Ramirez Asset Management Reduces Stake in MetLife by 21.1%
Ramirez Asset Management Inc. has decreased its holdings in MetLife, Inc. (NYSE: MET) by 21.1% during the first quarter of 2024, as disclosed in its filing with the Securities and Exchange Commission (SEC). The firm now owns 1,500 shares of the financial services provider’s stock after selling 400 shares in the last quarter, valuing its stake at approximately $120,000.
Other institutional investors have also made adjustments to their positions in MetLife. For instance, Foundations Investment Advisors LLC increased its holdings by 14.4%, now owning 3,330 shares worth $267,000 following the acquisition of an additional 420 shares. Similarly, Norden Group LLC raised its stake by 9.5%, bringing its total to 17,563 shares valued at $1,410,000, after purchasing an extra 1,527 shares.
Mackenzie Financial Corp also expanded its holdings by 7.1%, now controlling 78,209 shares worth $6,279,000, while TCW Group Inc. increased its stake by 1.3%, owning 740,168 shares valued at $59,428,000. LPL Financial LLC added 20,580 shares to its portfolio, resulting in a total of 740,369 shares worth approximately $59,444,000. Overall, hedge funds and institutional investors own 94.99% of MetLife’s stock.
Analysts’ Ratings and Stock Performance
Several analysts have recently revised their ratings for MetLife. On July 9, 2024, Keefe, Bruyette & Woods lowered their price target on the stock from $95.00 to $94.00 while maintaining an “outperform” rating. Conversely, Piper Sandler increased their price objective from $92.00 to $94.00, giving MetLife an “overweight” rating. Wells Fargo reiterated its “overweight” rating and raised its price target to $97.00, up from $94.00.
As of July 10, 2024, MetLife opened at $77.72. The company’s 50-day moving average price stands at $78.56, while the 200-day moving average price is $79.62. MetLife has a market capitalization of $52.17 billion and a P/E ratio of 12.64. Its stock has fluctuated between a twelve-month low of $65.21 and a high of $89.05.
Quarterly Earnings and Future Outlook
MetLife last reported its quarterly earnings on April 30, 2024, revealing earnings per share of $1.96, which fell short of the consensus estimate of $2.00 by $0.04. The company reported revenues of $18.57 billion, surpassing analyst expectations of $18.06 billion. The firm recorded a return on equity of 20.89% and a net margin of 6.08%, reflecting a 15.6% increase in quarterly revenue compared to the previous year. Analysts predict MetLife will achieve earnings per share of $9.65 for the current fiscal year.
Additionally, MetLife’s board approved a stock buyback program on April 30, 2024, authorizing the repurchase of up to $3.00 billion worth of shares, allowing for the buyback of approximately 5.9% of its outstanding stock. This move often indicates management’s belief that the company’s shares are undervalued.
MetLife has also announced a quarterly dividend of $0.5675 per share, expected to be paid on September 9, 2024, to investors of record as of August 5, 2024. This dividend represents an annualized yield of 2.92%, with a payout ratio of 36.91%.
MetLife, Inc. operates globally, providing a range of financial services, including insurance, annuities, and asset management. The company segments its operations into Retirement and Income Solutions, Group Benefits, and regions including Asia, Latin America, Europe, the Middle East, and Africa.
