.02 billion for the quarter, compared to the consensus estimate of $17.73 billion. MetLife had a return on equity of 20.39% and a net margin of 3.50%. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.52 earnings per share. Equities research analysts expect that MetLife, Inc. will post 8.62 EPS for the current year.

MetLife Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 11th. Investors of record on Tuesday, May 7th were given a dividend of $0.545 per share. The ex-dividend date of this dividend was Monday, May 6th. This represents a $2.18 dividend on an annualized basis and a yield of 2.99%. This is an increase from MetLife’s previous quarterly dividend of $0.52. MetLife’s dividend payout ratio is currently 74.91%.

MetLife announced that its Board of Directors has initiated a share buyback program on Wednesday, May 1st that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

MetLife Profile

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.