Summit Global Investments Sells 21,829 Shares of MetLife, Inc. (NYSE:MET)

Summit Global Investments reduced its position in MetLife, Inc. (NYSE:MET) by 11.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 167,683 shares of the financial services provider’s stock after selling 21,829 shares during the quarter. MetLife accounts for approximately 0.9% of Summit Global Investments’ investment portfolio, making the stock its 21st largest holding. Summit Global Investments’ holdings in MetLife were worth $13,730,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in MET. Sierra Ocean LLC purchased a new position in MetLife during the 4th quarter valued at about $32,000. Retirement Wealth Solutions LLC bought a new position in shares of MetLife during the fourth quarter valued at approximately $32,000. Values First Advisors Inc. purchased a new position in MetLife during the fourth quarter valued at approximately $36,000. Bank Julius Baer & Co. Ltd Zurich bought a new position in MetLife in the fourth quarter worth approximately $48,000. Finally, Golden State Wealth Management LLC purchased a new stake in MetLife during the fourth quarter worth $44,000. 94.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. TD Cowen lifted their price target on MetLife from $97.00 to $99.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Barclays reduced their target price on shares of MetLife from $96.00 to $95.00 and set an “overweight” rating for the company in a report on Friday, February 7th. Morgan Stanley raised their price target on shares of MetLife from $101.00 to $109.00 and gave the company an “overweight” rating in a report on Friday, February 28th. Cowen reiterated a “buy” rating on shares of MetLife in a research note on Friday, March 7th. Finally, Wells Fargo & Company raised their target price on shares of MetLife from $92.00 to $97.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Two analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $94.58.

MetLife Price Performance

Shares of MET opened at $82.33 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.16 and a quick ratio of 0.16. The company’s fifty day moving average price is $83.48 and its 200-day moving average price is $82.60. MetLife, Inc. has a 1-year low of $67.30 and a 1-year high of $89.05. The firm has a market capitalization of $56.09 billion, a PE ratio of 13.79, a price-to-earnings-growth ratio of 0.65 and a beta of 1.04.

MetLife (NYSE:MET) last posted its quarterly earnings results on Wednesday, February 5th. The financial services provider reported $2.08 earnings per share for the quarter, missing the consensus estimate of $2.13 by ($0.05). MetLife had a net margin of 6.19% and a return on equity of 20.42%. On average, equities research analysts predict that MetLife, Inc. will post 9.65 EPS for the current year.

MetLife Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 11th. Shareholders of record on Tuesday, February 4th were given a dividend of $0.545 per share. This represents a $2.18 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date of this dividend was Tuesday, February 4th. MetLife’s dividend payout ratio is presently 36.52%.

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.