On September 10, 2023, Price T Rowe Associates Inc. MD revealed that it had increased its position in MetLife, Inc. (NYSE:MET) by 7.5% during the first quarter, according to its recent filing with the Securities & Exchange Commission. The fund now owns 27,540,294 shares of the financial services provider’s stock after acquiring an additional 1,930,271 shares. At the end of the reporting period, Price T Rowe Associates Inc. MD’s ownership represented 3.60% of MetLife and was valued at $1,595,686,000.
MetLife recently announced its earnings for the second quarter on August 2nd. The company reported earnings per share (EPS) of $1.94 for the quarter, surpassing the consensus estimate of $1.85 by $0.09. During this period, MetLife generated revenue of $16.62 billion compared to analyst estimates of $16.91 billion.
The firm’s net margin stood at 3.14%, and its return on equity was recorded at 17.42%. MetLife saw a quarterly revenue increase of 7.4% when compared to the same quarter last year but did experience a decrease in earnings per share from $2.00 in the previous year’s corresponding period.
Sell-side analysts have projected that MetLife will post earnings per share of 7.78 for the current fiscal year.
These recent developments highlight Price T Rowe Associates Inc.’s confidence in MetLife as they continue to increase their investment in the financial services provider’s stock.
It is worth noting that these figures pertain to events and data available as of September 10th, 2023 – any subsequent developments may not have been taken into account beyond this point date.
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Institutional Investors and Analysts Show Confidence in MetLife’s Growth Potential
MetLife, Inc. (MET) has recently seen significant activity from large investors buying and reducing stakes in the company. Jones Financial Companies Lllp, Quintet Private Bank Europe S.A., FWL Investment Management LLC, Eagle Bay Advisors LLC, and Studio Investment Management LLC have all purchased new stakes in MetLife over the past few quarters, with investments ranging from $26,000 to $29,000. These institutional investors now collectively own 88.14% of the company’s stock.
Equities research analysts have also weighed in on MET shares, providing various ratings and price targets for the stock. TheStreet upgraded MetLife from a “c+” rating to a “b-” rating, indicating a more positive outlook for the company. Wells Fargo & Company raised their price target on MetLife to $83.00 with an “overweight” rating, while Citigroup raised their target to $81.00 with a “buy” rating. StockNews.com initiated coverage on MetLife and gave it a “hold” rating. Morgan Stanley also increased their price target to $79.00 with an “overweight” rating.
In other news, Executive Vice President Marlene Debel sold 9,391 shares of MetLife stock at an average price of $63.18 per share on August 9th. This transaction resulted in a total value of $593,323.38 and reduced Debel’s holdings in the company by approximately 0.32%. Following the sale, Debel now owns 77,638 shares valued at $4,905,168.84.
On September 10th, shares of MET traded at $63.31 with a trading volume of 2,821,254 shares – slightly higher than its average volume of 2,790,833 shares. The stock has shown resilience within its trading ranges over the past year despite market volatility caused by global events such as the pandemic. MetLife has a market capitalization of $47.61 billion, a price-to-earnings ratio of 24.63, a low-to-high range of $48.95 to $77.36, and a beta of 1.09.
MetLife operates in the insurance industry and offers various financial services such as life insurance, annuities, employee benefits, and asset management. The company has shown stability and growth potential, attracting interest from institutional investors and receiving positive ratings from equity research analysts.
Overall, MetLife has gained attention from large investors and financial analysts who see value in its offerings and potential for growth. As always, investors should conduct their own thorough research and analysis before making any investment decisions.
